payment of land tax after settlement

Discussion in 'The Buying & Selling Process' started by Keentolearn77, 30th Jan, 2017.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

    Joined:
    1st Sep, 2016
    Posts:
    408
    Location:
    Melbourne
    Hi

    I sold a property which has settled this year, my understanding (from my coveyancer) is that the buyers conveyancer (thru adjustements paid etc) will pay the outstanding land tax that was/is due, to the SRO post settlement.
    My questions are:

    1. am I correct with the above statement
    2. within what time frame after setttlement does that payment need to be made.
    3. Does settlement totally absolve me from any accountabilities / responsibilities regarding payment / follow up with SRO.
    4. Should I be provided with a copy of the receipt of payment made to the SRO by the buyers conveyancer, or need i not need to worry.
    5. Should the SRO make a later re-valuation this year on the property and deem a higher taxable value for the property this year, ie: higher land tax fees, are the SRO able to post settlement attempt to recoup said higher fees off me....
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
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    41,666
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    Australia wide
    1. depends on the terms of your agreement
    2. see1
    3. no
    4. see 1
    5. see 1