INITIAL STAGES
- Sign in acceptance of a sale contract
- Contact Oceanfront Conveyancing to obtain a quote
- Notify our office of your real estate agents details and we will contact them to arrange for the contract to be issued to us
- Our stringent attention to detail and excellent organisation means that when the contract is received by our office we will thoroughly check the contract to ensure that it has been written correctly, whilst also making arrangements for any extraordinary circumstances that may need special attention, for example your travel or work commitments.
- We will open your file, complete a title search with Landgate and prepare your initial documentation to authorise us to act on your behalf.
- Once you have signed and returned the Appointment of Settlement Agent Form, we will sign it and send you a fully signed copy for your records.
- It is at this point that you should also be aware, if you have not been informed by your real estate agent already, of your responsibility to have the required amount of RCD’s and Hard wired Smoke Alarms installed on your property. The buyer will request an electrical certificate prior to settlement stating that these are installed and in good working order. It is important that you do this to protect yourself against being fined for not meeting the new regulatory guidelines upon the sale of your house. Should you wish for us to refer an electrician to you, please contact us to discuss.
UNCONDITIONAL
- Once the finance approval has been received from the buyer, or the dealing has become unconditional, we will advise you in writing and provide you with an interim settlement statement, pending an adjustment of the rates.
- If you do not have a mortgage on your title, we will ask you for the Original Title to be provided to our office prior to settlement.
- If you have a mortgage, we will ask that you contact your broker and/or your banker to arrange to sign a Discharge of Mortgage Authority. When you speak to your bank, just advise them that you have sold your property and need to discharge for settlement and they will supply you with the required documentation. Alternatively, we will send you a generic discharge authority for signing, but please be aware that your finance arrangements may require further documentation and/or discussion with your bank. We will also prepare the necessary documentation for your bank and will liaise with your bank to ensure that the discharge process is undertaken and a payout figure is provided prior to settlement (usually 24hrs prior to settlement but is often by 9.30am on the morning of settlement). When you sign your discharge authority and give this to your bank, make sure you take a photocopy and collect the name and the number of the person who you handed this to – this helps to track it down if its not forwarded to the appropriate department.
- We will arrange for you to sign the Transfer of Land document which transfers the ownership from yourself to the buyer. This is one of the most important settlement documents, so if you will not be available to sign prior to settlement, please inform this office immediately so that we can make special arrangements with you.
- We continue to liaise with your bank and the buyer’s settlement agent to ensure that they are ready by the due date of settlement.
- We ensure that the conditions on the contract are met.
- We obtain a payout figure from your bank – sometimes this is not provided until the morning of settlement.
- We obtain the rating information from the authorities to attend to the adjustment or rates and taxes so that we can provide you with a final settlement statement.
- We will forward to you, once provided by the buyer’s settlement agent, the Transfer of Land document. You will need a witness over the age of 18yrs and who is not a party to the transaction to witness your signature. This document is required to be provided to us by the buyer’s settlement agent 7 days prior to settlement.
- You will be asked to complete a Verification of Your Identity Application at your local post office. The Application will be issued to you once your dealing is unconditional, it is imperative that you do this no later than 7 days prior to settlement.
- If your contract states that all gas, electrical and plumbing is to be in good working order, we recommend you check these items before the buyer’s final inspection within 5 days of settlement as tradesman can be difficult to arrange with only short notice.
- We then schedule a settlement booking one or two days in advance of the settlement due date, if not earlier, with all parties concerned in the transaction. The settlement will take place at the buyer’s bank or their representative within one kilometre of the Landgate office Perth. We then finalise your settlement statement and provide you with a copy. We also provide the buyers settlement agent with your cheque directions for settlement so it’s important that you have returned your disbursement authority. We then contact you to advise you that a settlement booking has been confirmed.
- It is at this point that you should make arrangements with Synergy, Alinta Gas, your telephone company and the removalist of your expected moving date. Once you have made these arrangements with the relevant authorities, and completed packing, just put your feet up and wait for us to contact you to confirm that your settlement has been completed successfully.
- It is important that you are aware that if the property is your principle place of residence, you have until midday, the day following settlement to move out of the property unless possession is granted to the buyers at an earlier date. If the property is not your principle place of residence, then you must vacate the property as soon as settlement is effected or when possession is granted, whichever is the earlier.
SETTLEMENT
- Upon the day of settlement we will do a check search on your Certificate of Title to ensure that no further changes have occurred to your title, prior to settlement. We will then personally meet at the agreed place and time with all other parties to complete the settlement and make the exchange of the Certificate of Title for the bank cheque which we will personally bank for you immediately following settlement. Please note that we only deal with bank cheques for settlement, which means your deposited funds will clear within 3-5 working days. If you wish for a special clearance, you will need to request this from us one week prior to settlement and be aware that your bank will charge for this, usually around $16.00 per cheque, which will be a cost incurred by you and debited on your settlement statement.
AFTER SETTLEMENT
- We will then forward you final documentation confirming the completion of settlement and enclosing the final settlement statement and tax invoice. You will not have to make any payments such as commission or water, shire and land rates, or payments due to this office as we attend to all of this on your behalf; however you will be responsible to pay final building and contents Insurance, Alinta Gas, Synergy and Phone/internet accounts which you need to personally organise.
- We recommend that you contact Australia Post to arrange a redirection of your mail.
