Moving house is exciting, but it can also be overwhelming – especially when it comes to remembering who to notify. This checklist helps take the pressure off by breaking down exactly who you need to contact across property, government, licensing, insurance and more.

Taking the time to work through each section can help avoid missed bills or disruptions to everyday services after you move.

Skip Ahead:

• Property Services
• Government Departments
• Licensing
• Insurance
• Pets
• Finance
• Medical
• Home Services
• Schools & Education
• Miscellaneous

Can you change the name on the property?

A question that seems to come up regularly is whether you can change the name of the purchaser once an offer and acceptance contract has been accepted by all parties.

Often during the buying process, and in a fast-paced market, buyers focus on making an offer quickly and overlook the importance of putting the property in the correct entity name.

Unfortunately, if you don’t get it right first time, you could end up with another fee. The Commissioner of State Revenue can see this as two transactions and may apply double stamp duty in some instances.

It’s crucial not to rely completely on the Real Estate Agents’ opinion when writing the offer. Instead, it’s important to consult your accountant and settlement agent to ensure the correct wording is used in your offer and acceptance.

Purchasing Property on Behalf of Others

When a person wants to buy but can’t physically be present to do so, they can appoint a sibling, partner, parent, friend or business partner to offer in on their behalf.

There are ways to do this, and it’s important to get it right to avoid costly changes later.

Let’s look at an example

Jane Smith is the mum to Kate Brown. Kate and her husband Joe Brown want to buy the property but are working in a remote part of WA and do not have access to email, internet or data. Jane wants to put in offer on behalf of in her daughter and son-in-law.

Jane can do this by writing the buyer as:
Jane Mary Smith as agent for Kate Anne Brown and Jane Mary Smith as agent for Joe Jack Brown.

Jane, as the agent, needs to sign the offer and acceptance contract twice, once for Kate and the other for Joe. This ensures the correct names appear on the Certificate of Title – the legal document that serves as official proof of ownership.

Revenue WA’s Substituted Purchaser process

If you realise after signing the purchase contract that you want to change the ownership, you may have the option to use Revenue WA’s Substituted Purchaser process

This happens when a person purchases the property, and they want to able to substitute it to certain close relatives either in whole or in part percentage. To avoid double stamp duty, it’s crucial to get the details right so please ensure you speak to your settlement agent who can give advice on your specific circumstance.

It’s worth noting that not all relationships qualify for the transfer so check the Revenue WA’s definitions beforehand

Substituted Purchaser

Another scenario where you might use the Substituted Purchaser to transfer ownership is after consulting with your accountant (post-purchase). For example, you might buy a property and later receive advice from your accountant to hold it in a Company, a Trust (Family, Unit or Discretionary) or in your Superannuation Fund or Bare Trust.

You can use the Substituted Purchaser process to transfer the ownership between these entities, however, there are very specific relationships that apply.

Sometimes it’s not possible to use the Substituted Purchaser Application process to make changes. That’s why we ALWAYS encourage you to do your due diligence with your settlement agent and your accountant to get it right the first time and avoid the risk of having to pay double stamp duty fees.

Do you need help from a professional?

Our team of experienced settlement agents here at Kidman Conveyancing can help you through the entire buying process. We help put your mind at ease and make buying your property as stress-free as possible.

Whether you’re a first-time buyer or a seasoned investor, our team of conveyancers are here to guide you every step of the way.

Contact us today to get started on your buying journey.

Stamp Duty

Stamp duty, or transfer duty as it’s sometimes referred to, is a state government tax that a buyer pays when they buy a house. Stamp duty on houses is charged on a sliding scale which differs depending on which state you’re buying in. Paying stamp duty when you buy a house is a tax that’s levied on most people purchasing property, so it’s an expense that you need to be prepared for when you are budgeting for the purchase of your new home.

Stamp Duty also applies to vacant land and commercial property purchases.

What is stamp duty in Australia used for?

Stamp duty on the purchase of properties is a tax that is levied by all states and territories in Australia. While there isn’t a fixed list of what stamp duty funds, it helps cover the cost of legal documentation required by governments for property ownership changes. Additionally, it supports various state and territory responsibilities, including emergency services, the justice department, roads and public health services.

How to calculate the stamp duty on buying a house

When you’re considering the purchase of a home or investment property it’s always best to know how to work out what the cost of your stamp duty will be. You can use basic formulas to calculate stamp duty on houses you’re looking to buy which should be adapted depending on which state the property is located.

There are plenty of stamp duty calculators available online to help you calculate this additional expense quickly and easily.

