First up, what is Residential Conveyancing?
Residential conveyancing is a legal process that involves the transfer of property ownership from one party to another, regardless if you’re buying or selling.
Residential Conveyancing – What You Need to Know
If you’re buying or selling a residential property in Western Australia, it’s important to understand the residential conveyancing process. Here’s a rundown of what you need to know:
- The first step is to hire a residential settlement agent such as the expert team at Mosaic Settlements. Your settlement agent will manage the entire conveyancing process on your behalf.
- The next step is to prepare for settlement. This includes organising finance, getting building and pest inspections done, and finalising any last-minute details.
- On settlement day, your settlement agent will facilitate the exchange of funds and lodgement of documents at Landgate to effect the settlement transaction.
- After settlement, your settlement agent ensure that all paperwork is filed with the correct authorities.
Why do I need a settlement agent?
While a lawyer is needed for conveyancing in other states of Australia, in Perth and WA, you’ll need to appoint a professional settlement agent. They will have the experience and knowledge to ensure that the process runs smoothly and efficiently.
They will also be able to provide you with expert advice along the way, which can save you time, money and stress.
So if you’re buying or selling a property in WA, be sure to get in touch with the team at Mosaic Settlements. We’ll take care of everything for you, from start to finish. Call us today on 08 9240 2789 or email us using our quote form and we’ll be in touch within 24 hours to assist you accordingly.
How long does the residential conveyancing process take?
The time it takes to settle a property can vary depending on a number of factors. However, the average time is usually between 6-8 weeks from start to finish.
What are the costs involved in conveyancing?
The cost of conveyancing will vary depending on the value of the property and the complexity of the transaction. However, as a general guide, you can expect to pay around $1,500 – $2,500 for residential conveyancing in WA, this is inclusive of Landgate Title Searches, Advice of Sale Fees for change of ownership, PEXA fees and disbursements, but exclusive of RevenueWA Stamp Duty costs.
Who is involved in the property settlement process?
There are a few key players involved in the settlement process, including:
- The buyer – Will need to appoint a settlement agent to represent and manage the settlement.
- The seller – Will need to appoint a settlement agent to represent and manage the settlement.
- The lender/broker – If you’re taking out a loan to finance your property purchase, your lender/broker will also be involved in the process.
- The other side’s settlement agent – As well as representing the buyer or seller, they will also liaise with the other party’s settlement agent to help finalise the details of the transaction.
- The Real Estate Agent – who prepares the Contract of Sale and arranges access for your Building Inspector, Pest Inspector, Final Inspection and key handover post settlement
- Building & Pest Inspector – you may choose an inspection company of your choice to carry out thorough building and pest inspection of the property, if this condition forms part of your offer
- Your local council – who will be contacted by your Settlement Agent to advise of the change of ownership and to obtain the rates, order and requisitions registered on the property.
- Water Corporation – who will be contacted by your Settlement Agent to ensure that the water account is transferred into your name.
- Electricity, gas and phone providers – the buyer is to Contract these authorities to ensure that the accounts are transferred into your name upon settlement.
What are some of the common conveyancing terms I need to know?
Conveyancing can involve a lot of legal jargon, so it’s important to familiarise yourself with some of the key terms you’re likely to come across:
- Contract of sale – This is the legally binding document that sets out the terms and conditions of sale for a property. It will outline things like the purchase price, settlement date and any special conditions that may apply.
- Settlement – This is the process of finalising the sale of a property, which involves exchanging money and property ownership between the buyer and seller.
- Settlement date – This is the date on which settlement will take place. It’s usually 4-8 weeks after the contract is signed.
- Deposit – This is the money that you pay to secure a property when you sign the contract of sale. The deposit is usually 10% of the purchase price, but it can be more or less depending on the terms of sale.
- Adjustments – These are any additional costs that need to be taken into account at settlement, such as rates and taxes, water charges or body corporate fees.
- Loan – if you’re taking out a loan to finance your property purchase, the loan will need to be finalised before settlement can take place.
- Mortgage – a mortgage is a type of loan that is secured against a property. The lender can sell the property if the borrower defaults on the loan repayments.
Conveyancing is an important process that needs to be managed carefully in order to avoid any delays or issues. By appointing a professional settlement agent, you can rest assured that your transaction will be handled efficiently and smoothly.
Are you looking for a residential settlement agent in Western Australia?
If you’re buying or selling a property in WA, the team at Mosaic Settlements can help. We are experienced, professional and passionate about making sure that your conveyancing process is as smooth and stress-free as possible.
Get in touch with us today to find out more about our services or to get started on your property purchase and residential conveyancing journey. We’re here to help you!