Whether you’re buying your dream home or selling an investment property, Prime Settlements have been dedicated to keeping settlements simple since 2006 with professionalism, patience and transparency.
From the initial excitement of having the offer accepted, to confirmation that the property has settled, we provide guidance and support throughout the settlement process. Dealing with Western Australian Property from outside of Western Australia has never been easier with electronic signatures and online portals making the process safe and secure, just ask our team how.
Buyers (Pursuant to a Contract for Sale)
As the Purchaser becomes registered as the new owner of the Property, the amount of money you pay to purchase the Property is adjusted to allow for council rates, water authority rates, strata company levies and land tax charges (where applicable).
What do we do?
- Once we receive the accepted offer or the Contract for Sale from the Real Estate Agent, we will view its content and notify you of the upcoming due dates and conditions subject to the Contract. Once the Contract has become unconditional, we will open your file and arrange for your identity to be verified pursuant to Landgate procedures and for you to sign the appropriate documentation.
- We attend to the adjustment of council rates, water authority rates, strata company levies and land tax charges (where applicable) as at the date of Settlement ensuring that the Buyer’s portion of rates is reimbursed to the Seller and ensuring that the outstanding balance on each account is paid in full.
- At the scheduled time of settlement, funds are paid to the appropriate parties such as:
- Outstanding balances are paid to the rating authorities;
- The agreed amount due is paid to the Seller;
- Our fee and disbursements are paid to us; and
- Transfer duty is paid into our trust account and then paid to the Office of State Revenue by the due date.
- Upon settlement, the Transfer documents are lodged electronically with Landgate through PEXA (Property Exchange Australia) and as majority of transfer transactions are eligible for electronic conveyancing, settlement takes place online through this system. Once settled, we will contact you and the Real Estate Agent who will then hand over the Property and keys to the Buyer.
- Once the transfer documents are assessed and registered by Landgate one to two weeks after settlement, an electronic copy of the Title for the Property is provided to you showing your name as registered Proprietor. We also pay transfer duty to the Office of State Revenue on your behalf by the due date after settlement.
First Home Owner’s Rate of Duty and/or Grant
Duty may be assessed at a discounted rate if you are a First Home Buyer purchasing property for less than $600,000.00. If you are a First Home Buyer purchasing property for less than $450,000.00 you may be eligible for Duty being assessed at the First Home Owner’s rate of $0.00.
You must apply for and the Office of State Revenue must approve you for the First Home Buyer’s Rate of Duty prior to settlement and you must provide us with the UIN number issued by the Office of State Revenue so that you may benefit from this rate of duty at settlement.
Further, if you are eligible for the First Home Owner’s Grant than the amount of $10,000.00 will be granted to you at settlement. The financing lender will receive the grant of $10,000.00 and present it on your behalf at settlement. If you do not require finance for the purchase, the grant of $10,000.00 will be deposited into our trust account for Prime Settlements to present at settlement.
Sellers (Pursuant to a Contract for Sale)
As the Purchaser becomes registered as the new owner of the Property, the amount of money you receive from the sale of the Property is adjusted to allow for council rates, water authority rates, strata company levies and land tax charges (where applicable).
What do we do?
- Once we receive the accepted offer or the Contract for Sale from the Real Estate Agent, we will view its content and notify you of the upcoming due dates and conditions subject to the Contract. Once the Contract has become unconditional, we will open your file and arrange for your identity to be verified pursuant to Landgate procedures and for you to sign the appropriate documentation.
- We attend to the adjustment of council rates, water authority rates, strata company levies and land tax charges (where applicable) as at the date of Settlement ensuring that the Buyer’s portion of rates is reimbursed to you and ensuring that the outstanding balance on each account is paid in full.
- At the scheduled time of settlement, the Buyer’s funds are disbursed to the appropriate parties such as:
- Outstanding balances are paid to the rating authorities;
- The balance of commission due to Real Estate Agent is paid;
- Our fee and disbursements are paid to us;
- Payment of the loan for the mortgage to be released at settlement; and
- The net proceeds of the sale are deposited into your nominated account.
- Upon settlement the Transfer documents are lodged electronically with Landgate through PEXA (Property Exchange Australia) as majority of transfer transactions are eligible for electronic conveyancing and take place online through this system. Once settled, we will contact you and the Real Estate Agent who will then hand over the Property and keys to the Buyer.
Drafting Offer and Acceptance Contracts & Documentation
A Real Estate Agent is not necessary to sell Property or complete an offer also known as a Contract for Sale. As a Seller, if you have already found a Buyer for your Property, we are able to draft the Contract for Sale effecting the sale of the Property.