The Office of State Revenue WA website has calculators online for all sorts of stamp duty and lax tax calculations. You can go to their website here: https://apps.osr.wa.gov.au/portal/0/home

Exemptions from stamp duty in Australia

In Australia, there’s some situations in which you may be exempt from paying stamp duty on your purchase or times you can apply for a reduced stamp duty rate. This applies if you are a first home buyer.

When does the payment of stamp duty occur?

Just as the stamp duty rates vary from state to state, so does the point in the property purchase at which you are required to pay stamp duty on houses.

In Western Australia, stamp duty is due to be paid before or at settlement. However if the property is an off the plan type property where you are waiting for titles to issue, you may have to pay it within 2 years if construction has not yet quite finished in the development.

How to arrange payment of stamp duty on buying a house

If you’re using the services of a licensed settlement agent for the settlement of your new property, the calculation and payment of stamp duty is normally included in their services. Usual practice is that our conveyancer will collect the money from you or your bank on or before settlement. Although you need to ensure that you have the money for stamp duty payment, your conveyancer will take care of the actual payment for you.

The future of stamp duty in Australia

Most of us wonder what the stamp duty is used for and why it exists. Charging stamp duty on buying a house is part of an old taxation law that dates back to the time when the transfer of property records was a labour-intensive process. These days, there is significantly less for your government to do when it comes to the transfer of property ownership because everything has been digitised and records are largely up to date across the country.

Recently, certain states have proposed changes to the payment of stamp duty which is a sign there may soon be adjustments to how this tax is imposed on property purchases in Australia. For the most up to date information on paying stamp duty in WA and Australia, you should discuss the current situation with your conveyancer when you’re looking to purchase a property. For Western Australia, you can visit the Department of Finances website for further information.

Contact us today to learn more and get a free quote.

Settlements can be an exciting time for the sale of a property or purchase of a property. It’s also a time when you require the services of a settlement agent/conveyancer to handle the specialist tasks that come with the official transfer of property titles and a time when you can benefit from the years of experience your settlement agent can offer.

Before a settlement agent can be issued with a Settlement Agent Licence, they must have completed an accredited conveyancing course and have at least 2 years of experience in the field. The Settlement fees you pay reflect those years of study, qualifications and experience which ultimately contribute to a smooth and successful property settlement. The cost also includes the work of the conveyancers and conveyancing clerks who assist the licensed settlement agent.

A settlement fee is something that both the buyer and the seller will need to budget for, though the services included in these fees will differ depending on whether you’re buying or selling the property. Let’s look at the services most likely to be included in your settlement agent fees and a few that may be charged as an additional expense.

How much does a settlement agent cost?

When looking for an agent to handle the settlement on your property, you can request quotes from multiple conveyancers to get an idea of what their settlement fee will be. The main fee charged by a settlement agent is their professional service fee. Administration costs or disbursements that will be incurred for both vendors and purchasers include:

• Verification of identity checks
• Privacy and compliance fees
• Office costs such as postage/phone calls and photocopying
• Government fees – Title Searches, Landgate Transfer Registration fees, and Transfer (Stamp) Duty

Title search and transfer of land registration fee

These are two of the most important functions a settlement agent conducts on your behalf. A title search is a service usually conducted on behalf of the buyer, though it may be a service required for a seller as well. The main purpose of a title search is to safeguard the buyer by ensuring you’ll be receiving a title that’s free of any encumbrances, otherwise known as a clear title.

A title search will reveal any relevant interests in the property and multiple searches may need to be conducted depending on the property in question. Those relevant interests could be restrictions, notifications, easements, memorials or caveats. Your settlement agent will explain these terms in more detail should the need arise.

When the sale of a property is finalised, the final step of the transaction involves transferring land ownership to the new owner of the property. This transfer process includes updating property records to reflect the new ownership and any mortgage information. The fee for this update and transfer is typically covered by the purchaser of the property.

Online property settlement

PEXA is the Property Exchange Australia system used to perform settlements electronically. It’s a secure online platform established specifically to assist conveyancers, banks and other professionals lodge transfer documents with Land Registries and complete financial settlements digitally.

Whether buying or selling a property, each transaction your conveyancer carries out for you has a set fee. See PEXA for specific details on the fees – charges vary depending on the type of transaction.

Local authority fees

When a property changes hands in Western Australia, numerous administrative tasks need to be completed to meet state regulations and requirements. Your settlement agent will take care of these and include the amount as a part of your settlement agent fees (note there are additional fees charged by local authorities to update their records). Your settlement agent will update the relevant authorities below regarding the change of property ownership.

• Local council or shire
• Water corporation
• State revenue department
• Strata Levies

Bank cheques and certificates

While some property settlements can be completed through an online platform, there are still some paper settlements where the final sum is transferred with the use of a bank cheque. All financial institutions charge a fixed fee for issuing a bank cheque which will be added to your settlement agent fees. This is a standard fee regardless of the amount being drawn and the cost of this can be provided by your lending institution.

