Settlement date is the date agreed between the parties for the Purchaser to become the new owner and is entitled to take possession of the property.

The settlement time is arranged between vendors, purchasers and mortgagees and a mutual time is agreed on. Settlement is effected at either the Vendors representatives office (if clear title) or the discharging mortgagee’s office, if a mortgage is registered on the title. All parties attend the office of who holds title. It’s a clear case of “I’ve got the title, come and get it!”.

This office attends settlement on behalf of their clients.

Settlement cheques are always payable by way of Bank Cheques and no personal cheques are accepted as settlement.

At settlement all parties check the cheques, transfer documents and title to ensure that a “good Title” is being provided, settlement is then deemed to have taken place.

The client is then contacted to advise that settlement has been effected.

Usually the council will issue new rates which will be the purchasers responsibility as the rates are issued after settlement date.

discuss the matter with your accountant or contact the Australian Taxation Office to determine whether you will be liable to pay capital gains tax

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