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Purchasing
a Property - continued
Adjustments
The Statement of Adjustments is the document that sets out the financial
details of the transaction some of which is required to be apportioned
as between the vendor and the purchaser.
The Statement of Adjustments will show the full purchase price,
the amount of deposit paid by the purchaser and the balance owing
on the purchase price. The amount due for council & water rates
along with owners corporation fees & rent (if either is applicable)
will also be shown here. If the vendor currently has any encumbrances
on the title, i.e a mortgage, then the registration fees to remove
such encumbrances will also be stated. Finally should penalty
interest apply then the amount of interest will also be shown in
the adjustments.
All rates and fees are adjusted accordingly so that the purchaser
will only be paying the rates
as from settlement date and will not be left paying for any vendor
arrears. Please note there are occasions that the Contract
of Sale will stipulate as a Special Condition that adjustments are
to be apportioned as from the day of sale and not from settlement
date.
Settlement Date
The settlement
date will normally be specified in the Contract, however if your
transaction is dependent on a Plan of Subdivision or Vendors probate
being granted etc, settlement date will take place as specified
by the terms in the Contract.
Settlement date is the day the purchaser takes ownership and possession
of the land. We will organise a convenient time and location
with all parties involved to complete the transaction, however please
bear in mind, that the lending institutions sometimes have strict
policies as to the time they will settle, therefore it is not always
possible to settle in the morning. It is not required for
the Purchaser's to attend settlement.
Final Inspection
You should contact the settling agent in the weeks leading up to
settlement to organise your final inspection. We suggest you
organise this inspection to take place 2-3 days prior to your settlement
date and requests you advise them should the property not be in
the same condition as to when you signed the Contract (fair wear
and tear excluded).
Keys
The keys are usually held with the selling agent. Once your
settlement has been effected,
we will contact you to advise. The agent will also be notified
on the completion of settlement
with instructions to release the keys to you. Should you have
any difficulty in obtaining the keys
at the offices of the Real Estate Agent, please contact us immediately.
Following Settlement
We will notify the council, water authority, owners corporation
(if applicable) & managing agent for existing tenancies (if
applicable) of the change in ownership. Should you have not
already organised or have chosen not to use Connect Now to connect
your services, it will be your responsibility to arrange for any
connections required.
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