At Settlement all rates, fees, and levies applicable to the property and transaction will be adjusted between the parties in a document usually referred to as the Statement of Adjustments. This is often not finalised until the day of settlement however a draft is usually prepared up to two weeks prior for your review with other details of the fincial transaction (ie lender payments etc)
Usually, the Purchaser reimburses the Vendor a daily rate in an adjustment period regardless of whether or not the rates have been paid, and the total outstanding is collected as a deduction at settlement.
A common example of when this is not the case is when the property is tenanted as usually the Vendor has recivied the months rent in advance, in which case the Vendor reimburses the Purchaser.
Each transaction is different, so it is important that you review the statement relevant to your transaction when the time comes, and address any queries you might have with our office.