Property Settlement and Adjustment at Settlement in Victoria

What are settlement adjustments?

A settlement adjustment is the apportionment of a periodic outgoing — typically a charge levied annually, quarterly or otherwise by reference to a defined billing period — between the vendor and the purchaser as at the settlement date. The arithmetic is the same in every case: identify the full periodic charge, calculate the daily rate (annual charge divided by the number of days in the year, normally 365), multiply the daily rate by the number of days each party owns the property in the relevant period, and credit or debit accordingly.

The result of those calculations is the settlement statement (sometimes called a settlement schedule, statement of adjustments, or adjustment of accounts). The settlement statement starts with the contract price, deducts the deposit already paid, applies each adjustment as either a credit to the vendor (the purchaser pays more) or a debit to the vendor (the purchaser pays less), and arrives at the balance payable by the purchaser at settlement. That balance is what the purchaser's lender drops into the PEXA workspace as source funds on the day of settlement.

Adjustments are governed by a mixture of statute, convention and the contract of sale. The default position for most outgoings is set by the General Conditions of the Law Institute of Victoria contract of sale of real estate (the "LIV contract"), which adopts an apportionment on the daily-rate basis. Specific items — most significantly land tax on residential property — are governed by statute, which can over-ride the contract. For commercial and complex transactions, the special conditions of the contract often vary the default position.

Why adjustments are made

Property outgoings are not levied to match the day a purchaser becomes the registered owner. The council financial year runs 1 July to 30 June. The land tax year runs 1 January to 31 December. Water is billed quarterly (or sometimes monthly). Owners corporation fees are usually levied for a year aligned with the body's annual general meeting. Settlements occur on every business day of the year — meaning every settlement falls part-way through every billing period.

Without adjustment, one of two unfair outcomes would result. Either the vendor — who has already paid the full year's rates in July, then sells the property in October — pays for periods of ownership the vendor no longer has. Or the vendor — who has not paid the rates for the current quarter — leaves arrears for the purchaser to absorb on a property the purchaser did not own for the period. Neither outcome reflects what either party agreed to when they signed the contract: the purchaser pays for what they own, the vendor pays for what they owned.

Adjustments solve the problem by treating each periodic outgoing as if it had been billed daily. The vendor pays for every day of the billing period up to and including settlement; the purchaser pays for every day from the day after settlement to the end of the billing period. Where the vendor has paid the outgoing in full for the whole period, the purchaser credits the vendor with the post-settlement portion. Where the outgoing remains unpaid, the vendor's share is debited from the vendor's settlement proceeds and the purchaser pays the full amount to the rating authority through PEXA after settlement.

Council rates

Council rates are the single largest periodic outgoing on most Victorian residential properties. They are levied by local councils under the Local Government Act 1989 (Vic) (replaced for new periods by the Local Government Act 2020 (Vic)) for the council financial year, 1 July to 30 June. The rates notice for the year is issued in August or September, payable in one annual instalment or four quarterly instalments.

The standard adjustment runs as follows. The purchaser's lawyer obtains a section 158 land information certificate from council before settlement. The certificate confirms the annual rates for the current year, any unpaid instalments, any waste or service charges, the fire services property levy and any sums owing for works on the land. The annual figure is divided by 365 to give a daily rate. The vendor is responsible for the daily rate for each day from 1 July up to and including the settlement day; the purchaser is responsible for each day from the day after settlement to 30 June.

If the vendor has paid all instalments for the year in advance, the purchaser credits the vendor with the post-settlement portion (daily rate × number of days from settlement+1 to 30 June). If only some instalments have been paid, two calculations occur: (a) the vendor is debited for the unpaid balance, which is paid by the purchaser to council via PEXA at settlement, and (b) the vendor is then credited with any over-payment for the post-settlement portion. In practice the lawyers combine the two calculations into a single net adjustment.

Worked example. Annual council rates $3,650 (daily rate $10). Settlement on 15 October. Days from 1 July to 15 October = 107. Days from 16 October to 30 June = 258. Vendor's share = $1,070; purchaser's share = $2,580. If the vendor has paid the full $3,650 by settlement, the purchaser credits the vendor $2,580 at settlement. If the vendor has paid nothing, the vendor is debited $1,070 at settlement and the purchaser then pays the full $3,650 to council through PEXA, ending up out of pocket by $2,580 — the same as the credit scenario.

