Once you own property, it’s important to factor in regular fees such as council rates, water rates, emergency services levies, tax and strata fees in the case of a unit or apartment.
Part of the conveyancing process requires making relevant settlement adjustments to account for each party’s share of these fees. The vendor is required to pay the relevant rates, taxes and fees up to the date they are being adjusted to, so that no accounts go to the purchaser after the settlement date. Council rates, emergency services levies and land tax are dealt with similarly in that they are calculated until June 30, however SA Water and strata fees are generally required to be paid up until the end of the current quarter.
At Smart Conveyancing, we will outline the settlement adjustments on your statement and explain the amounts you will be credited or debited for the transaction.