It is the document that shows the calculations on how the property outgoings such as rates, fees and levies are adjusted between the seller and the buyer. Buyers usually reimburse the seller for the outgoings payable from the day of settlement. Usually, if there is a balance owing on the outgoings it is deducted from the seller’s settlement monies.
How long does it take to receive funds from settlement of a sale?
Most settlements are now conducted electronically, so funds are made available the next business day.