October 26, 2021 Troy Delosa

What are Rate Adjustments?

All Points Conveyancing will arrange preparation of a Statement of Adjustments approximately 7 – 10 days prior to settlement.

Local Council, Water rates, Land Tax and Owners Corporation fees (if applicable) will be adjusted as at the settlement date, or other date that the Contract of Sale may require adjustments to be carried out. The vendor will pay rates and taxes on the property until the settlement date (or other date required pursuant to the Contract), and the purchaser will pay from the settlement date (or other date required pursuant to the Contract) to the end of the respective rating period. Any outstanding rates and charges together with any arrears and interest, which the vendor may owe, will be deducted from the balance due to the vendor and will be paid following settlement.

Please note that any government charges applicable to the vendor, ie Discharge of Mortgage, etc will be deducted from the funds due to the vendor.

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