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Real estate settlements
Our team
Evelyn Meads is our settlements manager. Call her on 9220 4430 or email to discuss your needs.Real estate contract
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 that you have agreed including the purchase price and the date that the property is to be legally transferred from the seller to the buyer (the settlement date).
Most real estate contracts in Western Australia include a set of standard terms and conditions known as the Joint Form of General Conditions for the Sale of Land 2002 Revision or 2009 Revision (General Conditions). You can get a copy of this document from your real estate agent or from The Real state Institute of Western Australia. The information on this page assumes your contract includes the General Conditions.
Get advice before you sign a real estate contract
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.Do not assume the real estate agent who drafts the contract knows what they are doing!
If you have any queries or concerns about your transaction you must seek advice before you sign the contract. At a $99 initial consultation we will review your document and advise you if we see any pitfalls or areas for improvement.What is a real estate settlement?
Settlement is the process by which the contract is completed - the buyer becomes the registered proprietor of the property and the seller receives the money due to him from the sale.The standard settlement tasks are as follows:
- checking your contract and advising you of your obligations
- liaise with all relevant parties
- ensure that a land transfer document is prepared, signed and registered
- ensure the buyer has notified the local authority, Water Corporation, Office of State Revenue and strata company (if applicable) of the change of ownership
- calculate the adjustment of rates and taxes
- attend settlement
- account to you for all moneys paid out and collected
Settlement agents and lawyers
You have the right to nominate the settlement agent or lawyer of your choice
Real estate agents are not responsible for settlements, only lawyers and licensed settlement agents are permitted by law to charge you a fee for this service.
The seller and the buyer each need a settlement representative. It is permissible for both parties to have the same representative but it may be preferable to be separately represented.
It is wiser, just as convenient and no more expensive to be independently represented
Some real estate agents recommend settlement agencies with whom they have financial links "because it's more convenient". Such agents risk becoming involved in a conflict of interest if something goes wrong.Why choose Birman & Ride?
- It costs no more. Our charges are at least 20% lower than the Settlement Agents Act scale and we'll match any written quote from a settlement agent or another lawyer.
- It's easy. You don't need to come to our offices - we can handle everything by phone and mail.
- We're independent. Unlike many settlement agencies, we don't have financial links with real estate companies. Our advice is objective.
- If something goes wrong... Most settlements proceed smoothly. But if there's a problem it's good to know that your lawyers have the resources to tackle the difficulty on the spot.
Our charges
The following charges:- cover the standard settlement tasks described above
- include GST and administrative charges such as reasonable photocopying, printing, scanning, postage and faxes
- do not include disbursements (see further below).
| Price $ | Seller $ | Buyer $ |
|---|---|---|
| up to 400,000 | 730 | 1,100 |
| 500,000 | 850 | 1,200 |
| 600,000 | 940 | 1,400 |
| 800,000 | 1,100 | 1,600 |
| 1,000,000 | 1,290 | 1,850 |
| 1,250,000 | 1,440 | 2,000 |
| 1,500,000 | 1,600 | 2,200 |
Our charges are at least 20% lower than the Settlement Agents Act scale and we'll match any written quote from a settlement agent or another lawyer.
Disbursements
Disbursements are out-of-pocket expenses we incur on your behalf in the course of providing the settlement services. These include fees we pay to Landgate, local governments, the Water Corporation, the Office of State Revenue and any strata company for information and to notify the change of ownership of the property, title search fees and courier fees. Disbursements vary depending on the nature and location of the property; however the following amounts are a guide:- Buyer of non-strata property: $150
- Buyer of strata property: $260
- Seller: $70