Prior to Settlement, Victorian Property Settlements will undertake an adjustment of rates and outgoings to the property from the date of settlement.
(PURCHASERS PLEASE NOTE in the cases of some land settlements, the adjustment will be required to be undertaken as at the day of sale).
The adjustment of rates will ensure that the Vendors pay all rates and taxes due on the property up until settlement date, and Purchaser pays from the settlement date.
Most Councils will require all rates for the current rating year to be paid at settlement even though they may not be due until a later date. This will be reflected in the adjustments.
The adjustments will also allow the vendor to pay any arrears and/or outstanding interest on the rates and charges together with fees pertaining to the discharge of any mortgage or caveat.