If the property in question is part of a strata scheme, a Section 110 certificate might be necessary to facilitate the sale. The purpose of a Section 110 certificate is to reconcile and balance any outstanding strata fees and strata insurance payments between the seller and the buyer of the property.

It’s also to make sure the seller has paid their levies up to date and the buyer obtains the property without any outstandings debts that belong to the seller. This is an expense that’s normally covered by the buyer of the property.

Transfer duty

Transfer duty is also known as stamp duty and payment is the responsibility of the buyer of a property. It’s a compulsory tax levied by the Western Australian state government and the amount of transfer duty is charged as a percentage of the purchase price. To calculate what the transfer duty will be on the property you choose to buy, you can speak with your real estate agent or conveyancer as they know the most up to date rates.

In some circumstances, first home buyers can qualify for NIL transfer duty or a reduced rate, depending on the purchase price. Again, your settlement agent is best placed to advise because every client is different.

Additional settlement fees

Though the list above represents most standard settlement fee charges you can expect, there are a few others that may incur some additional cost on your behalf. These additional fees arise from more complex sales including deceased estates, sales involving power of attorney and any sales where properties have been seized or if the buyer or the seller is overseas.

Once the transaction becomes more involved than a standard settlement, you might expect to see higher settlement agent fees. Additional settlement fees tend to apply if

• your purchase or sale involves specific contract clauses
• the buyer or seller is using trusts, superannuation funds or corporations
• identity verification or home visits are required for the settlement process

As you can see, there’s no standard, ‘one size fits all’ response to the question – ‘how much does a settlement agent cost?’ Instead, your settlement agent fees will be dependent on the conditions associated with the purchase or sale of a property and will be different in every case.

For more information about settlement agent fees, please contact us. Our friendly team will gladly provide a detailed, upfront quote with no hidden charges

A settlement agent or conveyancer is someone who assists in transferring the ownership of a property from one person to another. Settlement agent duties include completing all the paperwork required in the transfer process, as well as ensuring all the regulatory requirements are met by both parties.

Ultimately, settlement agents with an in-depth knowledge of property proceedings make the transfer process fast and simple for both buyers and sellers.

What does a settlement agent do for me when I buy a property?

When buying a property, settlement agent duties include liaising with banks and brokers to ensure the seamless transfer of funds to meet deadlines, as well as keeping the client informed. A settlement agent performs most tasks on the client’s behalf during the buying process as follows – 

• Search land titles and government departments to verify the owner and check for encumbrances.
• Ensure all inspections and special conditions as listed in a contract have been completed before a settlement is finalised.
• Negotiate any issues that arise during the settlement process.
• Prepare and verify documents.
• Liaise with financial institutions to ensure the funds required to proceed are in place.
• Co-ordinate settlement dates.
• Notify relevant authorities about the change of ownership
• Provide a settlement statement.
• Use the PEXA (Property Exchange Australia) platform to conduct your settlement with the other parties, such as banks.

Settlement agent duties are extensive and save clients a huge amount of time and worry when buying a house. A good settlement agent is worth their weight in gold.

What do settlement agents do when selling a property?

To understand ‘what does a conveyancer do’ it’s worthwhile noting that a conveyancer works with sellers as well as buyers. Conveyancer duties are complex and vary from client to client but in most cases they’re a mirror of how a settlement agent works with a buyer.

When selling a property, the land titles are verified and checked for mortgage caveats, encumbrances, notifications and easements.  Sellers are also required to include an ATO Clearance Certificate which ensures they’re able to sell the property.

In this situation, the conveyancer acts as a liaison between buyer and seller while also coordinating the transaction between you and the bank. The conveyancer will provide you with updates on the settlement progress to make sure you understand your right to compensation in the event of any delays.

Does a settlement agent help developers and investors as well?

Many agents including Kidman Conveyancing work with property developers and real estate investors. For these clients it’s even more important to have knowledgeable, locally based property experts to co-ordinate the settlement process. But what does a settlement agent do to help investors and developers that they might not be required to do for individual clients?

• Subdivision applications: These types of applications can be complex, involving numerous steps. Settlement agents help by keeping all parties on schedule given the timelines set by the developer.
• Title applications: Securing titles for new developments can be a time-consuming process. When asking, ‘What does a settlement agent do in WA?’ the answer can include coordinating with  Landgate to achieve Lot Sync and efficiently process title applications.

