Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Adjustments
Adjustments are fees paid by the buyer of a home for utility expenses such as phone, water and electricity. The expenses are paid in advance by the seller for future services. The fees are pro-rated and charged the buyer, even if they haven't used the utilities. This is because the rates are calculated over a 12-month period, during which the sale is expected to take place. Adjustments are obtained by dividing the total annual rates by 365 to get a daily rate. Other fees covered by adjustments include mortgage interest, property taxes, and council fees.
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