When buying or selling a property in Victoria, one conveyancing process that plays a crucial role in ensuring fairness and accuracy at settlement is the Statement of Adjustments.
Whether you’re a buyer or a seller, understanding how property expenses are apportioned will help you avoid surprises and plan your finances confidently.
What Are Property Adjustments?
Adjustments are the calculations made to fairly divide property-related expenses, such as council rates, water charges, and owner’s corporation fees between the seller and buyer.
These are usually based on the settlement date, ensuring that:
Many outgoings are billed annually or quarterly (often paid in advance), therefore adjustments ensure each party pays only for their share of the ownership period.
Why do adjustments matter?
What is included in the statement of adjustments?
Here are the most common outgoings adjusted at settlement:
What role will your solicitor (or conveyancer) perform in settlement adjustments?
For clear guidance through your property transaction whether you're buying or selling our experienced conveyancing team ensures all adjustments are accurate and settlement runs smoothly.
Contact us today to learn more about how we can help.
The information is general in nature and does not constitute legal advice. If you are buying or selling, please contact us to request legal advice.