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…

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

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.

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.

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.

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.

We provide three different options with the payment of transfer duty:

1. Pay it up front

2. Equity Settlements is registered with the Office of State Revenue to lodge and certify documents through their Revenue Online system. This allows us to lodge your application for assessment before settlement without you having to pay upfront.

3. Some banks will give permission for the funds required for transfer duty to be released early so that it can be paid before settlement. However, not all banks will do this as it is not a requirement for them to do so. If you are considering this option please factor the cost of transfer duty into your loan.

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.

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.