What is a real estate settlement?
Settlement is the process by which a contract to buy and sell real estate is completed. Settlement representatives ensure that legal title to real estate is transferred from sellers to buyers, rates are adjusted and the purchase price is paid.
The seller and the buyer each need a settlement representative. It is permissible for both parties to have the same representative however it is usually preferable for the parties to be separately represented.
Get advice before you sign a real estate contract
There’s no cooling off period for real estate contracts in Western Australia. Once the contract is signed by both parties it’s usually legally binding.
If you have any queries or concerns about your transaction you must seek advice before you sign the contract. At a short consultation ($198) we will review your document and advise you if we see any problems or areas for improvement.