Water rates

Water rates in Victoria are levied by retail water authorities — Yarra Valley Water, City West Water (now part of Greater Western Water), South East Water, and regional authorities such as Coliban Water, Barwon Water and Western Water. The notice has two components: service charges (the fixed annual water and sewerage availability charges plus the parks and waterways charge in Melbourne) and usage charges (variable, based on metered consumption).

The service component is adjusted on the daily-rate basis in the same way as council rates. The annual service charges are divided by 365 to give a daily rate, then apportioned to settlement day. The variable usage component cannot be adjusted on a daily-rate basis because consumption is not constant — it is adjusted by obtaining a special meter reading from the water authority effective at or close to settlement day. The water authority issues a final notice to the vendor for usage up to the special reading; usage after the special reading is the purchaser's responsibility.

Where a property is on tank water or has no metered connection, the usage component does not arise but the service component still applies. Where the property is an apartment in a building that is collectively metered (rare in Victoria, common in some interstate strata buildings), the apportionment is handled through the owners corporation rather than the water authority. Always check the Section 32 disclosure and the water authority's records before settlement.

Owners corporation fees

Where the property is part of an owners corporation (formerly body corporate) — almost all apartments, townhouses with common property, retirement villages governed by an OC, and many subdivisions with shared driveways or services — owners corporation fees apply. The Owners Corporations Act 2006 (Vic) governs the corporation's powers to levy.

There are two types of owners corporation fee that need to be adjusted:

• Annual budget fees. Levied at the annual general meeting for the financial year of the owners corporation. Apportioned on the daily-rate basis (annual levy ÷ 365) between vendor and purchaser as at settlement. If the vendor has paid the full year in advance, the purchaser credits the vendor for the post-settlement portion. Unpaid amounts are debited from the vendor's settlement proceeds and paid to the OC through PEXA.
• Special levies and maintenance funds. Levied by special resolution at a general meeting, usually to fund capital works (a new roof, lift replacement, façade rectification) or to address an unexpected expense. The contract of sale and Section 32 disclosure should disclose any special levy struck or proposed before contract date. Liability for the levy follows ownership at the date the resolution to strike the levy was passed — if before contract, vendor pays; if after contract but before settlement, the contract terms govern, with the LIV standard form generally allocating to the vendor unless the resolution post- dates the contract.

The purchaser's lawyer requests an owners corporation certificate under section 151 of the Owners Corporations Act 2006 (Vic) before settlement. The certificate confirms the annual fees, any unpaid amounts, any special levies (struck or proposed) and any insurance and management arrangements. The certificate is the authoritative source for the adjustment.

Land tax

Land tax is administered by the State Revenue Office (SRO) under the Land Tax Act 2005 (Vic). It is levied on the registered owner as at midnight on 31 December for the following calendar year. The tax is calculated on the aggregated taxable value of all the owner's land (excluding the principal place of residence and other exempt land), at progressive rates that begin at 0.2% on holdings above the tax-free threshold and rise to 2.65% (plus a surcharge for absentee owners and trusts).

Land tax is a debt that follows the land. If unpaid at settlement, the SRO can recover from the new owner — which is why purchasers' lawyers always obtain a land tax clearance certificate under section 105 of the Taxation Administration Act 1997 (Vic) before settlement. The certificate states the land tax payable for the current calendar year and whether the amount has been paid.

For contracts entered into on or after 1 January 2024, section 10G of the Sale of Land Act 1962 (Vic) prohibits a vendor of residential land at a dutiable value of $10 million or less from passing on land tax to the purchaser through an adjustment or any other contractual mechanism. Any contractual provision that purports to do so is void. The reform was introduced to address the long-standing practice (criticised by consumer groups) of vendors adding several thousand dollars of land tax to the settlement balance on properties bought as investments.

Section 10G does not apply to: contracts entered before 1 January 2024; commercial and industrial property; residential property with a dutiable value above $10 million; or vacant land that is not residential. For those properties, land tax remains adjustable. The standard adjustment is daily-rate apportionment of the calendar-year land tax bill (annual land tax ÷ 365), with the vendor responsible for 1 January to settlement day and the purchaser responsible for settlement+1 to 31 December.

Practical point. The vendor's land tax assessment is based on the vendor's aggregated holdings and may not reflect the land tax that would be assessed on the property if held alone. The contract typically requires adjustment on a "single holding" basis — the land tax that would be payable if the property were the only land owned by a Victorian resident — calculated from the property's site value (shown on the rates notice). This avoids passing on the vendor's portfolio- level liability to the purchaser.

