What's Next after Settlement?

letmecry on 03/07/2023 - 17:05

Hi,

As a first home buyer, I'm wondering how I can pay all upcoming bills?
From what I can see from the settlement
- council rate
- body corp
- water allowances; access, consumption, sewerage

I talked to agent and they said I have to wait til council, body corp & etc. send me a letter.
For body corp levies + water, I will wait to get a letter from my body corp.

But the council rate was paid until end last month. I'm not sure any penalty fee? I'm already couple day behind.

Any other bills that I'm not aware of or what else I should do?
It's tenanted and has been transferred form 6 & notified tenant to move out after the lease end.

Financial

Comments

  • John Kimble on 03/07/2023 - 17:24
    +9

    🤦

    In my experience, headaches.

  • upended on 03/07/2023 - 17:33
    +7

    Based on my knowledge, your share of the rates, strata levies, water will be determined as part of the settlement and paid for when monies are exchanged. The settlement statement should also reflect this. Your conveyancer should be explaining this to you as part of their service. Please check with them.

    • Gunnar on 03/07/2023 - 19:59

      This! It will be partially done with settlement and for your ongoing bills you will receive them.

      PS congrats on the new house

  • [Deactivated] on 03/07/2023 - 17:37

    Essentially, what your agent has advised - await the bills. If you prefer to receive correspondence via email then contact the various providers to elect same.

  • brad1-8tsi on 03/07/2023 - 17:41
    +1

    all of those bills will be covered as +- amounts on settlement day. Most councils are quite lenient about when you pay, despite what the rates notice says.

    It's not the agents job to know these things.

    Talk to your conveyancer / solicitor.

  • Adredocto on 03/07/2023 - 17:43
    +1

    You should be asking your conveyancer. They are the ones that prepared the docs for settlement. And y'know, are actually working for you.

    Agent doesn't give a rats after settlement, even after contracts exchange really.

  • AustriaBargain on 03/07/2023 - 18:08

    Now you just pray to the property market gods that the government consistently lets more people in than we have rentals available so your house value doubles 10 years from now.

  • webtonmoy on 03/07/2023 - 19:39
    +1

    From my experience, council rates are all paid till the end of the financial year during settlement. And next year's rates are not sent yet.

  • AndyC1 on 03/07/2023 - 19:50

    Have you hired a lawyer or conveyancer to process your house purchase? If not then why not? If you have then what did they say when you asked them?

  • KaTst3R on 03/07/2023 - 20:49

    A good problem to have. Normally the conveyancer will advise.

  • TheGuru on 03/07/2023 - 21:38
    +3

    get ready for a bunch of f-in retards and selfish corrupt f***s in your strata to ruin the place and wreck your levies.

    ahhhh home ownership is bliss

    also dont stress - it all comes to you. they all want your money they will come and chase you shortly.

  • sghetti on 04/07/2023 - 11:41

    Council rates will be arranged by the conveyancer. They'll work out the pro-rata rate for the previous owners and yourself and monies will be allocated accordingly. That should all be detailed in the final settlement docs that the conveyancer sends through. They'll usually work with the council to advise of the settlement occurring and the council will usually postpone any late payment fees.

  • letmecry on 04/07/2023 - 12:22

    Thanks All

  • mehow on 04/07/2023 - 15:21

    its all under adjustments which gets done by your convenceyer. All good. Get if there are any special levies and if the previous owner is liable to pay them, not you.

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