Settlement
Settlement agents, also know as Conveyancers, are responsible for conveying an interest in land from one party to another, normally, from a seller to buyer.
This may sound like a simply duty to undertake, however, no two transactions are the same and there are many variables to consider, depending on the type of settlement or conveyancing service required.
A brief summary of our Settlement Services include the following:
- Residential Settlements
- Vacant Land Settlements
- First Home Buyers Settlements
- Commercial Settlements
- Deceased Estate Transfers
- Survivorship Applications
- Family and Related Party Transfers
- Change of name on Title Applications
- Title Searches
- Company Searches
Our steps include the following:
- Perusal of the Contract and make sure that you are aware of the terms, conditions, legal requirements and time frames of the contract.
- Searching the Title Deed at the Land Authority of Western Australia to confirm the property certification, and any encumbrances pertaining to the land, such as easements, restrictive covenants and so forth. "Searching" is a conveyancing term which means obtaining a copy of a statutory document, such as Certificate of Titles, Survey, Mortgage and other documents required which are held at the Land Authority of Western Australia.
- Making enquiries of the Local Council and the Water Corporation about rates, taxes and water consumption so that payment for that year is adjusted between the Buyer and the Seller and each Authority is notified of the name of the new owner/s.
- On advice from Challenge Settlements that settlement has been completed, the Water Corporation and Local Council will update the ownership records of the property, so that future notices will be the responsibility of the new owner/s.
- Making sure that any special conditions relating to the Contract of Sale and Acceptance are met to the client's satisfaction.
- If the property is a strata lot, sending an application with the relevant fee to the Strata Company for a Certificate under Section 43 of the Strata Titles Act. Strata levies are subject to apportionment and adjustment, in the same way as rates and taxes.
- Preparing and arranging all documentation for you to sign, including the Transfer of Land document (which is the legal document to transfer the ownership of the property), Stamping the contract of sale and the transfer form at the Office of State Revenue and forwarding the document to the Seller's Settlement Agent for signature by the vendor/s.
- Sending a copy of the Transfer and a draft Settlement Statement to the Bank or other financial institution to help them with the preparation of the mortgage documentation. Settlement is usually held at the Buyer's Bank or financial institution.
- Preparing a settlement statement for you and an authority for paying and receiving moneys related to the property transaction.
- Arranging the time and day for settlement with all parties and requesting from the Seller's Settlement Agent a Settlement Statement indicating the cheques they require at settlement.
- Performing a check search on the Title for the property.
- Attending settlement and handing over the balance of the purchase price to the Seller's Settlement Agent.
- Lodging the transfer at the Department of Land Administration.
- Monitoring the dealing at the Land Authority of Western Australia to ensure the transaction is correctly registered and complete a check search after settlement to ensure the property is transferred and registered in the correct names.