There will be some adjustments between the buyer and seller when a property is purchased. For instance, the seller will most likely have already paid their property taxes for the year. The buyer only has to pay from the time of possession until the end of the year and the seller will get back what has already been paid in advance, from possession date until the end of the year. It is the same with strata maintenance fees, but these are on a monthly basis. Once again, each is only responsible for the time he or she is in possession.
Financial Adjustments Between Buyers and Sellers