Anonymised property matter
Planning a purchase with sale proceeds
- Transaction
- Sale
- Jurisdiction
- Australia-wide
- Focus
- Sale outgoings and payout deductions
Situation
The client’s situation
A vendor planned to use sale proceeds for another purchase and assumed the contract price, less the agent’s commission, would be available. Mortgage payout, rates, strata charges, tax withholding questions and settlement adjustments materially reduced the expected cash.
How Aquarius Lawyers helped
The legal response
We obtained payout and adjustment information, identified transaction-specific deductions and prepared an estimated net-proceeds figure that was updated before settlement.
Documented outcome
The documented outcome
The vendor could plan the onward purchase using a realistic number rather than the headline sale price.
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