Property settlement is a complex process, and there are a number of steps involved before you can hand over the keys and receive payment. This is the typical process for sellers in Western Australia.
1. We will advise the buyer’s settlement agent that we’re acting on your behalf.
2. We will conduct a title search and identify any encumbrances that will need to be removed by the settlement date.
3. If you have a Mortgage you’ll need to sign a Discharge Authority with your financier to have the Mortgage taken off the property.
4. We will follow up with the buyer and check on their Finance approval (if they require finance).
5. We will instruct your bank to prepare the completed and signed Discharge Authority.
6. You will need to arrange to complete any special conditions required by you under the contract.
7. We will send you a preliminary settlement statement which will outline the amount of the rates, duties and taxes you will be responsible for at settlement.
8. You need to ensure everything in the house is in good working order for the buyer’s pre-settlement inspection.
9. We will check with your financier that they are ready for settlement.
10. We will prepare a final settlement statement.
11. We will arrange a settlement time with the buyer’s settlement agent and your financier.
12. We will advise you as soon as settlement has taken place.