Your first step should always be to talk to a good finance broker.
If you are new to our lovely State of Western Australia you would be well advised to engage a Buyers Real Estate Agent. Although this is not yet a common practice and will cost you extra money, having your own agent to provide with unbiased advice on both the property and the area is invaluable.
Remember the Real Estate Agent that is selling the property is being paid by the seller, therefore (quite rightly), they must act in their clients best interests. However, all licensed Real Estate Agents are governed by legislation and must adhere to a strict code of conduct.
Once you have found the house of your dreams or a sure-fire investment property take a second look at the property with your head rather than your heart. Inspect the property thoroughly and any apparent repairs that are needed and expected by you should be listed on the contract to be repaired/replaced seven days prior to settlement. If you do not put this in writing, on the contract, then the property is sold as you see it. Make sure it is clear what is included in the sale and what is not. Dishwashers are a contentious item. Many sellers believe they are not part of the sale and many buyers believe that, as they are plumbed in, they are. Lots of “He said – She said” situations arise that could be easily avoided if it had been put in writing!
It is extremely important that you are clear exactly who is purchasing the property and state your full, correct and legal name on the contract. (It is surprising how many people dislike their middle names and therefore omit them). It is recommended that your obtain either legal or accounting advice if there is any doubt, for tax or other purposes, who’s name the property should be registered in. Please note that it is illegal to amend or destroy a contract once it has been signed by all parties. There is an avenue to add or delete in certain circumstances by way of a Substituted Purchaser form. Please contact us for further information in this regard.
Real Estate Property in Western Australia can only be owned by a natural person or a registered Pty Ltd Company. Trusts cannot be registered proprietors.
Contact us, before you sign your contract and we can offer many helpful hints and suggestions that will ensure your settlement process is smooth and hassle free.
When the contract is fully signed ask your Real Estate Agent to forward the original to us and we will obtain a title search, check the conditions of the contract and send our Appointment forms to you. Once your contract is unconditional we will search any encumbrances on the title and make the necessary rates, orders and requisition enquiries with the local authorities. We prepare and send you the Transfer of Land document and settlement statement and send copies to your Bank. We diarise your file for regular checks up to ensure that all parties are working towards settlement. If you are a First Home Buyer we will send you the relevant First Home Buyer Duty form and will liaise with the Office of State Revenue to obtain your approval (UIN) number.
Did you know that if you are a First Home Buyer purchasing an established property through a Real Estate Agent you may qualify for a rebate towards your purchase costs? Contact us to find out more.
Once settlement has been booked we will advise you of the time your property is settling and once settlement is effected we advise both you and your agent to enable handing over of possession of the property to you.
If the property is the seller’s usual place of residence then they are entitled to remain in occupation of the property until 12.00 noon on the day following settlement. If the property is vacant you can take possession immediately.