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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 […]

Measure-up before you take the plunge (swimming pools and fences)

By on in Buying

Properties with pools are a popular choice in WA.  Here are some water-safety tips for buyers. Swimming Pools The Building Act 2011 (WA) mandates that a building permit is required prior to the construction of a swimming pool or spa. Swimming pool fences Australian Standard AS 1926.1-1993 requires a compliant safety barrier for swimming pools […]

Buying property together: joint tenants or tenants in common?

By on in Buying

If you buy real estate with your partner or others, you should specify your choice of joint ownership in the Contract. Co-owners may be joint tenants or tenants in common. It’s important to understand the difference so you can make the right choice. Joint tenants If you own property as joint tenants, then on the […]

Getting in early: pros and cons of possession prior to settlement.

By on in Buying, Selling

Sometimes property buyers want to move in before settlement is completed.  Reasons vary, but commonly it’s about keeping removalist bookings or a sale and purchase that didn’t coincide, leaving the buyer without a roof over her head. Under the standard-form contract used in WA, known as the Contract for Sale of Land or Strata Title […]

LJ Hooker Settlements’ lies

By on in Featured posts

Nobody does it better than LJ Hooker Settlements (according to Mr LJ Hooker). Visit LJ Hooker’s flashy website and a sombre voice warns that cheap offers from competitors “generally reflect the type of service you will receive”. “Some offer a flat fee”, says Mr Hooker ominously. “But these are generally topped up with extra fees […]

Do I need a settlement representative?

By on in Buying, Selling

You’ve signed a contract to buy or sell a house and the real estate agent asks you to appoint a settlement representative. What is a settlement representative? Read our blog post to find out. What do they do? A settlement representative arranges to transfer the legal ownership of the property from the seller to the […]

What is a settlement?

By on in Buying, Selling

It’s not a silly question. We’re often asked “what is a settlement?“. Settlement Settlement is the process by which a contract to buy and sell real estate is completed.  At settlement, legal title to the property is transferred from seller to buyer in exchange for the balance of the purchase price. Settlement is also the name […]

Install RCD’s and smoke alarms or face hefty fines

By on in Selling

The Electricity Regulations 1947 (WA) require a seller of residential property to install at least 2 residual current devices (RCD’s) in the property before the sale is completed (settlement).  If you settle without RCD’s you may be fined up $15,000 as an individual or $100,000 as a company. A seller of residential property must also install […]

Five things to do before your purchase settlement date

By on in Buying

Arrange for the seller’s real estate agent to give you the house keys immediately after the settlement is complete. If the property is the seller’s principal place of residence, the seller may stay in possession until noon on the day following settlement. Ensure the property is adequately insured from date of possession or settlement, whichever is […]

Five things to do before your sale settlement date

By on in Selling

Arrange for your real estate agent to give the house keys to the buyer immediately once settlement is complete or, if you occupy the premises as your principal place of residence, at noon on the day following settlement. Cancel your insurance on the property one day after the date settlement occurs. Cancel the electricity and […]