Special Conditions may also be included into the Contract making the offer subject to such conditions as finance approval, Building Inspection Reports, Timber Pest Inspection Reports, good working order clauses etc.
A key benefit to selling Property without a Real Estate Agent is saving thousands of dollars in commission and marketing fees.
Caveats/Withdrawal of Caveats
Have an interest in Property that you do not own? Lodging a Caveat on the Property can protect your interest by barring any dealing from being registered against the Property. For example, a Caveat may stop the registration of Transfer documents effecting the Sale of Property.
We not only deal with the lodgement of Caveats but also Withdrawals of Caveats on behalf of the Caveator or on behalf of the Registered Proprietor by way of an Application to Remove Caveat (21 Day Notice).
If there is a dispute regarding the removal of Caveat, our legal team, Prime Law are able to act on your behalf in negotiating the terms upon which the Caveator agrees to remove the Caveat.
Related Party and Spouse Transfers
Transferring Property between family members may not always attract duty, depending on the consideration and relationship of the parties. If the parties are spouses and the Property being transferred is the main residence of the parties, then transfer duty may be assessed at $0.00 if an “Application for Exemption for Transfer between Spouses (Including De facto Partners)” is approved by the Office of State Revenue prior to lodgement.
Different Types of related party relationships are as follows but not limited to:
- related by blood, marriage, co-ownership or prior business relationship;
- related companies as defined in the Corporations Act 2001;
- partners in a partnership;
- participants in the same joint venture;
- trustees of trusts which have common beneficiaries;
- joint owners of Property; and
- not at “arms’ length” by any other circumstances.
If the parties are unable to obtain an exemption for transfer duty or are at arm’s length (meaning the parties are unrelated and unaffiliated), then duty will be assessed on the share of interest being transferred at the General Rate calculated on the amount the Office of State Revenue value the Property at.
Estate Transfers
After someone passes away, it is a complicated and daunting task to deal with their Property. Prime Settlements prides ourselves on our expertise in dealing with Deceased Estates and transfers pursuant to Grants of Probate or Letters of Administration.
If you find yourself in this position, contact Prime Law to obtain advice in relation to how to administer the Deceased’s Estate in a timely manner ensuring the beneficiaries receive what is due to them under the Will or as agreed.
If the Deceased Proprietor is still a registered joint tenant on the Title prior to an offer being entered into by way of Contract for Sale, an Application by Survivor should be lodged and the title is to be registered in the surviving tenant’s name. Once completed, the offer can then be entered into, signed and accepted by the Seller.
Family Law Transfers
If you are going through a separation or divorce, an Order may be made by the Family Court of Western Australia ordering the Parties to transfer Property into one of their names. This usually makes the transaction eligible for nominal transfer duty (being $20.00). To make the process simpler, in most circumstances, we may act for both parties in the transfer of Property (unless a conflict arises) which may result in lower costs and disbursements.
As electronic conveyancing through PEXA (Property Exchange Australia) is only applicable to eligible transactions, transfers pursuant to Family Law Court Orders are only able to be completed by manual lodgement (paper conveyancing).
Transfers of this nature require meticulous attendance and may require a wider scope of work so it is important to be aware that these are not standard settlements and are subject to a longer settlement period. This is due to the need for the assessment of transfer duty by the Office of State Revenue, both refinancing and discharging banks to prepare for a manual settlement (paper conveyancing) and registration of the Title into the new Proprietor’s name by Landgate, which is subject to their current turnaround times.
Applications for New Titles and Applications to Register Strata Titles Scheme (Subdivisions)
Are you subdividing vacant land or a developer creating a Strata Titles Scheme? Prime Settlements deals with a variety of applications effecting the creation of new Titles and liaise with Surveyors to create a streamline process to get you from the proposed plan to the registered new Titles in a timely manner.
Default Notices
Default Notices are the last resort in a settlement that is delayed beyond 3 business days and usually when a future settlement date has not been determined.
A Default Notice puts the Default Party on Notice that the Non Default Party wishes to enforce the following:
- Completion of settlement of the Property pursuant to the Contract;
- Payment of penalty interest at the rate of 9% per annum from and including the Settlement Date to, but excluding, the actual date of settlement; and
- Payment of costs incurred for the service of the Default Notice, pursuant to clause 17.4 of the 2022 Joint Form of General Conditions.
If the Default Party does not proceed to settlement within ten (10) business days, the Non Default Party may elect to exercise their rights, powers or remedies in accordance with the 2022 Joint Form of General Conditions.