WHY HAVEN’T I RECEIVED THE DEPOSIT?
Usually, your Real Estate Agent will hold your Deposit in Trust until Settlement has occurred. It is used to pay their Commission and any Advertising & Marketing expenses. They will send you an Invoice and any discrepancies MUST be taken up with them.
MY AGENTS FEES WERE LESS THAN MY DEPOSIT, WHERE IS IT NOW?
Any balance of your Deposit will be forwarded to your Conveyancers Government Regulated Trust Account. It is applied towards the payment of Conveyancing Fees, Land’s Titles Office Fees, and any outstanding Accounts to Local Council, RevenueSA and SAWater. Any balance will then be paid to you by cheque.
I’VE JUST RECEIVED A COUNCIL/EMERGENCY SERVICES/LAND TAX/SAWATER /STRATA ACCOUNT. DO I NEED TO PAY THE ACCOUNT?
These Accounts are finalised by your Conveyancer, however, if the due date for payment is BEFORE your Settlement Date, you CAN still incur LATE PAYMENT FEES OR FINES. If you choose NOT to pay the Account, any fees WILL BE INCLUDED in the Final payment your Conveyancer makes.
WHY DO I HAVE TO PAY RATES AND TAXES TO THE NEXT FINANCIAL YEAR OR QUARTER?
This is basically so that the Settlement process is not too chaotic for our Government Departments! By paying Accounts to the Financial Year/Quarter, these agencies are only responsible for receiving payments (If due). They do not need to be concerned calculating refunds for those amongst us who pay their Accounts in full and on time!(Who are you!?!)
You will notice on your Settlement Statement that these Rates and Taxes have been adjusted by your Conveyancer. You receive a Credit from the Purchasers from the Settlement Date to the next Financial Year or Quarter.
I HAVE RECEIVED A BILL FROM THE COUNCIL/SAWATER AND SETTLEMENT WAS A MONTH AGO. WHAT DO I DO?
DO NOT PHONE THEM! Phone me on (08) 8557 6132/0410 037 659!
SAWater seems to be the biggest culprit here! Please rest assured that these agencies have been notified of your Sale, the new owners details and Accounts finalised! I have known SAWater to take 3 months to update their database!
I NEED MY CERTIFICATE OF TITLE FOR SETTLEMENT BUT I CAN’T FIND IT. WHAT SHOULD I DO?
Notify me immediately on 0410 037 659! Unfortunately, a Lost Certificate MAY delay a Settlement by 6-8 weeks.