Property settlement refers to the process of transferring a property from a seller to a buyer, when the conditions of the standard contract for the sale are fulfilled. Usually conducted by your settlement agent.
In most instances before a property settlement can occur, both the buyer and the seller must have signed a contract of sale.
In Western Australia, the standard residential sales contract has two sections:
• Contract for Sale of Land or Strata Title by Offer and Acceptance (the O & A); and
• Joint Form of General Conditions for the Sale of Land (General Conditions).
The signatures of the seller and the buyer on the Offer & Acceptance generally indicate that both parties agree to the conditions of the contract, including the purchase price.
At settlement, the settlement agents or solicitors representing the seller and the buyer will meet at the office of the buyer’s mortgagee (financial institution) or at Landgate.
These representatives ensure:
• all relevant parties have fulfilled their obligations in the lead up to settlement;
• all conditions of the O & A have been met, to the satisfaction of the seller and the buyerbuyer.
At settlement, the balance of the purchase price will be handed over to the seller’s representative and the buyer’s representative will ensure that documents are registered so that the title reflects a change of ownership.
The settlement agents or solicitors will inform the seller, buyer and real estate agents that settlement has been completed. Arrangements will be made for the keys to be handed to the buyer.
Once settlement takes place, the seller is generally required to give the buyer vacant possession of the property – that is, the property should not be occupied.
Before the buyer takes possession of the property, the seller must remove all vehicles, rubbish and chattels, other than the chattels sold with the property such as dishwashers or light fittings.
So there we have it, a simplified outline of the settlement procedure. To take the worry out of settlement, engage a settlement agent to do what is needed and save yourself…
Supreme Settlements is your team to take you to Settlement.
As your personal Settlement Agent in Perth, we know when you purchase a property it is an exciting yet stressful time. Our professional conveyancing service approach to settlement allows you time to look to other matters whilst we get on with the settlement in question. Begin by requesting a free quote today…
Our priority as your Settlement Agent in Perth is to meet your needs and our conveyancing team will keep you informed as the settlement process proceeds. Our professionalism as your settlement agent in Perth, and our conveyancing team, ensure a satisfactory completion. Begin by requesting a free quote to start the process…