Rental adjustments

Where the property is sold subject to an existing tenancy, rent and bond require adjustment at settlement. The contract should specifically state that the sale is subject to tenancy and identify the tenant, the rent, the lease term and the bond amount. The Section 32 should disclose the tenancy and attach the lease.

Rent paid by the tenant in advance for a period that crosses settlement is apportioned between vendor and purchaser. For monthly residential tenancies under the Residential Tenancies Act 1997 (Vic), rent is typically paid in advance for a calendar month. If the tenant has paid rent from 1 to 31 October and settlement is on 15 October, the vendor credits the purchaser with the rent for 16 to 31 October (16 days × monthly rent ÷ 31). The credit reduces the balance payable by the purchaser at settlement.

The bond held with the Residential Tenancies Bond Authority (RTBA) is transferred at settlement from the vendor to the purchaser as new landlord. The lawyers prepare an RTBA transfer form signed by both parties (and the tenant where required by the RTBA) and lodge it after settlement. The bond does not appear on the cash adjustment statement because no money changes hands between vendor and purchaser — the bond stays at the RTBA and only the named beneficiary changes.

The tenancy itself continues automatically. The purchaser steps into the vendor's shoes as landlord without any need for the tenant's consent. The purchaser must give the tenant a notice of new landlord under section 86 of the Residential Tenancies Act 1997 (Vic) within 14 days after settlement, specifying the new landlord's name and an address for service.

Commercial property adjustments

Commercial property adjustments follow the same arithmetic principles but with additional layers: outgoings recoverable from tenants, GST treatment, insurance, and the interaction between the contract of sale and the underlying lease.

Where the commercial property is leased on a net lease (tenant pays outgoings) or gross lease with recovery (a "modified gross" lease), the outgoings adjustment between vendor and purchaser still occurs on the daily- rate basis. But there is a parallel adjustment relating to outgoings recovery from the tenant: if the tenant has paid the vendor outgoings in advance for a period after settlement, the vendor must credit the purchaser; if the tenant has under-paid outgoings to settlement, the shortfall is the vendor's pre-settlement income and the purchaser inherits the right of recovery.

GST. Commercial property sales are generally subject to GST unless the sale qualifies as a "going concern" (a leased property sold with the existing tenancies in place) under section 38-325 of A New Tax System (Goods and Services Tax) Act 1999 (Cth). Where GST applies, it is paid by the purchaser in addition to the contract price, claimed back as an input tax credit if the purchaser is registered for GST. The adjustment statement shows the GST separately and it does not affect the daily-rate adjustments themselves.

Retail leases. Where the lease is a "retail premises lease" under the Retail Leases Act 2003 (Vic), the outgoings provisions of the Act over-ride inconsistent lease terms. Land tax cannot be passed on to the tenant under section 50 of the Act, so the land tax adjustment at settlement is purely between vendor and purchaser without flow-through to the tenant.

Vacant possession

Vacant possession is the default for residential sales unless the contract specifically states the sale is subject to tenancy. Vacant possession means the property is delivered at settlement free of occupiers (vendor and tenants), free of goods and chattels not included in the sale (the contract usually lists included chattels), and with the keys handed over.

The purchaser is entitled to a final pre-settlement inspection — typically on the day before or the morning of settlement — to verify that the property is in substantially the same condition as at contract day, that vacant possession will be delivered, and that included chattels remain and excluded chattels have been removed. If a significant issue is identified (the vendor has not vacated, damage has occurred, included chattels are missing) the purchaser can require remediation, withhold funds at settlement or, in extreme cases, refuse to settle.

Where vacant possession is not delivered on settlement day, the contract permits the purchaser to claim damages and may give a right to delay settlement. The most common scenario is the vendor failing to remove all personal goods — the parties usually agree a deduction from the settlement proceeds (an "occupation fee" or "removal allowance") rather than delay settlement, with the vendor undertaking to clear the goods within a few days after settlement.

Existing tenancies

Where the contract states the sale is subject to tenancy, the purchaser inherits the tenancy and adjustments for rent and bond follow as described above. Three additional issues commonly arise:

• Lease verification. The purchaser must confirm the actual lease (term, rent, options, outgoings recovery, repair obligations, permitted use) against the Section 32 disclosure. Discrepancies are a basis for renegotiation or, if material, termination.
• Outgoings recovery confirmation. On commercial property, request the tenant's outgoings payment history and reconcile against the lease recovery formula. Under-recovery or disputed amounts create post-settlement headaches.
• Tenant estoppel certificate. On commercial sales it is best practice to obtain an estoppel certificate from the tenant confirming the lease, rent, options, prepaid rent and any disputes — this prevents the tenant later asserting variations the purchaser was unaware of.

