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Settlement FAQs
Sure Settlements, Midland and Perth Hills
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Read our settlement FAQs which answer common questions about the settlement process.
WHAT DOES A SETTLEMENT AGENT DO?
We act to protect your interests. We search the title so you are fully informed of what you are buying. We prepare required documents and ensure they are completed and signed. We liaise with real estate agents, conveyancers, banks, brokers, government agencies and other interested parties on your behalf. We attend settlement and ensure the property is legally transferred and that the correct monies go to the correct parties.
HOW DO I GET A SETTLEMENT AGENT TO ACT FOR ME?
You nominate us on your Contract for Sale or advise your real estate agent. They will send the contract and contact details for us to proceed with the settlement process on your behalf.
WHAT ARE THE COSTS?
You can get a fixed price quote by call us. Our quotes include all government fees and charges so you can be confident that there won't be any surprises later on.
WHAT HAPPENS IF I AM GOING AWAY DURING THE SETTLEMENT PERIOD?
Documents are sent out over the course of the settlement period for you to complete and sign. You will need to let us know if you will be away so that we can make arrangements for the documents to be prepared and signed before you go.
WHICH UTILITY PROVIDERS DO SETTLEMENT AGENTS NOTIFY?
As your settlement agent, we deal with the local shire/council, Water Corporation and the Office of State Revenue (land tax). We advise all these parties that the property has changed hands and they provide information on any rates owing on the property. Annual rates are adjusted at settlement date. The seller pays rates up to and including settlement day, the buyer from the day after settlement.
If you have automatic payments to pay your rates, you need to stop them. If you have any amounts outstanding, do not pay them. They will be adjusted at settlement.
All other utilities, such as electricity and gas, you will need to notify.
WHAT HAPPENS IF BUYERS OR SELLERS AREN'T READY TO SETTLE ON SETTLEMENT DATE?
Everyone tries to settle on time, but it doesn't always happen. The general conditions allow for 3 working days from settlement date for the settlement to occur. After this time, the party who is not ready to settle may be liable to pay penalty interest which is chargeable at 9% per annum, per day of purchase price from the day settlement should have occurred up to but not including the day it actually occurs.
There is an option to take early possession but be aware of the risks to you and your property.
WHEN WILL FUNDS FROM THE SALE OF MY PROPERTY APPEAR IN MY ACCOUNT?
Funds from your sale will be banked on the day of settlement. A bank cheque is deposited into your nominated account. Banks have differing clearance times but generally cheques are cleared in 3 to 5 working days.
Electronic settlement means funds will be cleared and in your account within hours of settlement.
WHEN CAN I GET THE KEYS TO MY NEW PROPERTY?
The general conditions state that where a property is owner occupied, handover is midday the day following settlement. However, if the property is vacant, the keys my be handed over immediately after settlement. This will need to be negotiated between the buyer and seller.