Property settlement is a complex process, and there are a number of steps involved before you will receive the keys to your new property. This is the typical process for buyers in Western Australia.
1. We receive a copy of the signed contract.
2. You apply for finance (if required).
3. You make sure that the deposit is paid to the nominated agent by the due date.
4. We will send you a costs disclosure and some preliminary documents for you to sign and return.
5. We will advise the seller’s settlement agent that we are acting on your behalf.
6. We will do a title search and identify any encumbrances that need to be removed from the title by the Settlement date.
7. We will follow up with you on your approval for finance.
8. Once finance is approved, your financier will forward copies of the approval letter to the seller’s settlement agent and us.
9. You will arrange with the sellers real estate agent to get any special conditions of the contract completed eg. building, termite inspections.
10. We will make sure all the conditions of the contract are satisfied.
11. We will send you a preliminary settlement statement which will set out the funds you’re required to pay prior to settlement.
12. You’ll arrange with your financier to sign the mortgage documents.
13. We will make enquires to the Local Council, Water Corporation and Revenue WA to find out the rates and taxes applicable to the property so that we can apportion the amounts between the buyer and seller for settlement.
14. Your financier will require you to take out Building Insurance over the property and forward them a copy of the policy.
15. We will confirm with your financier that they’re ready to proceed to settlement.
16. We will book settlement with the seller’s settlement agent, real estate agent and your financier and advise you of the time and date.
17. Most transfers in WA are required to be done electronically through an Electronic Lodgement Network Operator. The operator in WA is PEXA. We will sign the transfer of Land document on your behalf in PEXA prior to settlement and arrange everything in PEXA to be ready for settlement day.
18. Settlement will take place at the organised time electronically through PEXA or in rare cases all the parties will meet at an agreed location and exchange all the required documentation.
19. We will notify you once settlement has taken place and advise the seller’s Real Estate agent to organise with you to hand over the keys.