Adjustment Date
Also known as: Adjustments date · BC adjustment date · Statement of Adjustments date
The date the contract uses to split ongoing costs between seller and buyer. Property tax, strata fees, prepaid utilities and any oil left in the tank are prorated to it, and it usually matches completion or possession. It appears on the Statement of Adjustments your lawyer or notary prepares.
The adjustment date is the date used to prorate ongoing-cost items between buyer and seller: property tax (paid annually in BC, with the full year prepaid by the seller in some cases or unpaid in others), strata fees (paid monthly, with the seller having paid the month covering closing), oil-tank fills (residual heating-oil credit on rural properties), prepaid utility deposits, and similar items.
The buyer's lawyer captures these on the Statement of Adjustments, the closing-day document that nets everything to a single number the buyer wires (or the seller receives). Adjustment date is typically the same as the completion date or possession date.
Ask the lawyer to walk you through the Statement of Adjustments line by line before you wire closing funds. The property tax adjustment depends on which side of the tax calendar closing falls, because the annual bill is due on a set date in the summer. The Home Owner Grant can also affect the adjustment: ask your lawyer or notary how it is treated on your statement, and see the Home Owner Grant entry for who can claim it.
On strata properties, special levies in effect on adjustment date are typically allocated to the seller (paid in full at closing or netted out) but check the contract, because boilerplate varies. On rural properties, oil-tank credits are commonly forgotten by buyers; ask for an oil-level reading on possession day.
Related terms
- Closing Day (Completion)Closing day, or completion, is when the buyer's lawyer registers the title transfer at the BC Land Title Office and the money reaches the seller.
- Possession DateThe day you actually get the keys, which is set in the contract and is usually the business day after completion.
- BC Home Owner GrantA yearly cut to your BC property tax bill if the home is your principal residence when you claim it.
- Property Transfer TaxA provincial tax payable to the Province of British Columbia on the registered fair market value of any residential property title transfer, calculated using marginal-rate brackets.
See also
Verified sources (3)· re-verified Nov 6, 2026Show sources
Every claim on this page is sourced to a primary government, regulator, or industry-association URL. We re-verify quarterly; the verification dates below show when each source was last confirmed against the live government page.
- BC Governmentretrieved May 9, 2026Land Title Act, RSBC 1996, c. 250https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/96250_00
- Otherretrieved Nov 6, 2026About the Land Title and Survey Authorityhttps://ltsa.ca/about-ltsa/
- BC Governmentretrieved Aug 2, 2026Land Title Act [RSBC 1996] c. 250https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/96250_01
bc.lto.overview · v1View in Codex →Review dates, licence and how to cite this entry
- Rule effective
- 2005-01-20
- Last verified
- 2026-05-09
- Next scheduled review
- 2027-05-09
Use any of these formats. Codex content is licensed under CC BY 4.0 — attribution required.
@misc{bronsonjob-bc_lto_overview,
author = {Job, Bronson},
title = {{BC Land Title Office (LTSA) overview}},
howpublished = {BC Real Estate Codex},
year = {2005},
url = {https://www.bronsonjob.com/codex#bc.lto.overview},
urldate = {2026-05-09},
note = {Fact ID: bc.lto.overview, version 1.}
}Job, B. (2005). BC Land Title Office (LTSA) overview. *BC Real Estate Codex*. Retrieved 2026-05-09, from https://www.bronsonjob.com/codex#bc.lto.overview
BC Land Title Office (LTSA) overview — Bronson Job PREC, BC Real Estate Codex (2026-05-09). https://www.bronsonjob.com/codex#bc.lto.overview
Fact id: bc.lto.overview · v1 · machine-readable: /api/v1/facts/by-id/bc.lto.overview.json
License: This definition is licensed under CC BY 4.0. Cite as: "Adjustment Date", BC Real Estate Glossary by Bronson Job, https://www.bronsonjob.com/glossary/adjustment-date.