Settlement agents are invaluable because they streamline complex property processes when working with businesses, developers and investors.  They do this by ensuring all parties comply with the regulations and by providing security all throughout the transaction. A good conveyancer will be proactive by securing bank consents early in the process to avoid delays

Settlement agent duties beyond buying or selling property

There are several reasons you may need to use a settlement agent beyond buying or selling property. Settlement agents can also –

• Make title changes for beneficiaries of deceased estates, as required by Form 11 consent or court orders, including in the case of divorce.
• Add a spouse to title deeds when clients marry or establish a long-term de facto partnership.
• Arrange for you to gift property to family members or children over the age of 18.

Having a settlement agent help can streamline these title changes significantly.

When a settlement agent deals with all the documents, this allows you to focus on other personal responsibilities during what could be an overwhelming time in your life. Similarly, should a loved one pass away, having to prepare the documentation to transfer their properties to another name can be difficult while grieving.

Do I need to use a settlement agent in Perth?

Each state and territory in Australia have their own licensing requirements for settlement agents. Therefore, it makes sense to use a conveyancer that’s based in the state you’re purchasing the property. This way you’re using a settlement agent who’s experienced in their jurisdiction and is familiar with the types of documents filed at state level.

While the Government of Western Australia does not require you to employ a settlement agent, it notes that the tasks associated with settlement are complex and time consuming. Given the multitude of tasks and paperwork involved in conveyancing it can be easy to miss a step in the process. Any missed step must be corrected before you can proceed, which means extensive delays as well as frustration for both buyer and seller. For this reason, it’s always wise to take advantage of settlement agents.

How to choose between settlement agents?

Now that we’ve answered the question, ‘What does a settlement agent do in WA?’, the next step is choosing the right agent, because there are many agencies and conveyancers in Perth.

The most important factor to consider is their credentials. Ask about their qualifications and how many years of experience they have. Additionally, look for recommendations or reviews from past clients to get a sense of the level of service they provide.

On top of that you will want to consider:

• Fees: All settlement agents charge a fee, some lower than others. The cheapest conveyancer is not always the best choice, however, because it may mean the conveyancer will dedicate less hours to your file.
• Location: Choosing an agent in your local area is a good idea. Local knowledge means they’ll be first to hear of developments and news that could affect your purchase or sale.

Click here for a complete list of questions to ask before choosing a settlement agent.

If you’re looking for a settlement agent with a whole host of positive reviews and over a decade of experience in the Perth area, then contact us online or by phone here at Kidman Conveyancing Services for help with anything involving property ownership.

Buying a property in Western Australia? Interested in owning property in WA? Whatever stage you’re at, it’s a good idea to understand the conveyancing process in WA. There are critical differences between conveyancing in WA and conveyancing in other Australian states and territories.

How conveyancing works in WA

Here’s the key stages of the conveyancing process in WA – in other words, here’s what you need to know before buying property in Western Australia.

1. Contract Review and Making an Offer

When you make an offer for a property in WA and it’s accepted by the seller, a binding contract is formed. The terms will be detailed in the standard residential sales contract which consists of two parts: a Contract for Sale by Offer & Acceptance and a Joint Form of General Conditions. These contracts are created by the real estate agent involved with the transaction. Although the same standard contract format is used for most residential property sales, various stipulations can be added, such as nominating a date for settlement or making the offer subject to finance being approved.

You can also make your contract subject to a pest inspection or structural defect report. Because of these possible variations, you should always have your contract reviewed before making an offer. You need to be completely happy with the terms of the offer and acceptance document (which will constitute a binding contract on acceptance) before you actually make an offer.

2.Finance Approval

If you’re planning to make a cash offer, this step doesn’t apply, but if you’re applying for finance to buy a property in WA, the next stage is to seek approval from your lender. You should also make sure that your lender is ready to transfer the funds at settlement. Agents in WA use PEXA to facilitate the funds transfer process – as settlement is completed electronically with PEXA, it eliminates many issues that could hold up the process. In fact, it’s now compulsory in WA, for all property transactions to be completed electronically – unless it’s physically impossible.

3. Pre-Settlement

If your finance is all in order, your settlement/conveyancing agent should now make enquiries with the Water Corporation, Office of State Revenue, local shire and strata company (if applicable). These enquiries are made to find out the status of the current property owner’s accounts and to obtain up-to-date information for all rates and fees that are payable on the property in the future.  If there are any overdue accounts, these should be paid by the settlement agents at settlement to clear any debt and ensure the buyer is not liable in the future.

Around 5 – 7 days prior to settlement, you should also inspect the property again, to make sure everything is still in the same condition as when you made your offer. If any issues were noted during the initial inspection and it was agreed that the seller would take care of them before settlement, now is the time to check they’ve all been addressed.

