Managing Property Tax Payouts in RealtiWeb Alberta (AB)

Managing Property Tax Payouts in RealtiWeb Alberta (AB)

Alberta Property Taxes are typically due on or around June 30. Please follow the steps below to include the adjustment item in your RealtiWeb file, add the property tax payout from trust and generate your payout letter.

Adding the Property Tax Adjustment

  1. Go to Financial → Stmt of Adjustments.
  2. Click on the Add Adjustment button.
  3. Select Property Taxes from the list.
  4. In the Type of Tax Bill field, enter Final if the current year’s taxes have been assessed, or Previous Year if taxes have not yet been assessed for the current year.
  5. In the Total Taxes ($) field, enter the Total Amount.
  6. In the Seller Paid ($) field, enter the amount that has been paid (or will be paid) by the Seller between January 1, 2021 and the Closing Date.
  7. The adjustment amount and default wording are automatically populated.

Adding a Property Tax Payout from Trust

  1. Go to Financial → Trust Statement.
  2. Click on the Clause List [...] button.
  3. Select Property Tax Owing to Municipality. This automatically populates with the name of the municipality.
  4. Enter the total amount owing in the Paid Amount field.

Generating the Property Tax Payout Letter

  1. Go to Docs and group documents by package.
  2. Click on Payout Letters to expand the package.
  3. Select Property Tax Letter - Paying from Trust. This generates the payout letter with the municipality’s address.

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