Mandurah Settlement Services has released a free tip sheet to help Home Buyers cut through the clutter and get to the most important aspects of property settlement in the Perth housing market. The full list of tips can be found on the company’s website, http://bit.ly/top6settlementtips
Some of the most effective tips include:
What is property settlement? – Property settlement is a legal process that transfers the ownership of a property from one owner to another. The aim of property settlement is simple, although regulations and compulsory procedures mean that the settlement process itself is complex and time consuming. In simple terms, property settlement is when the balance of the property sale price is paid, and it’s usually conducted by the settlement agent’s of the buyer and seller.
Final inspection arrangement – The seller must hand over the property in the same condition as when it was sold. The best way to confirm the vendor is on-course to meet this obligation is to inspect the property sometime during the settlement period. In Western Australia, the seller must give the buyer an opportunity to undertake a final inspection of the property within five business days prior to the settlement date or the possession date. Upon completing the final inspection, an Authority to Proceed to Settlement form can be sent to the buyers conveyancer or settlement agent to give them permission to proceed with settlement.
Organise building and contents insurance – The buyers lending institution will recommend taking out building and contents insurance effective from the date the seller signs the contract. This is to safeguard the interest in the property of both the lending institution and the buyer.
Check Certificate of Title – The buyers settlement agent or conveyancer will send a plan of the land so that the buyer can ensure the measurements and boundaries correspond with the Certificate of Title. This process ensures that the correct property is transferred to the buyer. It is important that the property buyer provide documents and other information promptly when requested, as delays to settlement can be costly.
Apportion of rates and charges – During the property settlement process, the buyer’s conveyancer and the seller’s conveyancer or settlement agent will need to work out the share of rates and other charges each party must pay. The buyer’s conveyancer will ensure there are no outstanding water or council rates amounts owing on the property and check for any outstanding special government levies or strata levies.
Settlement Day – The buyer’s conveyancer and lender will conduct settlement and ensure all documents are correct and finalise the property settlement process.
When asked about the reasons behind the tip sheet, Judith, Licensed Settlement Agent of Mandurah Settlement Services said,
“Mandurah Settlement Services offers first class customer service to our clients, whether in Mandurah, Rockingham, Perth, or elsewhere in Western Australia. We hope this helpful tip sheet guides home buyers through the property settlement process.”
The tip sheet is available for free and home buyers are encouraged to share the tips with others who may find the information useful. Interested parties who would like to talk with Judith and the team at Mandurah Settlement Services are encouraged to visit the website at http://www.mandurahsettlements.com.au/ for full details, or to give them a phone call (+61-8-9535-7677) and arrange a quote.
Mandurah Settlement Services
3/33 Davey St,
Mandurah WA 6210
+61 8 95357677
Release ID: 505552