WHAT DOES A SETTLEMENT AGENT DO?
When you complete an Offer form to purchase a property you will see that provisions are made for you to nominate your preferred Settlement Agent.
A Settlement Agent is the person who prepare the necessary paperwork to change the name on the title deeds of the property you are buying from the sellers name into your name.
A Settlement Agent will also organise the adjustment of shire and water rates and co-ordinate the settlement with the various parties on your behalf. They have an important part to play in the Settlement Process.
Waiting on Finance Being Approved (Conditional Approval)
- Search the Certificate of Title with the Department of Land Information and provide you with a copy Certificate of Title and any encumbrances registered over the title when the offer becomes unconditional
- Liaise with Real Estate Agent and seller's settlement agent
- Confirm the deposit paid to Real Estate Agent
- Obtain a copy finance approval letter from Real Estate Agent (to be faxed by your lender or broker when approved)
Once Finance Approved (Contract Unconditional)
- Provide you with a statement which summaries the costs associated with changing the ownership of property
- Prepare a Transfer of Land document to change ownership on Certificate of Title (to be signed by you and seller)
- Lodge an electronic rate enquiry to request current account from each authority and to notify change of ownership:
- Office of State Revenue who manage land tax (tax applied to investment, vacant land, commercial properties)
- Water Corporation who manage yearly water rates and half yearly consumption meter reading
- Local council who manage yearly rates, order and requisition confirming zoning, outstanding orders issued by council on the property, etc
- Write to your bank confirm settlement date and provide copy transfer and statement
- Write to the Strata Company advise property sold and request they complete a Section 43, request a copy of the strata insurance and confirm the date the strata levies are paid to and provide you with a copy.
- Request Stamp Duty from you prior to settlement, as a stamped Transfer of Land must handed over at settlement
- Forward Transfer of Land document to seller's settlement agent to be signed by seller prior to settlement.
- Obtain copy of Termite Report, ensure you are happy with the report (
- Confirm you have completed final inspection of property and happy to proceed to settlement
- Liaise and book settlement with your bank
- Liaise and book settlement with seller's agent, who will arrange for the seller's bank to attend with Title and discharge of mortgage.
- Call you to advise settlement arranged when your bank, seller' agent, seller's bank have agreed on a date and time to come to your bank to exchange documentation
- Advise your bank by fax the cheques needed for settlement
- Attend settlement on your behalf in Perth and collect our fees and pay any bankcheque fees on your behalf
- Call you to confirm settlement has taken place and advise you to call Real Estate Agent to arrange to collect keys
- Advise you the seller has until 12pm the following day after settlement to tidy up and move out
- Fax Real Estate Agent to confirm settlement
- Advise you in writing settlement has taken place, provide final statement showing rates adjusted and GST invoice
- Attend to any outstanding shire or water accounts
- Confirm consumption paid by the seller's settlement agent within 2 weeks of settlement
- Search Certificate of Title to ensure title correctly updated to show you as the owner and provide you with a copy title within 6 weeks of settlement
- Retain file for 7 years
Information thanks to Carol Hinchcliffe
Back to Buying a House in Perth