Settlement is the process by which a contract to buy and sell real estate is completed - the buyer becomes the registered proprietor of the property and the seller receives the money due to him from the sale.
The seller and the buyer each need a settlement representative. It is permissible for both parties to have the same representative however it is usually preferable for the parties to be separately represented.
To buy or sell real estate you must sign a written contract with the other party. The contract, also called an offer and acceptance, records the terms you have agreed including the property description, purchase price and date the property is to be legally transferred from seller to buyer (the settlement date).
For most people, an agreement to buy or sell real estate involves hundreds of thousands of dollars and is the most significant contract they ever sign. It makes sense to understand your legal rights and obligations from the outset - and before you commit yourself.
There’s no cooling off period for real estate contracts in Western Australia. Once the contract is signed by both parties it’s usually legally binding.
If you have any queries or concerns about your transaction you must seek advice before you sign the contract. At a short consultation ($99) we will review your document and advise you if we see any problems or areas for improvement.
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Arrange an initial consultation
Find out where you stand at a short consultation ($99) with one of our team members.
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Visit initial consultation for more information
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Arrange an appointment now: use our online booking request or telephone 9220 4430 (1800 018 845 freecall from regional Western Australia) during business hours. If you're not booking online, you could save time at the consultation by completing our Initial Consultation Form (PDF document) and bringing it with you to the consultation.
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The notes on the following pages are provided as a guide to assist you in understanding your contract and the important elements of the transaction in relation to the purchase or sale of your property. The notes assume that the contract incorporates the General Conditions.