With over 15 years experience in the industry, Equity Settlements Pty Ltd offers comprehensive settlement and conveyancing services.
Take your first steps to your new sweet home with us. Contact us for an obligation-free quote.
Frequently Asked Questions
We understand the stress associated with buying or selling a property,
and consider it our job to minimise the impact it has on you and your family by doing the legal and procedural documentation to take the load off you.
Our purpose as settlement agents is to make it as easy as possible for you to prosperously navigate the Perth property market..
What ARRANGEMENTS should be made by the seller prior to settlement?
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 date of settlement
Cancel any electricity and gas with the change of ownership from the date of settlement
Cancel any telephone, pay television, internet etc….
what are the rcd and smoke alarm requirements?
The Electricity Regulations 1947 (WA) require sellers of residential properties built after 1 January 2000 to install at least 2 residual current devices (RCD’s) 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 prior to sale.
Prior to settlement, the seller must confirm to the buyer that RCD’s and smoke alarms are installed in accordance with the Electricity Regulations 1991..
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how do i arrange to discharge the mortgage on my property?
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 Discharge of Mortgage Request Forms which you will need to complete and send to your bank.
Are there any hidden fees?
Our quote includes our Professional Service Fee along with an estimate of all statutory and government charges that 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.
What ARRANGEMENTS should be made by the buyer prior to settlement?
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 date of settlement
Organise any telephone, pay television, internet etc that needs to be set up or transferred from your previous property address
Inspect the property before settlement.
Ensure sufficient funds are available to effect settlement
what happens to the keys?
The Keys are kept by the Real Estate Agent of the property in most instances. If you are a buyer you should keep in contact with the Real Estate Agent regarding the handover of the keys to you.
If you occupy the premises as your principle place of residence you may keep the keys until noon the day following settlement. However, most real estate agents are willing to negotiate the handover of the keys based on your requirements against the seller’s requirements..
what authorities do i need to contact to advise of a change of ownership?
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 will need to contact your telephone provider, electricity and gas providers to inform them of settlement and organise change overs.
Do i have to attend settlement?
No. We attend all settlements that we handle. Most Western Australian settlements take place in Perth and therefore 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 at settlement or before..
Are any penalties payable if settlement is delayed?
If for any reason settlement is delayed or not completed by the other party within 3 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.
Will I need to visit your office?
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’re welcome to visit our office..