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Buying a property “subject to finance”

By on in Buying

You’ve signed a contract to buy your dream home subject to finance. Time’s now ticking on the finance approval deadline. The seller may end the contract if you don’t get your finance approved on time. What does the contract say? The standard-form contract used in WA, known as the Contract for Sale of Land or […]

Selling your property “subject to finance”

By on in Selling

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 […]

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 […]