Join our investing community

Who is responsible for property settlement errors?

Discussion in 'Accounting, Tax & Legal' started by coops, 26th Aug, 2005.

  1. coops

    coops Member

    Joined:
    24th Aug, 2005
    Posts:
    17
    Location:
    Brisbane, Qld
    After settlement on of our investment properties we received an overdue notice (relating to a period prior to our purchase) from the Body Corporate Manager and paid it.

    Recently, however, I was going back through our records and found there was no adjustment in our favour on the purchase settlement statement for overdue Body Corporate fees.

    I assume our solicitor made an error in not claiming an adjustment in our favour. We should have picked up on it at the time I guess, however the full settlement statement comes through post settlement so there isn't much you can do if it is incorrect.

    I'm just curious to know if we were liable for the debt or should the previous owner have been billed ?

    Perhaps this indicates that we should obtain the complete settlement figures prior to settlement and check them carefully instead of relying on the professional we are paying to act on our behalf.
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    Joined:
    9th Jun, 2005
    Posts:
    4,623
    Location:
    Sydney, Australia
    If there is a question, I would go back to the solicitor/conveyancer who did the work for you - they should be able to identify whether it was actually done correctly or needs attention, and if it does need attention, they should (in theory) be able to rectify it. Not sure if this works in practice though - I haven't been in that situation.

    Sim' makes himself a note to get some conveyancers in to the forum.