11 Nov 2013

Settlements Made Simple.

Buying and selling a property can be complicated, especially the settlement process! That’s why we’re here to make things simple, and ensure you settle with ease.

Seller’s Settlement Made Simple.

  1. When signing the contract of sale, write ‘Vicki Philipoff Settlements’ in the conveyancer panel.
  2.   The real estate agent will send a copy of the contract to our office.
  3.   You will be sent the initial settlement documents for signing and then returned to us.  The verification of identity forms will need to be completed at the Australian post office, or in our  office.
  4. Please make sure that any special conditions on the Contract of sale have been fulfilled by the due  date.
  5.   Once the contract becomes unconditional we will notify you and your real estate agent, so that the  settlement process can move forward.
  6.   If you have a mortgage on the property you will be required to complete the discharge of mortgage  documents with your bank as soon as possible.  (Please note banks can take around 20 days to  process the documents for settlement.)
  7.   If you hold in your possession the original Certificate of Title document, this will need to be provided  to us.
  8.   The purchaser is entitled to their final inspection of the property. Please make sure that the property is  in the same condition as it was when the buyer originally inspected the property, and that all items  included in the contract are in good working order.
  9.   A settlement time is booked with all parties at a mutually convenient time, and we attend settlement  on your behalf.
  10. As soon as settlement is effected we will call you, deposit any funds to your bank account if required,  and then send you out your final settlement statement confirming the distribution of funds!
  11. Possession of the property by the purchaser will normally be at 12 noon the day following settlement  when the property you sold is the principal place of residence.

Buyer’s Settlement Made Simple.

  1.   When signing the contract of sale write ‘Vicki Philipoff Settlements’ in the conveyancer panel.
  2. We will receive the contract from your real estate agent once the offer has been accepted.
  3.   Make sure the deposit for purchase is paid to the real estate agency on time.
  4.   You will be sent the initial settlement documents for signing which will include the stamp duty and  first home owner documents forms where applicable. These will need to be completed and sent  back to us.
  5.   If your contract is subject to finance approval, contact your bank or finance broker. Provide any  information they require and notify us as soon as your finance is approved and supply your letter of  approval to us.
  6.   Sign the relevant mortgage documents with your bank or broker as soon as possible (Please note  banks can take around 20 days to process the documents for settlement).
  7.   Make sure that any special conditions on the contract have been met by their due date. For example  – termite clearance, building inspections etc.
  8.   Stamp duty payment may be payable prior to settlement.
  9.   A settlement statement will be issued stating the money required in order to effect settlement, including  stamp duty and adjustments.
  10. You are entitled to make a final inspection of the property prior to settlement with the real estate  agent. This is an opportunity to ensure the property is in the same condition as when initially inspected.
  11. We will call you as soon as settlement is effected, deposit any surplus funds to your bank account and  send you the final settlement statement!
  12. Possession of the property will normally be given at 12 noon the day following settlement
  13. The certificate of title will take time to process at Landgate. We will send a copy to you, showing  you as the registered proprietor for your records approximately 12 weeks after settlement.buying
  14. First Home Owners Grant Made Simple.
    1.    First home Owner Grant Cap:

    The cap limits the total value of properties to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less

    1.    First Home Owners Grant:

    $10,000 – Building a new home

    $3,000 – Established home

    Your financier will be arranging and collecting the first home owners grant; this will be used to reduce the purchase price of your property. If you are paying cash for the purchase of your property you will need to claim the first home owners grant from the Office of State Revenue after settlement has been completed.

    1.    First Home owners Stamp Duty Concession:

    Homes under $500,000 = No stamp duty

    Homes under $600,000 = Reduced Duty

    Homes over $600,000 = Normal stamp duty

    Please contact us for more information or visit: http://www.finance.wa.gov.au/cms/content.aspx?id=344checklist

  15. Final Settlement Inspection Made Simple.Here is a rough checklist of some things to look out for while making your final settlement inspection.

    1.    Electrical and systems
    • Smoke alarms (Contact us)
    • RCD Safety switches (Contact us)
    • Main electrical switch board location
    • Water mains
    • Hot water System
    • Lighting
    • Air-conditioning & remotes
    • Celling Fans & remotes
    • Gas ducting / meter
    • Heating & remotes
    • Powerpoints
    • TV antennas and ducts
    • Telephone/Internet lines
    • Intercom
    • Ducted audio / hi-fi system
    • Security system & codes
    1.    Utilities, appliances, fixtures
    • Current utility company for Electricity, Gas, Telephone, Water
    • Storage, closets, wardrobes, linen cupboards, cellar, attic, garden/pool shed
    • Security keys, locks
    • Bathroom – Bathtub, shower heads, basins, tapware, toilets
    • Kitchen – fridge, freezers, dishwasher, microwave, oven, stove-top, rangehood.
    • Laundry – washing machine, dryer, laundry sink, clothes lines
    • Fireplace – gas heaters and maintenance
    • Collection days for – Garbage, Recycling, verge side pick up
    • Gardening, lawn mowing and landscaping
    • Paperwork for appliances under warranty
    1.    Structural and internal fittings
    • Roof tiles, roof gutters, down spouts, splash blocks
    • Wall paint – scratches, cracks, nicks etc.
    • Tiles – floor / wall
    • Windows and door seals
    • Glass doors and windows
    • Ceiling and floor skirting
    • Carpet installation and seams
    • Floor surfaces & floor surfaces under furniture
    • Ceiling height
    • Wooden floors, outdoor wooden decks
    • Wood joinery
    • Bench / countertops
    • Water damage? Cabinets/Ceilings/Walls
    • Council approved structures
    1.    Other
    • Front Gate & Remotes
    • Garage Door & Remotes
    • Reticulation
    • Council approved pool / Spa area fence
    • Pool/Spa equipment and maintenance
    • Pool/Spa pumpsmoving
    • Moving Checklist Made Simple.Have you notified the following business, departments and contacts of your new address following settlement?

      1.    Business

      • Bank, Credit Cards, Mortgage, Accountant
      • Insurance(Life, car, household etc.)
      • Superannuation Fund
      • Employer

      2.    Government Departments

      • Electoral Office
      • Post Office
      • Pensions
      • Centrelink
      • Taxation Office
      • Licensing Centre (Driver’s license)
      • Boat or other Licenses
      • Medicare

      3.    Local Government

      • Council Rates (Contact Us)
      • Library
      • Dog & Cat Registration & License

      4.    Other

      • Gas Company
      • Electricity
      • Water Rates (Contact us)
      • St Johns Ambulance
      • Phone provider
      • Internet provider

      5.    Personal

      • Club memberships (sporting, social, RAC)
      • School
      • Friends & Relatives
      • Newspaper delivery
      • Doctors & Dentist
      • Subscriptions
      • Blood Bank
      • Vet
      • Lawn mowing Contractor

      While every effort has been made for this to be as simple as possible, we strongly recommend that you contact us should you have any specific queries concerning any matters relating to your transaction.

      You have a right for our Conveyancer act in your best interest at all times. These rights are detailed in the Appointment to Act (Form 1) document and, where applicable, the Disclosure of Interest document (Form 2).

      Please remember you have an obligation to bring to your Conveyancers’ attention any matters that you think may affect your interests in the transaction. This is especially important where the Conveyancer prepares financial information on your behalf, which you think is incorrect, or where you intend to vary the settlement date or take early possession of the property.

      If you have any further questions, or seek advice please don’t hesitate to contact us,