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 electronically through PEXA electronic platform.

At settlement all parties confirm documents and figures to ensure title transfers successfully.

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.

Vendors should consult with their accountant or contact the Australian Taxation Office to determine whether you will be liable to pay capital gains tax

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