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.
To avoid delays with your settlement, please notify your Conveyancer of any matters that may affect your interests in the settlement. This is important where information provided may be incorrect and if there should be any variations to the conditions of the Contract of Sale.
It is important that you read, sign and return your documents as soon as possible.
You should ensure you promptly satisfy any special conditions on the Contract of Sale by the due date that are your responsibility.
If you are likely to be away or otherwise unavailable during the settlement period, ensure that you contact your settlement agent to make sure any necessary documents have been signed and your verification of identity has been completed.
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.
Prior to settlement, you will be provided with a preliminary settlement statement that will show the amounts due to the real estate agent (if applicable), settlement fees and other disbursements, as well as indicative amounts for the rates and taxes.
Upon settlement being effected, you will be provided with a final settlement statement confirming the above amounts, including any adjustment of Shire, Water or other rates and taxes, as well as any payout to your financial institution.
Legislation in effect in relation to smoke alarms and residual safety switches (RCD’s) that require sellers to comply with. Should you not be aware of this legislation, please see the link below to ensure your property complies:
Depending on the wording of your Contract of Sale, you may be entitled to a final inspection of the property within the 5 business day period prior to settlement. You should contact the real estate agent to arrange this inspection.
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.
To enact settlement, you must complete a Verification of Identity (VOI) with your settlement agent. Our office utilises ScanTek as a secure service to complete your VOI, and it will remain valid with our office for 2 years once completed.
You may complete this via a link sent to you, or we can assist you in completing one in our office - we recommend you use your passport and driver’s license to complete this.
For more information about Scantek and the VOI process, follow this link: https://scantek.com/australian-business-id-verification-how-it-works/
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 digitally. However, if you’d rather complete your settlement paperwork face-to-face, you can book an appointment to visit our office.
All Contracts of Sale signed on or after 1 January 2025 require a Clearance Certificate issued by the Australian Taxation Office from all sellers on the sales contract. Each seller is required to obtain a certificate prior to settlement. Please see the link below for the application:
https://www.ato.gov.au/single-page-applications/frwt-certificate
Failure to provide a Clearance Certificate prior to settlement will require the buyer to withhold 15% of the sale price, which will be paid directly to the ATO.
Once settlement has been effected, the seller must ensure that any keys, remote control and other access devices are provided to the real estate agent, who will arrange to hand them over to the buyer.
If the property is the seller’s usual place of residence, they are not required to vacate the property until 12.00 midday the day after settlement.
If the property is not their usual place of residence or there are people other than themselves living in the property, i.e., tenants, they should be notified of the settlement date and time, so they have fully vacated the property by the time of settlement. In these cases, the buyer is entitled "vacant possession" which means that they can collect the keys from the real estate agent immediately after settlement.
