What happens to the outgoings and adjustments on a property when it is sold?
At settlement, when ownership of a Lot changes, the Buyer becomes responsible for all rates and statutory charges in respect of a property. The standard REIQ Contract contains terms which allows us to apportion these charges at settlement so that the Seller is liable for all charges up to settlement and the Buyer is responsible for all charges after settlement.
TIP: It is important that a Buyer of property arrange with their Solicitor for searches to be ordered so that any debts and liabilities over the property are paid for by the Seller at settlement.
(ALSO READ:)
GST Withholding Law
Buyers Guide
Sellers Guide
To learn more about Outgoings and Adjustments on a Property, contact Ownit Conveyancing on 1300 553 750
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