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DIY Settlement Find Out More!
Quality Endorsed Settlement Agency Vicki Philipoff Settlement Services
  • +61 8 9486 4888
  • +61 8 9486 4899
  • Send us an info at vickiphilipoff dot com.au (email)

32 Delhi Street, West Perth Western Australia 6005

PO Box 1800, West Perth Western Australia 6872

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Carrying Transfer Duty

The Joint Form of General Conditions for the Sale of Land states that "the Buyer must deliver the Transfer of Land to the seller within a reasonable time before Settlement" see Clause 3.2.

The Settlement Agents Supervisory Board (SASB) has determined that a 'reasonable time' is at least 5 business days.

Essentially, a Buyer must pay their Transfer Duty and deliver the stamped Transfer to the Seller at least 5 days before settlement.

Failure to do so could strip away the purchaser's protections and remedies under the terms of the sale contract.

With Transfer Duty on a median Perth property now averaging $19,000 - many Buyer's are forced to have the Transfer Duty cost included as part of their loan.

However, these loan funds are not available until the actual day of settlement which makes things very difficult.

Either the Seller must accept an unstamped Transfer of Land - which may remove their protection and remedies (see Section 27 of the Stamp Act of Western Australia) or delay settlement until the Transfer of Land is stamped.

Few people have ready access to the funds required to pay Transfer Duty in advance which may result in:

  1. Buyer having to borrow from friends or family
  2. relinquishing other assets or
  3. turning to loan sharks/ entities of suspect reputation who will advance the funds for the short term at a price

This is an unnecessary stress for the Buyer and it further complicates a process that Vicki Philipoff Settlements can make simple.

Rest assured that Vicki Philipoff settlements has a separate General Account it uses when covering our clients Transfer Duty and complies with all aspects of the Trade Practices Act, Trust Regulations and Settlement Agents Supervisory Board regulations.

And while there are also some settlement agents who can arrange to advance their clients Transfer Duty for a hefty fee, Vicki Philipoff Settlements performs this service at no charge if you are paying the Government Scale Settlement Fee.