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This precedent letter is used to send cheques to the council or water rate authority, or any other authority, for any outstanding rates following completion of the purchase. |
Usually, cheques for any outstanding rates at settlement are drawn from purchaser’s funds, and the vendor makes an adjustment to the settlement figures accordingly. The vendor’s representative sights these cheques on settlement. The purchaser’s representative sends the cheques to the relevant authority, to ensure any outstanding rates payments are made.
This precedent has been authored for LexisNexis by Daniela Terruso, Director, Intelmar Pty Limited.