Your settlement agent should be in contact with your lender at this point to make sure they’re ready for settlement. If you’re paying in cash, you’ll now be asked to deposit the balance of the agreed sale price into your settlement agent’s account. Note – this should be a trust account, to ensure your funds are safe until settlement has been completed.

Important – always use the Pexa Key App to obtain the secure bank account details. Please do not reply to emails as they’re not a secure form of communication.

4. Property Inspection

Before settlement on a house in Perth, or anywhere else in WA, you should inspect the property thoroughly, or have it inspected by a qualified professional, to make sure it’s structurally sound and pest free. You should also make sure all fixtures and fittings are in good condition and, if not, decide what you would like to do about any issues you discover. Alternatively, you may choose to make an offer on the property that’s conditional on the issues you find being addressed by the current owner prior to settlement.

5. Settlement

This is the point, as in all states and territories, all documentation and money is exchanged and ownership of the property passes from the seller to the buyer. When buying a house in WA, it’s normal practice for your settlement agent to attend the settlement meeting on the Pexa platform, and to inform you in writing once everything has been completed.

6. Post-Settlement

At this stage, you should receive a full statement of account from your settlement agent, the keys to your new property and any outstanding paperwork such as a copy of the Certificate of Title with your name on it. If you’re planning to use the property as your main residence, it’s time to take care of change of address forms and contact the local utility companies to open new accounts. Kidman Conveyancing can assist you with arranging your utilities using the “Fast Connect” app.

These are the usual stages of the conveyancing process when purchasing a property in WA. However, each situation is unique and if a specific property transaction is likely to differ from this process in any way, your settlement agent should make you aware of this in advance.

Important Differences to Note When Buying a House in WA

There are several important differences to the conveyancing process in WA which out-of-state buyers should know about before they make an offer on a property in the state.

No Mandatory Seller Disclosure Statement

Unlike in most states, where sellers are required to provide specific documents (such as a recent title search, registered plan, council certificate and drainage diagrams in NSW), sellers in WA have no such obligations.

No Cooling Off Period
If you make an offer in QLD or NSW that’s accepted by the buyer, you have a cooling off period of 5 business days, during which time you may cancel the transaction without penalty. In VIC there is a similar cooling off period of 3 business days. In WA, however, there’s no such cooling off period.

If you decide to make your offer conditional on finance approval or on certain issues with the property being addressed before ownership changes hands, you must stipulate these conditions in the offer and acceptance document.

The Offer & Acceptance Documents Form the Contract of Sale
In Western Australia, the documents that are signed when an offer is made with the real estate agent constitute a binding contract. This is important to bear in mind because you won’t be able to change the terms of the sale agreement after your offer has been accepted. Any special considerations or conditions you would like to form a part of the sale agreement must be noted in the documentation that’s completed at the offer stage.

When you buy a house in WA, it’s a good idea to make your offer conditional on all utilities – plumbing, electrical and gas – being in full working order at the appointed settlement date. This avoids you having to move into a property without essential utilities.

Buying a house in WA isn’t any more complicated or risky than buying a house elsewhere in Australia as long as you’re fully aware of the differences in the conveyancing process. If, for example, you know that sellers are not obliged to disclose specific documentation about their properties, you can exercise due diligence before making an offer. If you’re aware an offer will become a binding contract on acceptance, you can include specific conditions in your offer document to avoid any misunderstanding.

Professional Assistance When Buying a House in WA

Whether you’re a local buyer or from out-of-state and you’re looking at potential investment properties in WA, the easiest way to ensure your property transaction is completed seamlessly is to engage the services of a professional settlement agent. As a fully licensed and experienced settlement agent, Kidman Conveyancing can provide you with the assistance you need at competitive rates.

If you’d like details of the services we provide to buyers and sellers, or to discuss your requirements, please use our contact form to send us a message.

A property settlement is the final stage of transferring a property from a seller to a buyer when all conditions of the standard residential sales contract are met. It involves transferring the funds from the buyer to the seller and the legal title of the property from the seller to the buyer. This process is facilitated by a settlement agent.

Residential Sales Contracts in Western Australia

In Western Australia, the standard residential sales contract has two sections:

• Contract for Sale of Land or strata title by Offer and Acceptance (O & A).
• Joint form of general conditions for the sale of land (General Conditions).

Effectively the O & A indicates that both parties agree to the conditions of the contract, including, but not limited to, the purchase price. The General Conditions are the enforceable and binding terms that apply to the O & A. When entering an O & A to buy or sell a property, it’s normal to choose a mutually agreeable date for settlement. It’s essential when agreeing on this date, you’re confident everything that needs to be dealt with beforehand can be achieved in the timeframe.

