Who is deemed to be owner on day of settlement

Hi Goanna,


With all of our residential transactions thus far, the Seller has paid the outgoings for sett. day. Eg, if settlement date was 15th of July, the Sellers would be liable for the full 15 days and we would have to pick up the rest.


That's for WA....dunno about other states.
 
On the actual day of settlement who is deemed to be the owner in terms of adjustments?

The banks! :D

There's usually a set time on the day that settlement occurs down at the LTO. As far as records go, I'd say both parties would use that date for their respective paper work ie. vendor owned property from xxx to 13/6/09, purchaser acquired the property on 13/6/09.
 
I know property developers try to pass on their land tax if they hold the property at midnight 31st of december, so they have to settle their blocks before then, causes all manner of strife with the poor punter purchasers who thought they got a good deal, and miss settlement and have to pay land tax.

So that being the case, the vendor might own the property on settlement day? I dont really know though.
 
Settlement Adjustments

GoAnna
The seller pays the rates on the settlement day.:)

Mark
 
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