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Hiring a real estate agent

By on in Selling

Making some simple enquiries before you engage a real estate agent to sell your home (or assist you to buy one) will ensure you choose the best agent for the job. Licence check Contact the Department of Commerce of Western Australia and check that the agent is licensed. Real estate agents must be licensed by […]

Landgate’s Verification of Identity (VOI) requirements

By on in Selling

Why VOI? In 2010 and 2011, two Western Australian properties were fraudulently sold without the consent of the owners in high-profile scams. The problem of identity theft was suddenly a pressing concern for WA regulators and businesses. In response, Landgate and other government agencies introduced strong Verification Of Identity (VOI) checks for anyone wanting to […]

I’ve sold my house. When do I move out?

By on in Buying, Selling

Congratulations! The settlement of your property  is a big achievement, and it’s time to move on!  How soon you need to vacate the property depends on the terms of your contract or, as it’s generally known, the Offer & Acceptance (O&A) and General Conditions. Read more… Under the General Conditions once settlement takes place, the new owner is entitled […]

Vale the Settlements Scale? Good riddance, actually!

By on in Buying, Selling

The Attorney General and Minister for Commerce Michael Mischin has today announced the abolition of the Settlement Agents Act Scale following a review by the Department of Commerce. From 3 February 2016, fees charged by settlement agents will no longer be capped by the State Government. According to the Minister, competition and market forces will […]

What does it mean to buy “off the plan”?

By on in Buying, Selling

The owner of a large vacant block wishes to chop it up into small parcels (lots) and sell each new lot.  However, the owner has two problems. Firstly, he doesn’t have the substantial funds he needs to construct roads and install services for each lot. And secondly, he’s not sure whether anyone will want to […]

Auditor-General: Low risk of property fraud in WA

By on in Selling

Western Australia’s auditor-general Colin Murphy is confident new measures to reduce the risk of fraudulent property sales are strong. Sound oversight In February 2015, the auditor-general released his report into the regulation of the state’s real estate agents and settlement agents and found the state has sound oversight in place, and the risk of direct […]

E-conveyancing to cut settlement costs and save time (we hope!)

By on in Buying, Selling

The Electronic Conveyancing Act 2014 (WA) has now taken effect, paving the way for digital lodgement of documents in Western Australia. Under the new legislation, settlement agents, lawyers and lenders who are subscribers to the Property Exchange Australia e-conveyancing platform (PEXA) can lodge documents and complete settlements electronically instead of using paper. National roll-out The multi-million […]

Bank authority an important first step for sellers

By on in Selling

You’ve sold your home. The ink on the contract is dry. Congratulations! What’s next? Appoint Flat Rate Settlements, as your settlement representative of course! And then? Once the buyer’s finance is approved you should contact any bank or financier with a secured loan over the property and advise them you have sold your property. Discharge […]

Penalties for late settlement

By on in Buying, Selling

Buyers and sellers of land generally succeed in completing settlement on the agreed settlement date. However, settlement may be delayed due to an unforeseen event. So what happens if settlement is delayed? The standard-form contract used in WA, known as the Contract for Sale of Land or Strata Title by Offer and Acceptance, includes a […]