Did you know that debts can transfer to you after settlement? Well, first of all, what are debts? I'm talking about council rates, water bills, land tax assessment notices, owner's corporation levies, if applicable. What are these things? Well, they're carrying costs. If you don't know what they are, look it up. When you own a property, you always have to pay the authorities for services and utility. That's what it is, really. But the last thing you want as a buyer is to pay the seller's bill.
How do you prevent it from happening? Come to a competent conveyancer who does the right searches for you and does the right calculations for you to make sure that all debts are paid by the seller before settlement.
Level 36, Governor Phillip
Tower, 1 Farrer Pl, Sydney
NSW 2000, Australia