Outgoings

"Outgoings" is the umbrella term for the periodic running costs of the property — council rates, water charges, owners corporation fees, land tax, fire services property levy, insurance and (on commercial property) all the items recoverable under the lease. On a residential settlement the outgoings list is usually short: council, water, OC, FSPL and (sometimes) land tax. On a commercial settlement the list is longer and includes building insurance, common area cleaning, security, lift maintenance, fire safety and management fees.

Each outgoing is reviewed against the underlying invoice or statement, adjusted on the daily-rate basis (or by special reading for variable items like water usage) and entered as a line item on the settlement statement. The authoritative documents for the most common outgoings are: section 158 certificate (council rates and FSPL), water authority statement and special meter reading (water), section 151 OC certificate (owners corporation), section 105 land tax clearance certificate (land tax), and the lease and tenant payment history (commercial outgoings recovery).

Adjustment statements explained

The settlement statement is a structured document that walks through the settlement arithmetic line by line. A typical residential statement has the following structure:

1. Contract price. The headline price from the contract of sale, before any GST.
2. Less deposit paid. The deposit already paid by the purchaser to the deposit holder (typically the agent or vendor's lawyer), shown as a deduction from the contract price.
3. Balance of purchase price. Contract price minus deposit — the base amount before adjustments.
4. Plus credits to vendor (debits to purchaser). Items where the vendor has paid an outgoing for a period after settlement: council rates pre-paid, water service charges pre-paid, OC fees pre-paid, land tax pre-paid (where adjustable). Each line shows the annual figure, daily rate, days credited and total.
5. Less debits to vendor (credits to purchaser). Items where the vendor owes for a period to settlement but has not paid: unpaid council rates and the vendor's share that will be paid to council from purchaser's funds; unpaid water; OC arrears; rent prepaid by the tenant for a period after settlement; land tax owing.
6. Net adjustment. Credits minus debits. Positive figure increases the balance payable by the purchaser; negative figure reduces it.
7. Total payable at settlement by purchaser. Balance of purchase price plus net adjustments. This is the amount the purchaser's lender drops into PEXA.
8. Disbursements from settlement. The schedule of payments from settlement funds — to the vendor's mortgagee for payout, to council for unpaid rates, to the SRO for stamp duty on the transfer (paid by purchaser), to the agent for sale commission (paid from vendor's net proceeds), to the vendor for the balance.

Settlement figures

The settlement statement produces three key figures:

• Purchaser's settlement balance. The total cash the purchaser must provide at settlement, after deducting the deposit and applying adjustments. The purchaser's lender's loan documents specify how much of this is loan funds and how much is purchaser's own contribution.
• Vendor's net proceeds. The total cash the vendor receives, after paying out the vendor's mortgage, agent commission, marketing arrears, any other secured charges, and any net adjustments flowing to the purchaser.
• Disbursements to third parties. Rates, water, OC, SRO, and any other payouts directly to the entity owed, made from the purchaser's funds through PEXA.

All three figures balance — the total in equals the total out. If the figures do not balance, the statement has an error that must be identified before settlement can proceed.

Electronic settlement (PEXA)

Almost all Victorian property settlements now occur electronically through Property Exchange Australia (PEXA). The Registrar of Titles mandated electronic lodgement and settlement for most categories of dealing in 2018 and the proportion of settlements through PEXA now exceeds 99%.

PEXA is a workspace platform: the conveyancers and lawyers for the parties create a workspace for the settlement, populate it with the financial settlement schedule (incorporating the adjustments), source funds from the purchaser's lender, populate the title and mortgage instruments, and confirm the workspace for settlement. At the scheduled settlement time (an exact minute on a business day), PEXA orchestrates a simultaneous exchange:

• The purchaser's lender's funds are debited into the workspace.
• The vendor's mortgagee receives its payout and releases the existing mortgage.
• Council, water, SRO and other payee parties receive their respective disbursements.
• The vendor receives the net proceeds.
• The transfer of land is electronically lodged with Land Use Victoria.
• The purchaser's new mortgage is registered.

The whole process takes a few minutes once initiated. The adjustments are baked into the financial settlement schedule that determines who pays whom at settlement — errors in the adjustments translate directly into wrong money flows. This is why both sides' representatives agree the statement in writing before populating the PEXA workspace.

