Property settlement in WA involves several legal and administrative steps. To make the process easier, we’ve outlined the key stages so you know what to expect every step of the way. Navigate the settlement process with confidence.
The Classic Process
1
Receipt of Offer and Acceptance Contract
Upon receipt of your Offer and Acceptance Contract, our principal will carefully review the agreement to assess its accuracy and ensure that no issues, such as unnecessary liabilities (e.g., excluding Stamp Duty), will arise.
2
File Creation and Appointment to Act
We will establish a dedicated file for your transaction and provide you with a Settlement Pack, including an introductory letter and key details. Important deadlines, such as finance approval and due dates, will be recorded. You can choose to receive this pack via a secure electronic portal, email or post.
3
Finance Approval Follow-Up
We will monitor the progress of your finance approval, liaising with relevant parties to ensure timely completion.
4
Satisfaction of Contract Conditions
We will ensure all conditions outlined in the contract are met, enabling the contract to be performed unconditionally.
5
Dispatch of Further Documents
Once the transaction is unconditional, we will send you further documentation which will include, but is not limited to, a copy of the title, and the Initial Settlement Statement. Additionally, we will lodge an electronic account enquiry with the relevant Rating Authorities to notify them of the change of ownership.
6
Coordination with the Bank
If necessary, we will liaise with the bank to check the progress of the settlement. Once the bank is prepared, we will coordinate a settlement appointment/booking with them and the seller’s agent.
7
Adjustment of Rates and Taxes
We will ensure all applicable rates and taxes are adjusted correctly, ensuring sufficient funds are available to complete the purchase.
8
Attendance at Settlement
We will attend the settlement on your behalf. Upon successful settlement, we will notify you and your real estate agent that the settlement has been completed.
9
Possession of Property
You will then take possession of the property. For key collection, please liaise directly with the real estate agent to arrange a convenient time and location. Any final documentation will be sent to you.
10
Registration of Ownership
Post settlement you will receivea Landgate search from our office, confirming the change in ownership and officially recording you as the registered proprietor of the property.
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