Now, let’s get specific – you need at least 21 – 28 days from the date of your contract for your finance to be approved, and 21 – 28 days after that for your settlement date to occur. You may be able to vary these dates, however, you need to speak with your settlement agent to work out what dates are realistic for your specific circumstances.

It’s worth remembering that relying on the real estate agent to choose a date may not be in your best interest because they’re not fully aware of your position. It’s a good idea to speak to your settlement agent and, if purchasing, also your broker before committing to a specific date.

The Settlement Process

When settlement occurs, the balance of the purchase price for the property is transferred from the buyer to the seller and the official ownership of the property is transferred from the seller to the buyer. This stage involves a lot of complex paperwork and requires excellent attention to detail and understanding of the process. To ensure a smooth and efficient transfer takes place, each party needs to use either a licensed settlement agent or conveyancer.

Buyer-Delayed Settlements

So, what happens if a settlement is delayed by the buyer?

We’ll talk about some potential reasons for buyer delays and how to mitigate them later, but the basic premise is this: if the buyer cannot settle on or within three business days of the agreed settlement date then they are liable to pay penalty interest to the seller.

The amount of interest is calculated on a daily basis and is based on the balance of the purchase price and of any other money due to be paid on settlement. The penalty payments begin to accrue from the original settlement date and the rate of interest will have previously been set down in the General Conditions. (9% per annum)

In Western Australia, there is a three-business day period of ’leniency’ (commonly known as a 3 day grace period) to allow the buyer to rectify any issues and provide the required documents and finances to reach an agreement. After that period, the seller will issue a default notice. If the buyer does not remedy the default in the appropriate time frame, the seller would be entitled to keep the deposit and sue the buyer for damages. This option might come into play if there were multiple interested parties prior to the acceptance of an offer and the seller can immediately offer the property to one of those parties who were unsuccessful first time around.

Seller-Delayed Settlements

If the situation is reversed and the buyer is ready to settle but the seller causes settlement to be delayed for longer than three business days, then the seller must pay penalty interest as compensation on the balance of the purchase price from the original settlement date. The amount is calculated daily at the interest rate (9% per annum) set down in the General Conditions and may be deducted by the buyer from the money they owe. Again, there is a three-business day grace period in WA and if you’re in the process of buying a house and the seller asks to delay settlement beyond that point, you don’t have to agree. The option to issue a default notice is also on the table at this stage.

Clearly, neither of these are desirable situations because of the added stress and frustration, not to mention the financial loss to one side or the other.

Why Might a Settlement Be Delayed?

Settlements can be delayed for various reasons such as valuation discrepancies, banking errors or processing hold-ups – all of which are all hard to account for beforehand so they must be dealt with as they happen.

Delays can also occur when the final inspection raises issues that need to be addressed before completion, so these also need to be dealt with in real-time. Life happens and we can’t always account for every possibility – from the buyer who’s unable to sell their previous property to the seller who hasn’t moved out yet.
However, there are certain steps that both buyers and sellers can take to minimise the chances of a failure to reach a settlement.

Be Highly Organised & Efficient

Organise and store all the relevant paperwork in a neat and logical way and always sign and return any documents you receive asap. You can return them using DocuSign or by hand for peace of mind. Alternatively, you can use a registered delivery service so you know they have arrived safely.   Do your best to avoid submitting late or incorrect documentation because when the clock is ticking, you don’t want to be the link in the chain that holds up the process.
It’s good practice to complete your verification of identity early and use a secure portal, such as the Scantek App on your phone.

Make sure you have the required funds in your bank account

This step is crucial because without the means to pay, the settlement can’t move forward. If your financing bank is covering the loan amount, and you need to contribute the balance, make sure you’ve given your bank an “Authority to Debit” your account for the required funds.

Communicate Effectively

Ask questions early if there is anything you’re unsure of and keep all involved parties in the loop about developments on your end. Raise any discrepancies you come across in the documentation by informing the relevant people asap so the issues can be fixed in plenty of time. And always email your conveyancer with any questions you may have.

Be Polite

Being flexible in the face of reasonable requests from the other party can really help to smooth things along. While buying and selling property can be stressful, it’s important to remain courteous and professional as all parties work towards a successful outcome.

Choose Reliable & Competent Professionals

When it comes to conveyancing services in Perth, Kidman Conveyancing are a great choice. With an impressive record of property settlements, we’re highly respected in the industry and we take time to understand each client’s circumstances.

As fully licensed, PEXA Authorised Specialists, our focus is to ensure your settlement is as efficient as possible and to mitigate the risk of having to deal with the consequences of a settlement being delayed by the buyer or vice versa.

