Do you have plans to buy a property in Perth, Western Australia this festive season or when the new year arrives? Indeed, the property settlement process can take a bit more time, but it doesn’t have to be complicated for you.
Many property buyers who decide not to work with settlement agents think they are saving money, but when the consequences of not having a wholesome knowledge of the Perth real estate market and its legal complexities come, they pay even more. However, this Perth settlement agent by Rezzi can help you buy properties in Western Australia.
He simplifies the process, helps you conclude the settlement process in a shorter time, and makes it less daunting for you.
In this article, you’ll discover how professional settlement agents make buying homes in Perth pretty simple.
Understanding Perth’s Property Settlement Process
Of course, the property settlement process isn’t different from other West Australian states. The regular budgeting for settlement fees are the same and they include stamp duty, conveyancing fees, and loan establishment fees.
However, the little difference in Perth’s property settlement process is that the buyer is mandated to pay for the property immediately after signing the contract unless there’s something else that legally frees the buyer of that obligation.
What You Should Know About Perth’s Property Sale Contract
If you’re a first-time property buyer in Perth, it’s best you understand the standard residential contract West Australian contract and it has just 2 important sections:
- One section consists of the general conditions involved in property sales (Joint Form of General Conditions for the Sale of Land).
- The other section is much more specific (and it includes the Contract for Sale of Land or Strata title by Offer and Acceptance).
What Are The General Conditions?
As mentioned, in Perth, the buyer is obligated to make payment for the property after signing the contract of sale. The general conditions in this section are contractual and here they are:
- Removing encumbrances (someone who has a registered interest in the property but isn’t registered).
- Payments and deposits (to be held by settlement agents or escrow officers)
- Delays in settlement (and attracted penalties)
- Possession (this includes vacant possession)
- Any needed adjustments
- Other payment requirements such as underground power costs
The Buyer & Seller’s Conditions for the Settlement In The Contract
This is the section where the conditions become specific. Both the buyer and seller insert any special conditions that must be met before the property settlement process can be concluded.
This section also includes:
- Where payment for the property will be made.
- Whether there’ll be any repairs to the property being sold.
- Whether a thorough building inspection is demanded by the buyer
So be sure you familiarize yourself with these terms before deciding to buy a property in Perth.
Ask your real estate lots of questions if you have to.
The Steps A Professional Settlement Agent Takes To Simplify The Process of Buying Properties for You
Of course, the settlement agent does most of the running around, settling legal and financial requirements on your behalf when you want to buy a property.
Here are the steps they take to make buying properties less daunting, and much quicker.
Title Investigation of the Property
Once you’ve hired a professional settlement, he/she moves to seal the deal and conclude the property settlement process. The first step the settlement agent takes is to begin an investigation on the property to find out who has claimed it in the past and its legal history.
Settlement agents check title insurance policies, public records, and many other similar documents. This is necessary as it ensures there are fewer legal problems to deal with.
Preparation And Review of Necessary Documents
Of course, settlement agents are really important in the entire property settlement process. They prepare and review legal documents, sort all the paperwork, and ensure the buying and selling process goes smoothly.
Concluding The Transaction
This is the most crucial point in the entire settlement process. The settlement agent makes it smoother by settling all financial and legal requirements on your behalf. This facilitates the signing of contracts, exchange of funds, and successful property transfer.
Post-closing Activities
Yes, the roles of professional agents don’t after they’ve helped you buy the property. They also handle post-closing activities such as ensuring the proper disbursement of funds, and the like.
Benefits of Hiring A Settlement Agent
- Settlement agents make the complicated process of property purchase simple for you
- Given their wealth of experience in the real estate market, they help you avoid any legal mistakes that could result in financial losses for you.
- They oversee the entire property settlement process, any dispute between the buyer and seller is settled, and both parties are satisfied.
These are some of the benefits the settlement agent provides you.
Conclusion
You have a better chance of buying properties in Perth successfully with the help of a professional settlement agent. However, if you think you can do it on your own, you may have to deal with consequences that could be quite costly.
