USEFUL LINKS & FAQ

• My property has settled, when do I move?

  The seller of a property has until 12noon the day following settlement to vacate the property. Frequently, the seller moves out on the day. However, it is essential you clarify this with the selling agent to ensure you know when to book your removalist.

• Why do settlement fees vary between Settlement Agents?

  Perth Settlements offer very competitive rates and an excellent personalised service which is invaluable. Settlement Agent fees can differ quite significantly. Most people will agree that cheapest isn’t necessarily best. Experience, responsiveness and having one consistent point of contact matters a lot when you want to ensure your settlement runs smoothly and on-time.

• What happens if my settlement is delayed?

  Sometimes things happen, documents are lost or delayed in the post, funds aren’t cleared in time, issues arise at the final inspection, but what does that mean for you? In Western Australia, we have a 3 business day “grace period” in which to settle so, for example, if you were due to settle on Friday, but the bank wasn’t ready, then you have until close of transacting the following Wednesday to settle. If you go beyond that grace period and the other party is ready, they may issue you with a Ready, Willing and Able Notice. They then have the option to charge you interest from the date settlement should have occurred to the date of settlement.

  As your Settlement Agent, we would look to foresee any issues in advance of settlement and seek to negotiate a variation to the contract to provide further time to settle and avoid penalties.

• What is PEXA?

  PEXA (property Exchange Australia) is an online property exchange where most property transactions are now undertaken. It is a platform that allows conveyancers, lenders and other parties to complete transactions and lodge documents to complete the sale and purchase of property or financial settlements relating to mortgages over property.

• How much is Stamp Duty?

  Stamp Duty is a tax levied by the State on purchases, including buying a home, land or investment property. The amount of Stamp Duty charged varies depending on where the transaction takes place and the value of the property. You can estimate your Stamp Duty liability using the following calculator:

  Stamp Duty Calculator WA | House & Land Stamp Duty Calculator – REIWA

• When do I pay your fees?

  Settlement fees are deducted at settlement, so no upfront payment is required.

• When to I pay my Selling Agents Fees?

  We attend to the payments of these fees as settlement from the proceeds of sale.

• I’ve paid my rates for the year, do I get any of this back?

  Yes you do, and we arrange this for you!

  We attend to adjustments of Shire rates, water rates and consumption and any strata levies so that you only pay for the days you owned the property. These adjustments will show on your settlement statement.

• Why do I need my identity verified?

  The VOI practice is designed to reduce the opportunity for successful land title fraud as a result of identity theft or other improper dealings. It sets out to achieve this by requesting verification of the identity of a person transacting and their authority to deal with an interest in land.

Buyers

Sellers