Buyers & Sellers Guide to Settlement Services

The general process of a standard settlement:

SELLER

Sign in acceptance of a sale contract
Contact Oceanfront Conveyancing to obtain a quote
Notify our office of your real estate agents details and we will contact them to arrange for the contract to be issued to us
Kellys stringent attention to detail and excellent organisation means that when the contract is received by her, Kelly will thoroughly check the contract to ensure that it has been written correctly, whilst also making arrangements for any extraordinary circumstances that may need special attention
We will open your file, complete a title search with Landgate and prepare your initial documentation to authorise us to act on your behalf.
Once the finance approval has been received from the buyer, or the dealing has become unconditional, we will advise you in writing and provide you with an interim settlement statement.
If you do not have a mortgage on your title, we will ask you for the Original Title

If you have a mortgage, we will ask that you contact your broker or your banker to arrange to sign a Discharge of Mortgage Authority. We will also prepare the necessary documentation for your bank and liaise with your bank to ensure that the discharge process is undertaken.
We will arrange for you to sign the Transfer of Land document which transfers the ownership from yourself to the buyer.
We continue to liaise with your bank to ensure that they are ready by the due date of settlement.
We ensure that the conditions to the contract are met.
We obtain a payout figure from your bank.
We obtain the rating information from the authorities to attend to the adjustment or rates and taxes so that we can provide you with a final settlement statement.
We contact you to ensure that you have arranged a final inspection of the property that you are purchasing as this is your legal right under the Joint Form of General Conditions. You are entitled to an inspection within 7 days prior to settlement and we recommend that your contact your real estate agent to arrange this as soon as possible.

We then schedule a settlement booking one or two days in advance of the settlement due date, if not earlier, with all parties concerned in the transaction. The settlement will take place at the buyer’s bank or their representative within one kilometre of the Landgate office Perth. We then finalise your statement and provide the buyers settlement agent with your cheque directions for settlement. We then contact you to advise you that a settlement booking has been confirmed. It is at this point that you should make arrangements with Synergy, Alinta Gas, your telephone company and the removalist of your expected moving date. Once you have made these arrangements with the relevant authorities, and completed packing, just put your feet up and wait for us to contact you to confirm that your settlement has been completed successfully.
Upon the day of settlement we will do a check search on your Certificate of Title to ensure that no further changes have occurred prior to settlement. We will then meet at the agreed place and time with all other parties to complete the settlement and make the exchange of the Certificate of Title for the bank cheque which we will personally bank for you immediately following settlement.
We will then forward you final documentation confirming the completion of settlement and enclosing the final settlement statement and tax invoice. You will not have to make any payments such as commission or rates as we attend to all of this on your behalf.

BUYER

Sign an Offer and Acceptance contract
Contact Oceanfront Conveyancing to obtain a quote
Notify our office of your real estate agents details and we will contact them to arrange for the original contract to be issued to us
Kellys stringent attention to detail and excellent organisation means that when the contract is received by her, Kelly will thoroughly check the contract to ensure that it has been written correctly, whilst also making arrangements for any extraordinary circumstances that may need special attention
We will open your file, complete a title search with Landgate and prepare your initial documentation to authorise us to act on your behalf.
Once you have received UNCONDITIONAL finance approval or the dealing has become unconditional, we will advise you in writing.
We will provide you with an interim settlement statement, Transfer of Land document, Title and encumbrance searches.
We will complete an Electronic Advice of Sale that will go to the Shire, Water Corporation and the State Revenue Department to advise that you will own the property as at settlement date. The authorities will then reply with rates notices.

We will supply you with a copy of the sewer plan and orders and requisitions from the shire.
We will contact your bank and provide your bank with a copy of the Transfer of Land document and Interim Settlement Statement.
We will ensure that all conditions of your contract are met within a timely manner.
We will regularly track the progress of your settlement with all parties concerned until all parties are in a position to place a settlement booking.
We will arrange for the stamping and or lodgement of your contract and Transfer of Land document
We obtain your authority to proceed to settlement, once you have completed your final inspection with the real estate agent.
We obtain the final balance available by your bank and make any arrangements with you if additional funds are required from you prior to settlement.
If your property is a strata titled property we will make arrangements with the strata company to obtain information such as the applicable strata levies and strata insurance.
We obtain the rating information from the authorities to attend to the adjustment or rates and taxes so that we can provide you with a final settlement statement.
We contact you to ensure that you have arranged a final inspection of the property that you are purchasing as this is your legal right under the Joint Form of General Conditions. You are entitled to an inspection within 7 days prior to settlement and we recommend that your contact your real estate agent to arrange this as soon as possible.
We then schedule a settlement booking one or two days in advance, if not earlier of the settlement due date with all parties concerned in the transaction. The settlement will take place at your bank or their representative’s office within one kilometre of the Landgate office Perth. We then finalise your statement and request that your bank provides the cheques required for settlement. We then contact you to advise you that a settlement booking has been confirmed. It is at this point that you should make arrangements with Synergy, Alinta Gas, your telephone company and the removalist of your expected moving date. Once you have made these arrangements with the relevant authorities, and completed packing, just put your feet up and wait for us to contact you to confirm that your settlement has been completed successfully.

Upon the day of settlement we will do a check search on your Certificate of Title to ensure that no further changes have occurred prior to settlement. We will then meet at the agreed place and time with all other parties to complete the settlement and make the exchange of the Certificate of Title for the bank cheques.
Once we have advised you that settlement has taken place successfully, you will be entitled to obtain the keys from the real estate agent. However, should the seller reside in the property, the seller is entitled to stay in the property until 12pm the day following settlement whereby you can then take possession.
We will then forward you final documentation confirming the completion of settlement, along with the Original Stamped Contract of Sale and final settlement statement and tax invoice. As part of our settlement service, we will attend to any rates payments, fees, and report costs on your behalf.
Approximately 6 weeks following settlement, we will undertake a fresh search of the Certificate of Title to ensure that the title has been correctly transferred into your name