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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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Consumer Affairs Victoria
 
State Revenue Office
Building Commission
Department of Sustainability and Environment