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What happens after settlement?

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If you are the buyer Congratulations! Contact the real estate agent to collect the keys. If the seller lived in the property, you can collect the keys from 12 noon on the day after settlement. If the seller didn’t live in the property, you can collect the keys immediately. We’ll send you a final settlement statement […]

Do I need to attend settlement?

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No, we attend your settlement for you either in person or via PEXA (e-conveyancing). Once settlement is complete, we’ll let you know by email and text message. You can then contact your real estate agent to arrange to hand over or collect the keys.

What is penalty interest?

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The standard O&A provides that if for any rea Most contracts allow each party 3 business days grace after the settlement date during which they can complete settlement without penalty. If settlement is delayed beyond this, the other party can charge penalty interest calculated: at the rate of 9% per annum on the amount due at settlement […]

What does it mean for a contract to be “unconditional”?

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A contract becomes unconditional when all the conditions of the contract have been met. This means that finance has been approved and all other conditions on the contract, such as building or termite inspection reports have been completed. This is a key milestone in the settlement process. Once the contract is unconditional, you’re well on […]

Finance has been approved. What happens next?

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Good news! If you are the buyer … You’ll need to send us a copy of your finance approval so we can send it to the other parties and communicate with your bank. If the property is conditional on timber pest or building inspection reports, now is the time to get those completed. We’ll start […]

What is transfer duty and who pays it?

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Transfer duty (formerly known as stamp duty) is a State Government tax payable by buyers of real estate calculated on the value of the property. You can calculate transfer duty using our settlement calculator. A buyer may be eligible for a reduced rate of transfer duty if they are a first home buyer or are buying a […]

How are rates and taxes adjusted at settlement?

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All local authority rates, Water Corporation rates, strata levies and land tax (outgoings) for the current year will be apportioned between the buyer and seller with the effect that: the seller pays the outgoings up to and including the settlement date or possession date (whichever is earlier); and the buyer pays the outgoings from the […]

What are the requirements for RCDs and smoke alarms?

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The Electricity Regulations 1947 (WA) require sellers of residential properties built after 1 January 2000 to install at least 2 residual current devices (RCD’s) in the premises before the sale is completed. It is also compulsory that mains powered smoke alarms are installed in residential properties prior to sale. Prior to settlement, the seller should provide […]

What is the O&A?

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Most contracts to buy real estate in Western Australia are made using a standard two-page Contract for sale of land or strata title by offer and acceptance (O&A) published by the Real Estate Institute of Western Australia (REIWA) and the Law Society of Western Australia. The seemingly simple document incorporates a set of General Conditions set out in […]

The building inspection report identified defects. Now what?

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The contract may contain a clause or annexure that: gives the buyer the right to terminate the contract if certain defects are found; requires the seller to give the buyer compensation for defects; or requires the seller to repaid certain defects. It is important to look at your own contract to determine your rights. If […]