Common adjustment disputes

Most adjustment disputes are resolved by exchanging source documents. The handful that escalate generally fall into a recognised pattern:

• Land tax over-claim. The vendor's representative attempts to adjust land tax on a residential property where section 10G applies — the purchaser's lawyer refuses, citing the Act.
• Land tax single-holding dispute. The vendor's representative provides land tax figures based on the vendor's actual assessment (reflecting portfolio-level aggregation) rather than the single- holding basis required by the contract.
• Special levy timing dispute. An owners corporation strikes a special levy between contract and settlement; the parties disagree on whether vendor or purchaser bears it.
• Section 158 certificate updated late. Council issues an updated certificate just before settlement showing additional charges (a supplementary valuation, an unpaid bin charge), requiring a recalculation that the vendor disputes.
• Water usage estimate vs special read. The water authority provides only an estimate of consumption to settlement; the parties argue about whether to wait for an actual special reading or adjust on the estimate.
• Rent in advance dispute. The parties disagree on whether rent paid by the tenant covers a calendar month or a fortnightly period and how to apportion.

The general approach is: identify the contractual or statutory basis for the disputed item; obtain the authoritative source document; recalculate; agree. Where genuine disagreement remains, the disputed amount can be held in trust by one of the lawyers pending resolution rather than delaying settlement.

Practical worked examples

Example 1 — Standard residential sale. Contract price $900,000. Deposit $90,000 paid at contract. Settlement 15 November. Annual council rates $3,650 (daily rate $10), vendor has paid the full year in advance. Annual water service charges $730 (daily rate $2), vendor has paid the year. Water usage to special read on 14 November $180 (vendor's). No land tax (PPR). No owners corporation.

• Balance of purchase price: $810,000
• Plus rates credit to vendor: $10 × 228 days (16 Nov to 30 Jun) = $2,280
• Plus water service credit: $2 × 228 days = $456
• Less water usage debit (vendor pays final notice): $0 on settlement statement; vendor's responsibility directly with water authority.
• Net adjustment: $2,736 credit to vendor.
• Total payable by purchaser at settlement: $812,736.

Example 2 — Apartment with OC and unpaid rates. Contract price $650,000. Deposit $65,000 paid. Settlement 20 February. Annual council rates $2,920 (daily rate $8), vendor has paid first instalment ($730) only. Annual OC fees $4,380 (daily rate $12), vendor unpaid all four quarters.

• Balance of purchase price: $585,000
• Council: vendor's share 1 July to 20 Feb (235 days) × $8 = $1,880; vendor has paid $730; vendor owes $1,150. Vendor debited $1,150 at settlement. Purchaser then pays council balance ($2,920 − $730 = $2,190) through PEXA. Net effect on purchaser: pays $2,190 to council but receives $1,150 reduction in settlement balance = net cost $1,040 (which is the daily rate × purchaser's 130 days from 21 Feb to 30 Jun = $1,040). Correct.
• OC: full annual $4,380 unpaid. Vendor's share 1 Jul (assuming OC year aligns with council) to 20 Feb (235 days) × $12 = $2,820; vendor debited. Purchaser pays OC $4,380; net purchaser cost $1,560 (130 days × $12 = $1,560). Correct.
• Net adjustment: $1,150 + $2,820 = $3,970 debit to vendor. Plus disbursements to council ($2,190) and OC ($4,380) from purchaser's funds.
• Total payable by purchaser at settlement (to vendor's lawyer for distribution): $585,000 − $3,970 = $581,030; plus $6,570 in disbursements; total funds into PEXA $587,600.

Both examples illustrate how the daily-rate apportionment allocates each day's cost to the correct party regardless of whether the outgoing was pre-paid or unpaid by the vendor. The arithmetic always reconciles.

Frequently misunderstood adjustments

Several aspects of the adjustment statement regularly cause confusion:

• Settlement day belongs to the vendor. The settlement day itself is counted as a vendor day. The purchaser's adjustment period starts on the day after settlement. This is a long-standing Victorian conveyancing convention.
• Land tax is not always adjustable. Since 1 January 2024, land tax is not adjustable on residential sales at $10 million or less. Older conveyancing practice books still describe land tax adjustment as universal — that is no longer correct for residential.
• Strata buildings have multiple charges. An apartment may have annual OC budget fees, a special levy, an insurance contribution, a sinking fund contribution and water sub-metering charges — each may need separate adjustment.
• "Adjusted to settlement" does not mean "paid". Adjustment is the apportionment calculation. It does not, of itself, ensure the outgoing is paid. Unpaid outgoings still need to be paid through PEXA disbursements.
• FSPL is separate from council rates. The fire services property levy is shown on the council rates notice but is a State Government charge, levied by reference to a different formula. Adjust it separately.
• The deposit is held by the deposit holder, not "credited" again. The deposit has already been deducted from the contract price at the start of the statement. It is not a separate vendor debit.

