The Statement of Disbursements is a document you receive from the solicitor when you complete a transaction. It shows an accounting of when and how money moved into and out of the solicitor’s trust account relating to your file. For example, in a property purchase that makes use of a mortgage loan, the solicitor will receive funds from your realtor (the deposit funds), from your mortgage lender and from you (the down payment). The solicitor will then use these funds to pay the seller’s solicitor for the funds needed to complete the purchase, pay property transfer tax to the provincial government, and deduct their service fees and all 3rd party fees involved in completing the property ownership transfer.
The Statement of Disbursements will show the details of these funds being received and paid out, resulting in a final zero balance to complete the transaction.