Why do I need a Settlement Agent?

There are many little pieces in the puzzle which form part of your settlement and it is very important you engage a Settlement Agent who knows what they are doing and is suitably qualified too.
Mosaic Settlements are Licensed through the Department of Mines, Industry Regulation and Safety (formerly known as the Department of Commerce) and are regularly audited and undertake professional development to ensure we are always acting in accordance with the Settlement Agents Act and Code of Conduct.
To be granted a licence, there is a requirement to have met certain qualifications, experience, sufficient material and financial resources and be a person of good character and repute.
You have a choice in who you decide will look after you during settlement, so make sure you engage a Settlement Agent who has your best interests at heart.
We welcome you to contact us for further discussion regarding your needs.

What are some of the tasks a Settlement Agent undertakes during my settlement?

There are many duties that we will attend to on your behalf to effect the transfer of land title from seller to buyer at settlement. Some of the tasks are as follows:
  • Search plans, title deeds and any encumbrances noted on the title, such as caveats, restrictive covenants and notifications;
  • Ensure the offer and acceptance contract is lodged with the Office of State Revenue for assessment of transfer duty within the specified timeframes;
  • Make you aware of the due dates for special conditions on your contract of sale and ensure all conditions are met within the specified time, as time is of the essence!;
  • Prepare settlement documentation pertinent to the transaction;
  • Check the signing and execution of all documents before settlement;
  • Liaise with banks, brokers, solicitors and other lenders to book and arrange settlement;
  • Contact relevant authorities to provide a change of ownership notice, including you local Council/Shire, Water Corporation, State Revenue and WA Planning Commission to advise of the change of ownership. Please note that it is your responsibility to contact your choice of electricity and gas companies to set up your own accounts (as applicable);
  • Attend to the adjustment of Water Rates, Shire Rates, Land Tax and Strata Levies/Insurance between the buyer and seller and ensure any unpaid rates are finalised and paid at settlement (if applicable and available);
  • Attend settlement on your behalf. Lodge any required transfer documents with the bank or Landgate. Collect any balance of funds and deposit into bank account or as instructed by you;
  • Ensure property is transferred into the buyers name after settlement;
  • Keep everyone involved in the settlement transaction updated at all times with regular calls and/or emails.
As outlined above, this is a brief rundown of why it is so important to engage the services of an experienced and dependable settlement agent like Mosaic Settlements.

How long will my settlement take?

Generally, the full settlement timeline is 6-8 weeks from date of acceptance to settlement date, excluding off the plan and dealings pending the issue of new titles. Depending on whether the offer is cash or subject to finance as typically banks will take 21-28 days from acceptance to issue you formal finance approval and then another 21-28 days thereafter to prepare Mortgage documents and be in a position to settle. If your situation is different, get in touch and we’ll guide you towards the right timeframes.

My finance was just approved. What do I do now?

Congratulations! Now that your finance has been approved you will need to contact all relevant parties and provide a copy of the finance approval letter, this includes to us (your Settlement Agent) and your Real Estate Agent. Alternatively request your broker send it to us and we will ensure it is passed on to the right parties on your behalf.


You will also need to contact your bank or broker to arrange to sign important mortgage documents as soon as possible.

What are the statutory and government disbursements?

The government disbursements include but are not limited to; Transfer Duty, Landgate Registration Fees, Landgate Title Searches, advice of sale notice to the Water Corporation, Local Council, Western Australian Planning Commission and Office of State Revenue.


These are all unavoidable charges when purchasing property in WA.

What do I do about rates?

At settlement we will ensure all outstanding rates are adjusted and paid to the end of the billing cycle. Council Rates and Land Tax (if applicable) are paid to the end of the financial year, Water Rates are paid to the end of the two-month billing cycle and Strata Levies or Insurance is paid to the end of the billing cycle whenever that may be. If you receive rates notices immediately following settlement, don’t stress, just let us know as it is very likely they were paid after settlement around the same time the rates were issued or we are holding money to pay them.

Can I inspect the property before settlement?

Yes, condition 4.5 in the Joint Form of General Conditions allows you to inspect the property on one occassion within 5 business days prior to settlement. You will need to contact and arrange this through your Real Estate Agent. This is your opportunity to inspect the property and check that it is in the same condition as when the offer was made and to ensure all special conditions as outlined in your contract of sale are satisfied.

Do I have to attend settlement?

No, you do not need to attend settlement, we do that on your behalf. Commencing early 2018 all eligible property transactions will be completed on the Electronic E-Conveyancing platform PEXA (Property Exchange Australia). Settlements that are ineligible to settle online will take place in the Perth CBD.

When do I get possession?

If the property is the sellers principle place of residence immediately before settlement, then they are to hand keys over by 12 noon the day following settlement. If it was an investment or vacant immediately before settlement, then you would be able to collect keys once you receive confirmation settlement is finalised. Settlements usually take place between 11am and 3.30pm Monday to Friday.

When will I receive funds from my sale?

For paper settlements, bank cheques are collected at settlement and deposited into your nominated bank account on the day of settlement. It is common for bank cheques to take up to 3 business days to clear.
For electronic settlements (settled via PEXA) you can expect to see your sale proceeds in your account on the same day of settlement.

When will I receive my certificate of title from a purchase?

For paper settlement, a search of your certificate of title will generally issue within 2 weeks after settlement. We provide all of our buyers with a search of the certificate of title post settlement confirming their names are registered on the title.
For electronic settlement, a search of your certificate of title will generally take 24 hours to issue into your name.

I need to get my identification verified. Where can I do this?

In accordance with Landgate regulations, it is necessary for all sellers (and buyers if settling via PEXA) to have their identity verified to eliminate fraudulent sales in WA and to ensure the property has been sold by the true and correct parties. Below are three ways you can have your identity verified:
  • ID Secure – A mobile identification service who will come to you to verify your ID. You can visit their website at www.idsecure.com.au or email them at admin@idsecure.com.au to make a booking.
  • Australia Post – Identity verification can be done in most Australia Post offices. Bookings may be necessary at some offices.
  • In person – contact our office and we can make an arrangement to meet up and complete your verification of identity.

What is title insurance?

Title Insurance is a specialised type of Insurance which provides protection to home buyers and existing property owners against certain unknown and hidden risks which may exist at the time of purchase or issues that may arise after settlement. Each title insurance policy is subject to specific terms, conditions & exclusions.

Stewart Title is our preferred title insurance provider and we recommend you contact them direct if you have any queries regarding title insurance on 1300 853 919 or visit their website www.stewart.com