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Were you the vendor or purchaser in this instance?

Definitely! I think most people on this forum would give it a try as a vendor.

Paul and Terry, thanks for clarifying those points regarding land tax. Good to know more about these things. I've had one in the past marked YES in the land tax adjustable box, i went back and told them to change it and they agreed :)

Can't say i've seen it. Do you know how the clause is normally worded? (I actually think all the contracts I've looked at always have the Land Tax part ticked as no on the front page... perhaps thats why ive never noticed it?).

Im sure if you didnt settle, you would have received a notice to settle, followed by an interest penalty. Tiny amount in comparison to what you paid in land tax. Anyway, lesson learned. Time to move on. That said, you were in a position to buy another IP in Sydney. Good stuff, most people...