When buying a home in Perth, it’s tempting to look at the sale price of the house and build a budget around that. However, there are many hidden costs of buying a house that are not obvious and might come as a shock, especially to a new buyer. The fees that apply to buying a house can be broken down into different categories as follows – mortgage and lending, government, settlement service, utilities and additional costs such as building and pest inspections (while not a requirement these are certainly worth considering).

Let’s take a look at each category in more detail

Bank Loan or Lending fees

Unless you’re buying a house with cash (using your own funds to cover the full price of the house) you’ll be working with a lending institution or bank for a mortgage. One of the most common fees when buying a house is a home loan fee that’s levied by the institution when you set up a home loan account. On top of the home loan fee, many banks also charge:

1. Valuation fees
2. Document preparation fees
3. Monthly or annual account service charges
4. Lenders mortgage insurance

Lending institutions often deduct these fees directly from the amount of money you borrow before funds are made available for your home. Bank fees when buying a house can vary widely between lending institutions so it’s worth shopping around to find the best options.

Mortgage insurance

Depending on how much you’ve saved for the deposit, you may be charged a one-off insurance fee by your lending institution. Typically, a fee of 1-3% of the value of your loan is charged if your deposit is less than 20% of the property’s value. Mortgage insurance is the lenders way of reducing the risk of loaning to you. While the insurance is an additional cost to your loan, it allows you to qualify for amounts you might otherwise not be able to get when buying a home in Perth.

Western Australian Government Fees

There are two main government fees to pay when buying a house in WA – these apply to all property purchases.

• Transfer duty: Sometimes called ‘stamp duty,’ this is a tax based on the purchase price of a property. The State Government collects this to cover the costs of the title transfer of your property.
• Mortgage registration: When buying a home in Perth with a mortgage, the bank must register this against your property, and the State Government charges a one-off Landgate registration fee of $210.30
• PEXA Fees: Costs for PEXA Fees are $137.39 which is the Fee to utilise the PEXA Software Platform to ensure secure transfer of funds and title transfer.

All government fees when buying a house in WA are available to view on the Department of Finance’s website for easy reference. There are also stamp duty calculators available to help you gather the correct information.

Settlement Agent fees

It’s advisable to use a conveyancer or settlement agent to complete your property settlement transaction. The average cost of fees to buy a house when using a settlement agent are very affordable and using a licensed settlement agent will help you avoid unforeseen contract disputes and potentially lengthy delays during the process.

Settlement agents carry out a range of duties including

• searching land titles to confirm the encumbrances, notifications or caveats registered.
• ensuring all conditions listed in a contract are completed before a settlement is finalised.

If you’re purchasing a strata property rather than a private home, conveyancers will make enquiries with the corporation about levies and insurance. The costs of buying a house when working with a settlement agent can vary significantly depending on the agent’s level of experience, service and responsiveness. It’s a good idea to research your settlement agent carefully rather than simply choosing the settlement agent with the lowest fees.

It’s important the conveyancer you use is qualified, Licensed and a member of the Australian Institute of Conveyancers.

Experienced settlement agents have in-depth knowledge, not just of conveyancing, but of the building, construction, strata and surveying industries. They also have a sound understanding of government department policies as laid out by the Australian Taxation Office, Office of State Revenue, Landgate and Foreign Investment Review Board.

Building & Termite Inspections

While not strictly necessary, building inspections are an affordable way to ensure peace of mind when it comes to the quality of the building you’re about to buy. Western Australia is home to termites, and removing an infestation can be very expensive, without mentioning the serious structural damage they inflict.

It makes sense to budget for inspection fees when purchasing a property in WA – that way you can identify any infestations before finalising the purchase. After all, it could be the difference between buying your dream house and getting a nasty shock. If you want to attach a special condition to your offer and acceptance contract which involves a building or pest inspection clause, it’s best to speak to a settlement agent for advice first before you sign.

The cost of physically moving house

One of the final costs people forget when buying a home in Perth is the cost of moving your belongings to the new house. Whether you plan to hire a moving van and load up the house yourself or leave it in the hands of professional removalists, you will need to budget for this extra cost.

Van hire is typically by the day, and professional removalists often charge an hourly rate. This can make a move across the city quite an expensive affair, especially for larger houses with a lot of furniture. Of course, you can avoid these fees when buying a house in WA if you can convince family and friends to help on moving day.

Whether you’re just beginning your search for a new house in Perth or you’re on the hunt for an investment property, get in touch with Kidman Conveyancing. We can also help you as a first-time buyer and with any land purchases too. With over a decade of experience working as settlement agents, we provide a level of service that goes beyond simply filing documents when buying a home in Perth. We want your experience buying a property to be a positive and exciting one.

