At Equity Settlements, we're not just a settlement agency - we're your dedicated partners in making your property settlement a success.
Feel free to get in touch with us today to see how committed we are to making the property settlement process as simple as possible.
Whether you're a buyer or seller, we've compiled a comprehensive list of answers to help you navigate the property settlement process. From understanding stamp duty to knowing what happens to the keys, we're here to provide clarity and guide you through every step.
Explore our frequently asked questions to gain insights and ensure a smooth and stress-free property settlement experience.
Sellers should attend to the following before the specified settlement date:
Arrange the Handover of keys with the Real Estate Agent.
Cancel any insurance you previously had for the property from the settlement date.
Cancel any electricity and gas with the change of ownership from the settlement date.
Cancel any telephone, pay television, internet, etc.
The Electricity Regulations 1947 (WA) require sellers of residential properties built after 1 January 2000 to install at least two residual current devices (RCDs) in the premises before the sale is finalised. As of 1 October 2009, it is compulsory that mains-powered smoke alarms are installed in residential properties before sale.
Before settlement, the seller must confirm to the buyer that RCDs and smoke alarms are installed per the Electricity Regulations 1991.
Usually, unless specified in the contract, properties are sold free of all encumbrances. Therefore, any mortgages, caveats or other encumbrances must be removed from the title so that when the purchaser receives the property, they receive a clear title.
If you need to discharge a mortgage in order to sell a property, you should do so by contacting your bank and asking that they make sure such encumbrances are removed at settlement. Most banks have a discharge of mortgage request forms that you must complete and send to your bank.
Our quote includes our Professional Service Fee and an estimate of all statutory and government charges we expect to incur on your behalf. We provide these estimates as accurately as possible based on the information we have available to us at the time of providing your quote.
Where your circumstances require us to perform additional work we will seek your instructions prior to completing the additional work or incurring any additional expense.
Most clients prefer to have their paperwork delivered by email or post. However, if you’d rather complete your settlement paperwork face-to-face, you can book an appointment to visit our office.
Buyers should attend to the following before the specified settlement date:
Arrange the Handover of keys with the Real Estate Agent.
Arrange for the property to be properly insured from the date of settlement.
Transfer any electricity and gas with the change of ownership from the settlement date.
Organise any telephone, pay television, internet, etc., that must be set up or transferred from your previous property address.
Inspect the property before settlement.
Ensure sufficient funds are available to effect settlement.
The Keys are kept by the Real Estate Agent of the property in most instances. If you are a buyer, you should contact the Real Estate Agent regarding the keys' handover to you.
If you occupy the premises as your principal place of residence, you can keep the keys until noon the day following settlement. However, most real estate agents are willing to negotiate the keys' handover based on your requirements against the seller’s requirements.
During the settlement process, we are required to advise the local council, Water Authority and the State Revenue Department of settlement, and therefore, this is something you do not have to worry about. However, you must contact your telephone provider and electricity and gas providers to inform them of the settlement and organise changeovers.
No. We attend all settlements that we handle. Most settlements are now electronic settlements and held on a digital platform. Otherwise, Western Australian settlements will generally take place in Perth, so it is convenient for us to attend for you. It is also beneficial as we attend settlements regularly and are experienced in handling any complications that could occur.
If, for any reason, settlement is delayed or not completed by the other party within three business days after the settlement date, you may claim compensation at the rate of 9% per annum on the balance of the purchase price and any other money payable at settlement.
