The Settlement Process

Buyers

Step 1 – We receive your Offer and Acceptance Contract – Our principal will go over every contract that comes into our office to make an assessment of the offer to ensure it is completed correctly and that there will be no detriment to you (e.g. making you liable for more Stamp Duty) etc. Step 2 – We open a file and prepare our Appointment to Act, with an initial letter to you together with an information pack. We diarise any critical dates (e.g. Finance approval date, subject sale due). Step 3 – When required, we follow up on Finance approval. Step 4 – We ensure all other conditions on the contract are satisfied, at that the contract may be performed unconditionally. Step 5 – Once the transaction is unconditional, we send out our ‘Settlement Pack’; including, but not limited to a copy of the title, Transfer of Land and Initial Settlement Statement. We also lodge an Electronic account enquiry to the relevant Rating Authorities advising them of the change of ownership. Step 6 – If appropriate, we check progress with Bank. Once they are ready we will book n appointment for settlement with them and the sellers agent. Step 7 – We adjust rates and taxes, ensuring there is enough money to complete the purchase. Step 8 – We attend settlement on your behalf. Once settled we will notify you and your Real Estate Agent that settlement has been effected. Step 9 – You then take possession of the property. For collection of keys please liaise with the Real Estate Agent directly to organise a time and place for the collection. We send out any final documentation to you. Step 10 – Approximately 4-5 weeks after settlement has taken place you will receive from our office a Landgate search or the Duplicate Certificate of Title confirming the change in ownership and showing you as the registered proprietor of the property.

Other tips for Buyers

Buying Property – allow enough time for your finance application to be approved. Banks usually require approximately 21 days from the date you apply to process and approve the application.
Real Estate Settlement times – banks normally need approximately 21 days from date of approval to finalize the settlement process
If you negotiate one or more Special Conditions, express them precisely on the Offer and Acceptance – i.e. state what the condition is, who must pay for it and the latest date the condition must be fulfilled.
Stamp Duty: To comply with the Joint Form of General Conditions for the Sale of Land, you must provide the seller with a stamped Transfer of Land for the seller to sign. If you don’t have the money saved, when organising your finance advise them you need the stamp duty released before settlement (most banks will allow this now) to ensure you fulfil your obligations under the Joint Form of General Conditions.

Other tips for Sellers

Sellers

Step 1 – We receive the Offer and Acceptance Contract from your Real Estate Agent. Our principal will check every offer to ensure there is nothing out of the ordinary that could be detrimental to the settlement, or to your interests. Step 2 – We open a settlement file – prepare the initial documentation including your appointment for us to act on your behalf, and diarise any critical dates (e.g. finance approval) Step 3 – If appropriate, we follow up the finance approval through the buyer’s agent or real estate agent. Step 4 – Once the contract is unconditional we then prepare your Settlement Pack including your initial settlement statement, disbursement of funds authority form etc… Step 5 – We instruct your bank to prepare the discharge advising them the property has now been sold and the contract is unconditional.Step 6 – We ensure your discharging bank is ready to settle. We will then book settlement with the buyer’s agent. Step 7 – Your bank will then advise us of your Loan payout amount. We adjust rates and taxes and work out the balance due to you. Step 8 – We attend settlement on your behalf. Once settlement has been effected we will then notify you and the Real Estate Agent. Step 9 – We prepare your final statement and any final documentation to send to you. Step 10 – About 4-5 weeks after settlement we search the Certificate of Title to ensure the property has been correctly transferred out of your name.

Other tips for Buyers

A discharge of Mortgage Authority form needs to be signed and handed to your bank or settlement agent. They will then need approximately 14 days to prepare the relevant documentation
Ensure that you have read and understood the Offer and Acceptance and all the conditions on it. If a condition has not been satisfied settlement may be delayed.
If you negotiate one or more Special Conditions, express them precisely on the Offer and Acceptance – i.e. state what the condition is, who must pay for it and the latest date the condition must be fulfilled.
If you receive a rates notice during the settlement please ensure you forward it to your nominated settlement clerk.
If a Bank or Lending Institution does not hold security against your property please ensure you locate the relevant title deed prior to settlement. If you cannot locate the deed, advise your settlement clerk immediately