Adjustments - delayed settlement

Dear all....

Just wondering what should have been done with the adjustments if the settlement was delayed.

Scenario :

Property was to be settled on 24/06. Everything was ready and calculated accordingly. However, the settlement didn't happen until 01/07 (regardless what reason)

What would happen to all the adjustments(council rate, water.... ) ? Normally would the buyer's conveyancer re-calculate all the adjustments or leave as they were?

Thanks a lot.

 

Possibly.
Depends how long it was delayed and if cheques had been drawn.

 

I see.

Thanks a lot, @Terry_w

 

Should be recalculated for new date.

If very late notice of delay given, eg on 24/6 morning, then cheques already made might need to be redone. Cost of doing this can probably be passed onto whoever's at fault?

 

Sort it out with an EFT transfer afterwards?

 

Thanks, @D.T.

Recalculation for the new date was what I expected. But according to @Terry_w 's reply, recalculation doesn't always take place.

I was the buyer. Settlememt was delayed for a week. The check wasn't drawn for the original settlement date. My conveyancer did not re-calculate. In result, I paid 7 extra days of council fee, water...

That extra money was not big enough to be worried about, but I really want to know if this is normal.
Not sure if I should use the same conveyancer for the next purchase tho. ( I hope I am not trying to make a mountain out of a molehill. )

 

I can only speak for Qld but it can really go either way. If I act for a seller I would usually make it a condition of agreeing to an extension of the settlement date that the adjustment date remains the original settlement date to ensure my client is not prejudiced by the buyer's delay. In the absence of an agreement the adjustment date would be the settlement date.