Common mistakes

• Using the wrong year base. Council rates are levied for the council financial year (1 July to 30 June). Land tax is levied for the calendar year (1 January to 31 December). Owners corporation fees run on the OC's financial year (variable). Using a calendar year for council rates or vice versa produces wrong figures.
• Ignoring section 10G on land tax. Vendor's lawyer attempting to adjust land tax on a post-1 January 2024 residential contract under $10M dutiable value — purchaser's lawyer must push back.
• Missing a special levy struck shortly before settlement. The OC certificate must be refreshed close to settlement to capture late resolutions.
• Calculating water usage on an estimate. Always request a special meter reading rather than accepting the water authority's estimate.
• Failing to allocate the FSPL. The fire services property levy is sometimes overlooked because it sits within the council rates notice; treat it as a separate line item.
• Adjusting on the vendor's actual land tax assessment. On commercial property and high- value residential where land tax is still adjustable, the adjustment is on the single-holding basis, not the vendor's portfolio assessment.
• Forgetting the tenant in possession. On sales subject to tenancy, missing the rent adjustment, bond transfer or section 86 notice to the tenant.
• Not refreshing certificates close to settlement. Section 158, section 151 and section 105 certificates can change; request updated certificates within 7 days of settlement.

Settlement day

On settlement day the settlement statement has been agreed, the PEXA workspace has been populated, the purchaser's lender has confirmed source funds, the vendor's mortgagee has confirmed payout and the parties' representatives have signed all instruments electronically. At the scheduled settlement time:

1. The purchaser's representative checks that funds are present in the workspace.
2. The vendor's representative confirms readiness.
3. PEXA initiates the financial and title exchange.
4. Funds flow simultaneously to mortgagee payouts, council, water, OC, SRO (for stamp duty), the vendor and the agent.
5. The transfer of land is lodged with Land Use Victoria.
6. The new mortgage (if any) is registered.
7. The vendor's mortgage release is registered.
8. Settlement is confirmed in the workspace and the parties' representatives notify their clients.

The whole sequence takes a few minutes. Where a settlement does not proceed (a party is not ready, funds are missing, a workspace error arises) settlement is rebooked for the next available time slot, with potential default interest accruing in the meantime against the defaulting party.

After settlement, the keys are released — usually by the selling agent on the vendor's instruction once the agent confirms settlement has occurred. The new owner takes possession. Final post-settlement steps include registering the change of ownership with council, water authority, owners corporation and the SRO, and transferring building insurance, utility accounts and related arrangements into the new owner's name.

When legal advice is required

For routine residential sales of a freehold home with no tenancy, no OC and no land tax, the adjustment is straightforward and a conveyancer's standard workflow handles it. For everything beyond the routine, a property lawyer's review is strongly recommended:

• Any property with an owners corporation — special levies, sinking fund contributions and the OC certificate require careful interpretation.
• Any property where the vendor purports to adjust land tax — confirm the section 10G analysis and the single- holding basis where adjustable.
• Any sale subject to tenancy — rent, bond, lease continuation, section 86 notice, and (for commercial) outgoings recovery and estoppel certificates all require legal review.
• Commercial property generally — GST treatment, going- concern certification, retail leases, and the interaction between adjustment and tenant recovery.
• Off-the-plan settlements where adjustments are deferred until registration of the plan and may be incomplete at first settlement.
• High-value residential above $10 million — land tax adjustment can still apply.
• Any settlement where the adjustment statement disputes are heading towards settlement delay or default interest.

Parke Lawyers' property and conveyancing team acts for buyers and sellers across Victoria, from straightforward residential transfers to complex commercial and mixed- use settlements. We prepare and review settlement statements, resolve adjustment disputes, attend to PEXA workspace settings, and coordinate settlement with lenders, agents and the parties. See our conveyancing and property services page, contact Julian McIntyre directly, or read our related guides on easements and restrictive covenants.

Frequently Asked Questions