Keeping the Ball Rolling: A Smarter Way to Fast-Track Property Settlement in WA
The contract of sale is signed and the first step in securing your desired property is out of the way, what a relief! The next question is, how soon would you like to move in and how much time do you need to organise everything, like finances, documents, moving and cleaning? This is where experts like KDD conveyancing’s settlement agents are happy to clarify the ins and outs around property settlement services in WA.
In Western Australia, the settlement period starts when the contract is signed and typically lasts 30 to 90 days. You can fast-track your settlement while ensuring it’s a smooth, stress-free process by being prepared and engaging the right property settlement services agent. However, the first and most important step is understanding the property settlement process.
Start Prepared: Due Diligence
Both buyer and seller must sign a contract of sale before the property settlement process can commence; however, there are ways you can prepare ahead of this.
Prepare Finances and Settlement Fees
A home loan pre-approval helps prevent any last-minute stress of trying to organise it in time for the settlement date.
Find out the settlement fees and prepare these funds ahead of time, which can include settlement adjustments for council and water rates.
To prevent any delays on settlement day, ensure you have enough funds cleared in your bank account to pay the deposit when due and the outstanding amount at settlement.
Nominate Settlement Date
When you receive the contract, consider the date you would like to nominate for settlement, which must be mutually agreed upon with the other party.
A useful guide in setting a date for settlement, according to WA Consumer Protection, is 28 days after one of the following:
- An offer becomes unconditional; or
- Finance approval is received.
Review The Contract
Review and ensure you understand WA’s standard Residential Contract, which contains:
- Contract for Sale of Land or Strata Title by Offer and Acceptance (O and A).
- Joint Form of General Conditions for the Sale of Land (General Conditions).
The O and A allows parties to insert their own special conditions into the contract, such as whether inspections or repairs are to be made.
Even after both parties sign the contract, property settlement can only take place once they satisfy the general and special conditions of the contract.
Engage a Professional Conveyancer or Solicitor
Once the contract is signed, it’s time to find a professional property settlement service to guide you through the process, as it requires significant attention to detail, effort, time, coordination with other parties and legal aspects. It is recommended to find local service providers who have experience in the location you are interested in. Then, once you have shortlisted your options, choose one that has built up their experience and reputation with positive reviews. Professional property settlement services like those offered at KDD Conveyancing can help you navigate any disputes, thoroughly review the contract of sale, point out issues to consider that you may not be aware of and arrange timely payment.
They should have expert local knowledge of property settlements in WA, prioritise regular communication and use modern digital tools for electronic property settlement.
Pre-Settlement Property Inspection
In WA, there is no cooling-off period in the Sale Contract. Your pre-settlement inspection of the property is your opportunity to check that the property is in the same state and condition as when you made your offer. Work with the real estate agent to ensure the property meets the conditions and what is listed in the contract. You could bring the contract of sale with you to refer to and check against.
Embrace Smarter, Digital Property Settlement Tools
PEXA is the digital platform that modern conveyancing services now use to organise and manage the financial property settlement. It is a workspace where property settlement transactions occur digitally and securely and where parties have visibility over their progress in real time. This aids prompt communication with relevant parties when needed, for example, with the bank, if there are any delays with the buyer’s loan for settlement.
The platform efficiently and digitally sources and lodges the required documents, which is traditionally a manual and time-consuming process, such as travelling to offices in person.
The platform can handle the finances for the property sale, with the buyer, seller and banks able to exchange funds between them.
Digital automation of processes and input of information can also help reduce potential human errors and lost paperwork that could have traditionally caused delays.
Finally, the property settlement can occur within minutes, with digital signatures eliminating the need for parties to be physically present.
Contact KDD Conveyancing Today For a Consultation
If you are hoping for a speedy settlement process, this is achievable with the right planning, professional support and modern digital tools. Now that you understand the steps to a faster, smarter settlement process, you need to find the right professional and reliable conveyancer or settlement agent to take you through the intricacies of the process.
KDD Conveyancing has helped many clients settle quicker than they expected and we can help you do the same. Contact us to discuss how to get started.
