Free agency – consider a private sale

Selling your property yourself, without using the services of a real estate agent, is known as a private sale. Pros and Cons The obvious advantage of a private sale is not paying a real estate agent’s fee, which may be a substantial saving, particularly an agent’s fee calculated as a percentage of the sale price […]

Hiring a real estate agent

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 […]

Subdivisions – an introduction

If you live on a larger block, you may wish to subdivide and sell off a portion of the land to access funds or reduce the amount of land that has to be maintained.  Alternatively, you may wish to use part of the land to build a new residence for yourself or develop two new […]

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

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 […]

What does a settlement agent do? [Part 1 – We’re not your bank]

This is the first of a series of articles analysing the role of the settlement agent* and how that role relates to, and interacts with, other service-industry professionals.  In Part 1 we look at banks^. Stating the (not so) obvious You wouldn’t ask your beautician to do your dry cleaning, nor would you ask your […]

Bank authority an important first step for sellers

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

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 […]

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

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 […]

Selling your property “subject to finance”

You’ve sold your home and the contract is subject to finance. The latest date set by the finance clause has come and gone and you’re still waiting for the buyer to send you finance approval. What do you do? The standard-form contract used in WA, known as the Contract for Sale of Land or Strata […]

Help! My home has unlawful buildings

Oh no!  Not another one. It’s an all-too-common story.  The buyer signs a home contract, without first obtaining legal advice.  Prior to settlement he visits the Local Government (council) offices and makes the unpleasant discovery that some of the buildings don’t have approval. As a general rule, most substantial renovations to homes require council approval […]