Property settlements finalise the transfer of property ownership from the seller to the buyer. This process includes the exchange of funds and legal documents. Ensuring all terms of the sale contract are met, such as inspections, repairs, and other conditions, is crucial. Once everything is in order, the settlement occurs, and the property changes hands. Property settlements are a critical part of real estate transactions. Working with a qualified professional team like Capital Conveyancing is essential to ensure a smooth and legally compliant transfer.

If you want to buy, sell, or remortgage your property, you will need a qualified conveyancer to help you through the legal processes. Instructing a conveyancer about the intended sale or purchase of a property early can help speed up the entire process; this is particularly true of leasehold properties.

Property settlements occur during the final stages of a property transaction. A useful guideline for setting a settlement date is 28 days after either an offer becomes unconditional or finance approval is received.

Settlement costs vary according to several factors, including purchase price, whether banks are involved, whether the property is a strata property, whether GST applies and whether any buyers are foreign buyers.

They are interchangeable terms and are different terms for the same function during the settlement process.

Settlement agents prepare documents for you to sign, and verify your identity, liaise with real estate agents to ensure the conditions of your contract are completed, and liaise with your bank to make sure they have completed their paperwork with you and are ready to settle. At Capital Conveyancing, we make sure the correct documents are lodged at the right time and that the money goes where it needs to at settlement, as well as liaising with the ATO and RevenueWA to make sure stamp duty and tax obligations associated with the contract are paid on your behalf.

Whilst you can conduct your settlement yourself, the evolving list of obligations required by both buyers and sellers during the settlement process makes it more likely that self-conveying will miss a vital part of the process, causing delays to settlement and leading to financial penalties.

At settlement, legal documents transferring a property from one party to another are lodged at Landgate while payment for the property is disbursed to the seller. This process was a physical exchange of documents and bank cheques; sometimes, it is still the case. More typically, we settle electronically. Legal documents are lodged through an electronic portal, while the seller’s funds are deposited directly into their account.

It depends on the timeframes stated in the property contract and whether any banks are involved, but typically, a sale or purchase of property takes six to eight weeks from signing a contract to settlement.

While not necessary, having a settlement agent for each party can ensure a smoother process. Otherwise, the represented party may feel like the intermediary between their settlement agent and the unrepresented party, which could cause delays.

No, our experienced conveyancers handle all aspects of property settlement. However, we can provide in-house lawyers if you need legal assistance during the process, with relevant charges applying.

Our preferred process is completely electronic and does not require attendance at an office. However, many clients prefer visiting our office for the completion of paperwork involved in property transactions. We can also conduct Verification of Identity checks required by Landgate. Our conveniently located office in Applecross is at your disposal.

Yes, we can help. If it’s a transaction between related parties or a private offer without a real estate agent, once the buyer and seller agree on the terms, we can prepare the Offer and Acceptance contract for signing.

It’s best to send us a copy of the contract right away. If a real estate agent is involved, they can hold on to the contracts until the conditions, such as buyer finance approval and termite/building inspections, are met. We need the contract as soon as possible to be aware of any special conditions.

Yes, you can. Our office is registered to use the PEXA platform for electronic settlement. There’s a standard fee payable to PEXA, which you pay at settlement, and it’s subject to other parties’ agreement.

No, settlements are now completed using WA’s electronic conveyancing system, PEXA. On the rare occasion that a physical settlement is required, our settlement clerk will attend on your behalf. We’ll notify you once settlement is completed.

There are no upfront costs. Our fees will be shown on your settlement statement, collected at settlement. Cash buyers need to transfer settlement funds to our trust account at least 3 business days before settlement.

No, in Western Australia, once all parties sign the Offer and Acceptance contract, they are bound to the offer. Special conditions in the contract may dictate its continuation or end based on their fulfillment by specific due dates.