Seller:
- Search and check the Certificate of Title to the property.
- Identify the property, ownership and any encumbrances on the Title to be removed at settlement or to remain.
- Examine the Offer and Acceptance contract to make sure that the Seller is aware of any special conditions which must be satisfied and any other requirements of the contract.
- Prepare all documentation required for settlement, which includes the Settlement Statement and Disbursement Authority (for paying and receiving the balance of money from settlement). Arrange for the Seller to sign documentation.
- Once the contract is unconditional, advise the Seller’s Financial Institution to arrange the discharge of mortgage (if applicable) and forward them a copy of the Provisional Settlement Statement. Arrange the withdrawal of any other encumbrances applicable. Liaise with the Financial Institution as necessary.
- Obtain the signed and stamped Transfer of Land document from the Buyer’s Settlement agent and send to the Seller for signing.
- Prepare a Settlement Statement which includes the adjustment of rates and taxes and cheques required for settlement and send to the Buyer’s Settlement Agent.
- Arrange the time and day for settlement with all parties (Buyer’s Settlement Agent and Financial Institutions applicable).
- Advise the Seller and the Real Estate Agent of the settlement date and time.
- Request a check search on the Certificate of Title for the property.
- Attend settlement where documents are checked carefully prior to the balance of purchase price being handed over.
- Notify the Seller and Real Estate Agent that settlement has taken place.
Buyer:
- Search and check the Certificate of Title to the property.
- Identify the property, ownership and any encumbrances on the Title to be removed at settlement or to remain.
- Examine the Offer and Acceptance contract to make sure that the Buyer is aware of any special conditions which must be satisfied and any other requirements of the contract.
- Make enquiries to the Local Shire, Water Corporation and Office of State Revenue to obtain information about rates, taxes and water consumption in order to determine the amounts to be paid by the Buyer and Seller. Notify these Authorities of the change of ownership.
- If the property is a Strata Lot, forward an application together with the relevant fee to the Strata Company for a Certificate under Section 43 of the Strata Titles Act. After the information is received back from the Strata Company adjustment of strata levies between the Buyer and Seller is attended to. Notify the Strata Company of the change of ownership.
- Prepare all documentation required for settlement, which includes the Transfer of Land document and Settlement Statement. Arrange for the Buyer to sign documentation.
- After receiving the signed Transfer of Land document and stamp duty from the Buyer we attend to the stamping of the Offer and Acceptance Contract and the Transfer of Land document at the Office of State Revenue. The signed and stamped document is then sent to the Seller’s Settlement Agent for the Seller to sign.
- Forward a copy of the Transfer and Provisional Settlement Statement (which shows the balance of funds due) to the financial institution to assist them in the preparation of the mortgage documentation. Liaise with the financial institution as necessary.
- Arrange the time and day for settlement with all parties (Seller’s Settlement Agent and Financial Institutions applicable).
- Advise the Buyer and the Real Estate Agent of the settlement date and time and request any balance of purchase monies.
- Request a check search on the Certificate of Title for the property.
- Attend settlement where documents are checked carefully prior to the balance of purchase price being handed over.
- Attend to lodging the documents at Landgate for registration, as necessary.
- Notify the Buyer and Real Estate Agent that settlement has taken place.
- Four to six weeks after settlement, obtain a full search of the Certificate of Title to ensure that registration has been effected and the property has been transferred into the correct names. Forward a copy of the search to the Buyer.
