The settlement statement
The bottom line
Price less deposit, plus or minus rates and other adjustments, equals what has to arrive on settlement day.
The settlement statement is a one-page reconciliation prepared between the two lawyers. It starts with the price, credits the deposit already paid, then adjusts for rates, water, body corporate levies and anything else that is apportioned between buyer and seller as at settlement day. The result is the amount that has to arrive on the day.
Our statement of account then shows your side: the bank's loan, your KiwiSaver, your savings, our fee and disbursements.
Read this
Understanding the settlement statement and the statement of account
Do this
Check the glossary entry for settlement statement and disbursements
Check yourself
What is credited against the price on the settlement statement?
The deposit already paid.
Name one item that is apportioned between buyer and seller.
Rates, water or body corporate levies.
What does the statement of account show that the settlement statement does not?
Your own sources of funds and the legal fee.
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