What You Need to Know When Buying a Property in Perth

An Offer & Acceptance (Contract) is completed by your Real Estate Agent or privately with the Seller. A title search of the property and all encumbrances are searched and copies are given to you at the time of being presented with the Contract for signing. All conditions are negotiated and agreed upon between you and the Seller, then the contract is signed. The Contract may be conditional upon you receiving finance from your bank by a certain date. Other conditions may include a satisfactory termite and building inspection being done at your expense. A deposit may also be paid by you and held by the Real Estate Agent or your Settlement Agent by a certain date.

Once you have nominated a settlement agent, an Appointment to Act is sent to you which includes the Settlement Agent fee.

When finance is approved, we will send a copy of the Transfer of Land and settlement statement to your bank or financial institution to help them with the preparation of mortgage documents.

A settlement statement, identification of title and encumbrances (if any) and transfer of land is sent to you for signing. By law, we must send a stamped transfer of land to the seller for signing before settlement. Please arrange payment of stamp duty and ensure your bank or broker includes this amount when financing your purchase. We will also send you information regarding title insurance.

If you are a first home buyer, please ensure you complete the necessary forms with your bank/broker. For first home owners we will send you the necessary form so you don’t pay stamp duty (Please note stamp duty is not payable to first home buyers if the value of the property is $430,000 or less). Did you know that the Home Buyers Assistance will pay up to $2,000 to first home buyers to cover costs? This is only applicable to established homes up to the value of $400,000 (please click here for further information).

In accordance with the Joint Form, a final inspection will be undertaken by the Buyer within 5 business days before settlement.

  • You must sign and return all documents to us as soon as possible.
  • If you are going to be away on leave any time before settlement or if you work away, please notify us.
  • Ensure the deposit is paid on time.
  • Ensure finance is approved by the date specified on the Contract.
  • Ensure you sign and return the mortgage documents to your bank/financial institution/broker as soon as possible.
  • Ensure your termite and/or building inspections are done in the time specified on the Contact. Once completed, sign and return the “Satisfaction of Special Condition” forms to us.
  • Adjustment of shire rates, water rates, water consumption, land tax and strata levies (if applicable) will be done as at the day of settlement. If any are not available at settlement, we will hold funds and attend to the adjustments when the relevant information becomes available and refund any balance to you.
  • You must arrange insurance for the property before settlement.
  • You must notify the Electoral Commission of your change of address.
  • We recommend you arrange re-direction of mail from your previous address with Australia Post for a time period suitable to you.
  • Your Real Estate Agent will arrange a time with you to undertake the final inspection of the property with the Seller. If at final inspection some repairs are needed, the Seller must undertake to have them completed before settlement. If repairs cannot be completed before settlement, you must come to an agreement with the Seller to either, have the items repaired as soon as possible, or credit you at settlement. Please note we cannot hold funds for repairs. Please ensure you return the “Satisfaction of Final Inspection” form to us.
  • Arrange a removalist. By law, the Seller must vacate the property by 12 noon the day after settlement.
  • All keys to the property must be handed to the Real Estate Agent or direct to you once settlement has been effected (or by 12 noon next day).
  • It is up to you to arrange connection of services such as electricity, gas and phone.
A Buyer's Guide to Home Settlement in Perth WA
House key opening a front door of a new property
Getting the keys to your property is a great feeling as a new homeowner.