Contact us online or by phone today to learn more.

Buying a house or selling a house involves multiple steps which include compliance, coordinating various tasks and finalising  binding contracts.

Working with skilled settlement agents in Perth, also known as conveyancers, can help streamline the process of buying or selling a property. To make sure you’ve chosen the best conveyancer in Perth, there are several questions you should ask before deciding. 

What are your qualifications as a settlement agent?

This may seem like an obvious question, but it’s best to work only with a professional who holds the correct qualifications in Western Australia. Settlement agents in Perth handle the process of buying or settling a property and must hold a current license and triennial certificate.

We also recommend you check your licensed settlement agent is a member of the Australian Institute of Conveyancers WA. (AICWA)

What types of property do you work with?

Different kinds of property transactions each call for a specific expertise. For example, if you’re looking to buy a new residential home in Perth, then it’s best to use a settlement agent who specialises in residential property.

Or, if you’re buying/ selling commercial property, choose a settlement agent with experience in conducting settlements for shops, offices, factories etc.

Similarly, if you’re developing and selling strata property, look for a settlement agent who’s a subdivision specialist and who understands the intricacies of this type of property transaction.

Each type of property requires a different knowledge and skillset to see a settlement through to successful conclusion.

How much experience do you have?

When searching online for ‘settlement agents near me’ you will come across several conveyancers who’ve only recently gone into business. While that’s not necessarily a problem providing they hold the relevant qualifications, it’s always worth trying to find a settlement agent with plenty of experience.

Ask how long the agent has been in business and how many properties they’ve settled. Settlement agents in Perth who have years of experience settling potentially thousands of properties will be happy to share their journey, especially if they’ve settled on notable or famous property sales. This is valuable because someone with a wealth of experience is more likely to spot problems or be aware of pitfalls before they cause a delay to the settlement process.

Alecia Kidman the Director and Licensee at Kidman Conveyancing Services has over 25 years’ experience in the industry, and Dee Elliott as a Senior Conveyancing Clerk has over 35 years’ experience. The whole team is highly knowledgeable and excel in their role as settlement agents.

Do you have a team or other members of the office?

Settlement agents in Perth often work independently as both the owner and operator of their own businesses.

This can have some disadvantages:

• Life happens and if your conveyancer is sick, you can end up with delays because there’s no backup or office support
• Settlements take place Monday to Friday, 52 weeks of the year (excluding some Public Holidays). And of course, everyone deserves a holiday including settlement agents. Without office support and proper planning, there could be a delay to your property settlement.

Whether you opt for a conveyancer with a team or not it’s important to know how they operate. This helps you understand the procedures in place should your conveyancer become unavailable and how that might impact the settlement process.

How do you communicate, and how often?

The difference between the worst and best conveyancer in Perth often comes down to communication. While most settlement agents in Perth have switched from letters to electronic communication methods, there’s still variation in how often they contact you. Some people prefer a scheduled phone call at the end of the week with an update, while others prefer a simple text message or email each time a milestone is reached.

It’s important to know how and when your conveyancer will communicate with you. Given the complexity of property transactions, it’s essential to feel well taken care of throughout the process, so choose a settlement agent whose communication style aligns with your needs

Expert conveyancers will take the time to conduct an identity check through the Scantek App system or at their office and thoroughly explain the settlement process right from the outset.  This gives you the opportunity to understand how and when everything falls into place to meet your settlement due date.

What are your fees?

Once you’re happy you’ve found a qualified settlement agent with the right amount of experience, it’s important to understand the settlement fees. When searching online for ‘settlement agents near me’ it can be tempting to choose those with the lowest fees, but it’s more important to understand what you’re being charged for.

Most settlement agents charge a service fee based on the number of hours worked to conduct and complete your settlement. A lower fee means the agency may spend fewer hours on your settlement, which increases the risk of errors. Property is your largest asset so it’s vital your conveyancer conducts the settlement work thoroughly.

Along with the settlement fee, there are other fees and charges to consider including title searches, disbursements and government fees. Ask your settlement agent how and when these are payable.

While settlement agent fees do vary, if you find someone offering significantly lower prices it’s wise to be cautious. Ask for a comprehensive written quote so you know exactly why the price is low – in some cases, there are hidden costs that will be applied at a later date. On top of that, make sure you know what additional services (and therefore fees) might be applicable should the settlement not go according to plan.

At Kidman Conveyancing, we ensure that the fee we quote is exactly what you are charged – there are no hidden costs or increased charges added throughout the settlement process.

We understand every client is unique – with our small team we can offer the best of both worlds by balancing personal service with the ability to delegate tasks within our team. If you’re looking for the best conveyancer in Perth, give us a call or contact us online.