"Just a small note to say a “Big thankyou” for all your help with our property purchase. We really appreciate your time and effort considering we were away. Thankyou so much!"

Regards,
Noa Ercoreca

Buyers & Sellers

download Buyers Guide (55kB pdf document)

Tips for Buyers:

Allow enough time for your finance application to be approved, Banks usually require approximately 21 days from the date you apply to process and approve the application.

Banks normally need approximately 28 days from date of approval to finalize the settlement process.

Be precise with Special Conditions on the Offer and Acceptance, i.e. State what the condition is, who must pay for it and the latest date the condition must be fulfilled

Stamp Duty: To comply with the Joint Form of General Conditions for the Sale of Land, you must provide the seller with a stamped Transfer of Land for the seller to sign. If you don't have the money saved, when organising your finance advise them you need the stamp duty released before settlement (most banks will allow this now) to ensure you fulfil your obligations under the Joint Form of General Conditions.

The Settlement Process:

Step 1 – We receive your Offer and Acceptance Contract – Our principal will go over every contract that comes into our office to make an assessment of the offer to ensure there will be no detriment to our client (e.g. contract not written up correctly therefore the buyer is liable for more Stamp Duty) etc.

Step 2 – Open file and prepare our Appointment to Act, and initial letter to send to buyer. Diarise any critical dates (e.g. Finance approval date, subject sale due).

Step 3 – Follow up on Finance approval (If required)

Step 4 – Ensure all other conditions on the contract have been satisfied

Step 5 – Once unconditional send out our 'Settlement Pack'; including but not limited to a copy of the title, Transfer of Land and Initial Settlement Statement. We also lodge an Electronic account enquiry to the relevant Rating Authorities advising them of the change of ownership.

Step 6 – Follow up progress with Bank (if applicable). Once they are ready we will book settlement with them and the sellers agent.

Step 7- Adjust rates and taxes. Ensure there is enough money to complete the purchase.

Step 8 – Attend settlement on your behalf. Once settled we will notify you and your Real Estate Agent settlement has been effected.

Step 9 - You then take possession of the property. For collection of keys please liaise with the Real Estate Agent directly to organise a time and place for the collection. We send out any final documentation to you.

Step 10 – Approximately 6 weeks after settlement has taken place you will receive from our office a Landgate search or the Duplicate Certificate of Title showing you as the registered proprietor of the property confirming the change in ownership.

Sellers

download Sellers Guide (40kB pdf document)

Tips For Sellers:

A discharge of Mortgage Authority form needs to be signed and handed to your bank or settlement agent. They will then need approximately 21 days to prepare the relevant documentation

Ensure that you have read and understood the Offer and Acceptance and all the conditions on it. If a condition has not been satisfied settlement may be delayed.

If you receive a rates notice during the settlement please ensure you forward it to your nominated settlement clerk.

If a Bank or Lending Institution does not hold security against your property please ensure you locate the relevant title deed prior to settlement. If you cannot locate the deed, advise your settlement clerk immediately

The Process:

Step 1 – We receive the Offer and Acceptance Contract from your Real Estate Agent. Our principal will check every offer to ensure there is nothing out of the ordinary that could be detrimental to the settlement.

Step 2 – Open a settlement file – prepare the initial documentation (appointment to act) and diarise any critical dates (e.g. finance approval)

Step 3 – Follow up the finance approval (if applicable) from the buyers agent or real estate agent.

Step 4 – Once unconditional we then prepare your Settlement Pack including your initial settlement statement, disbursement of funds authority form etc...

Step 5 – We instruct your bank to prepare the discharge advising them the property has now sold and the contract is unconditional.

Step 6 – We ensure your discharging bank is ready to settle. We will then book settlement with the buyer's agent.

Step 7 - Your bank will then advise us of your Loan payout amount. We adjust rates and taxes and work out the balance due to you.

Step 8 – We attend settlement on your behalf. Once settlement has been effected we will then notify you and the Real Estate Agent.

Step 9 - We prepare your final statement and any final documentation to send to you.

Step 10 - About 6 weeks after settlement we search the Certificate of Title to ensure the property has been correctly transferred out of your name.