Given below is a statement of adjustment which has incorrect values, please utilize the given fact scenario to input the correct values and calculations into the statement of adjustments 

 

You are working as a junior law clerk at the law firm of Michael, Eliad & Redford LLP, Barristers and Solicitors, 863Seneca Lane, Toronto, Ontario,M4J 1P6 (416)363-1079, fax: (416) 363-2628.Your immediate supervisor is Robert B. Redford, a lawyer at the firm.

Claudia Rymal has met with Mr. Redford and has retained the firm to represent her in the sale other property at 2126 Westmount Drive, Unit 4, Oakville, Ontario for the sale price of$740,000.00.  There were two deposits, each of $30,000.00 and both have beneaped.  The closing date is December20, 2023.Thebuyer is Chris Jenner. The buyer's date of birth is August 9, 1982.  The buyer's address for service to be shown on the Transfer is the subject property address.Claudia is not married and her address for service will be her name, care of her lawyer's office.

The 2023 taxes are $5,974.00.  Claudia has paid the taxes for the full year. The common expenses are $680/month and are up to date and will be paid by Claudia for the month of December. The buyer is assuming the existing first mortgage (with London Life Insurance Company).  The outstanding balance as of December 1, 2023 is

$384,662.18andthe interest rate is 2.8%. Claudia is taking back a second mortgage in the amount of $80,000.00.

The lawyer for the buyer isSam Jacobs (Jacobs and Salime),456Roncess Road, Oakville, Ontario, L4X 2C2.

Using this scenario Draft a Statement of Adjustments: (statement of adjustment template provided below) 

 

INCORRECT STATEMENT OF ADJUSTMENT ( change the Underlined Values, so that they are accurate with the given scenario)  

 

VENDOR: Claudia Ryma

PURCHASER: Chris Jenner

PROPERTY: 2126 Westmount Drive, Oakville, Ontario  

 ADJUSTED AS OF December 20, 2023
 

 

	Credit Purchaser	Credit Vendor
SALE PRICE		640,000.00
DEPOSITS	50,000.00
FIRST MORTGAGE ASSUMED Principal on December 1, 2022 Interest: 184,662.18 x 0.28/365= $14.16 perdiem Nineteen daysof interest	184,662.18       269.04
VENDOR TAKE BACK MORTGAGE $2.10 per diem Nineteen daysof interest	80,000   39.9
REALTYTAXES 2022 taxes:$5794.00
Vendor Share: 335/365 x 5794.00 =            $5317.78
VendorPaid                       $5794.00		$476.22
COMMON EXPENSES $680 Vendor's share= 1/31 x 680= $21.93
Credit vendor		$454.29

 

BALANCE DUE ON CLOSING                             $325,254.17

TOTALS                                                                  $640,930.51                 $640,930.51

Answer rating: 100% (QA)

CORRECTED STATEMENT OF ADJUSTMENT VENDOR Claudia Rymal PURCHASER C... View the full answer