Procedures - Terrace Settlements | Settlement Agent Perth | Property Conveyancer | Conveyancing | Perth Settlement Agency

On Time Settlements. Excellent Service: Great Value Price.

For enquiries phone (08 9321 7706)

Procedures

On your Behalf, Terrace Settlements will:

search and check the Certificate of Title to the property
involved obtain information from and advise the change of ownership to the Local Authority, the Water Authority and the State Taxation Department (Land Tax)
adjust rates and taxes and arrange for water meter reading
prepare financial settlement statements
prepare the Transfer of Land document
liaise with the leading authority as necessary
attend to the stamping of documents
attend settlement on your behalf where documents are carefully checked before exchange and moneys are receipted or disbursed
attend to registration of the documents as necessary
at all times communicate with the client and other parties involved in the transaction including any lending institution and the client’s real estate agent
carefully check documents after registration and disburse the documents as necessary

Seller - Flowchart

PRIOR TO SETTLEMENT

STEP 1 We can review your contract before signing should you be selling privately. Or alternatively we can complete the Contract for you at no extra cost.

STEP 2 You advise your Real Estate Agent of your choice of Settlement Agent – “Terrace Settlements”

ON RECEIPT OF CONTRACT

STEP 1 We advise Buyers agent that we are acting on your behalf at settlement

STEP 2 We search the title and check on any encumbrances i.e. mortgages etc.

STEP 3 We will then send to you Introductory letter and Authority to Act.

STEP 4 We follow up and check on the Buyer’s finance approval

ONCE FINANCE APPROVED

STEP 1 We instruct Bank to prepare the “Discharge of Mortgage” (if applicable) Obtain payout figures and arrange for any other encumbrance to be removed.

STEP 2 You contact your bank and sign “Discharge Authority” OR You forward Original Certificate of Title to TERRACE SETTLEMENTS by Registered Mail (if no mortgage)

STEP 3 You arrange for satisfaction of any conditions on the contract, which you are responsible for ie. Repairs, painting etc.

STEP 4 We prepare an interim settlement statement and forward to you and your bank.

STEP 5 You sign & return Transfer of Land when forwarded to you & provide us with details of where you want any surplus funds to go i.e. deposited into bank or Bank Cheque posted to you.

STEP 6 You ensure that everything in the house is in good working order for the buyer’s pre settlement inspection.

ONE WEEK BEFORE SETTLEMENT

STEP 1 You double check the settlement date with us then arrange a removalist. (If you live in the property it must be vacated by noon the day after settlement, if the property is vacant or tenanted the buyers are entitled to possession as soon as the settlement takes place.)

STEP 2 You request disconnection of power, gas and telephone services.

STEP 3 We liaise with your Broker or Bank to make sure they are ready for settlement

STEP 4 We adjust council rates, water rates and land taxes

STEP 5 We prepare a final settlement statement that details monies due to you and any disbursements made to the relevant authorities and fax a copy to your bank

STEP 6 We book settlement with the Buyer’s agent and your Bank and advise you of time and date of settlement.

SETTLEMENT

STEP 1 We attend settlement on your behalf, paying out mortgage (if applicable) and distribute surplus funds in accordance with your instructions. Cheques will take 3 – 5 days to clear.

STEP 2 We notify you as soon as the settlement has taken place. Congratulations!

STEP 3 We notify the Real Estate Agent that settlement has taken place and to hand over keys to new owner.

AFTER SETTLEMENT

STEP 1 We prepare and send any final correspondence.

STEP 2 You advise others of your change of address & recommend “TERRACE SETTLEMENTS” to your family & friends.

STEP 3 We conduct a final search 3-5 weeks after settlement to ensure property has correctly transferred out of your name.

Thank you for your business and we look forward to being of assistance to you again in the future.

Buyer - Flow Chart

PRIOR TO SETTLEMENT

STEP 1 We, (should you be buying privately) can review your contract before signing. Or alternatively we can complete the Contract for you at no extra cost.

STEP 2 You advise your Real Estate Agent (when buying through an Agent) of your choice of Settlement Agent – "TERRACE SETTLEMENTS."

STEP 3 You apply for finance – take a copy of the contract with you.

STEP 4 You make sure your deposit is paid to the nominated Agent by the due date.

STEP 5 We will then send to you, introductory letter and Authority to Act.

ON RECEIPT OF CONTRACT

STEP 1 We advise Seller’s agent we are acting on your behalf at settlement

STEP 2 We search the title and check on any encumbrances i.e.mortgages etc. & ensure they are taken care of.

STEP 3 We follow up and check on your finance approval

ONCE FINANCE APPROVED

STEP 1 You forward copies of finance approval letter to your Real Estate agent and us.

STEP 2 You arrange to satisfy any conditions on the contract that you are responsible for (ie. Building inspections, white ant clearance).

STEP 3 We ensure all conditions on the contract are satisfied

STEP 4 We prepare documents and an interim settlement statement detailing the funds required from you prior to settlement (including Stamp Duty, settlement fees, etc) and send to you for signing. We also send a copy to your bank to aid in the preparation of Mortgage documents.

STEP 5 You sign & return our documents & provide cheque for Stamp Duty. Stamp Duty must be paid to the Office of State Revenue prior to settlement or 3 months from the date of contract, whichever is earlier.

STEP 6 You arrange an appointment with your bank to sign Mortgage documents.

STEP 7 We make enquiries to relevant bodies regarding outstanding rates and taxes

STEP 8 You arrange Building & Contents insurance & forward a copy of the policy to your bank.

STEP 9 You double check the settlement date with us then arrange a removalist – if the property is tenanted or vacant you are entitled to take possession as soon as settlement is effected, if the seller lives in the property they must vacate by noon the day after settlement.

STEP 10 You request connection of power, gas and telephone services.

STEP 11 You prepare to move (see our Moving Checklist).

ONE WEEK BEFORE SETTLEMENT

STEP 1 We adjust council rates, water rates and land taxes.

STEP 2 You arrange for any funds not provided by your lender to be available at settlement either to your bank or to us.

STEP 3 We liaise with your Bank or Broker to make sure they are ready for settlement.

STEP 4 You make arrangements with your Real Estate agent to carry out Final Inspection.

STEP 5 We book your settlement with the seller’s agent and your bank and advise you of the time and date of settlement.

SETTLEMENT

STEP 1 We have Transfer of Land stamped at Office of State Revenue

STEP 2 We attend settlement on your behalf and lodge documents at Landgate if purchase is cash.

STEP 3 We notify you as soon as the settlement has taken place.

STEP 4 We notify your Real Estate Agent and advise then to hand over keys.

AFTER SETTLEMENT

STEP 1 You take possession of the property

Congratulations & enjoy your new home!

STEP 2 We prepare and send any final correspondence.

STEP 3 You advise others of your new address & recommend TERRACE SETTLEMENTS to your family & friends

STEP 4 We send you either the new duplicate Certificate of Title by registered post or a copy of the Title Search showing you as the new registered Proprietor. This will take 3 – 5 weeks

Thank you for your business and we look forward to being of assistance to you again in the future.

Name

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I am buying
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I am a first time home buyer

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Property is strata titled

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