Duties Online Settlement Statement Clause Samples
The Duties Online Settlement Statement clause outlines the requirement for parties to use an online platform to prepare and exchange the settlement statement related to property duties. In practice, this means that all calculations, adjustments, and confirmations regarding stamp duty or transfer duty are managed electronically, often through a government-approved portal. This clause streamlines the settlement process, reduces paperwork, and minimizes errors by ensuring all duty-related information is accurately recorded and accessible to relevant parties, thereby facilitating a smoother and more transparent property transaction.
Duties Online Settlement Statement. The vendor will initiate the preparation of a Duties Online Settlement Statement (DOLSS) as soon as practicable after the Contract Date and will provide the purchaser with online access to that document at least 10 days before settlement. The purchaser will sign the DOLSS no later than 7 days prior to settlement.