The real estate settlement process is the mechanism of title (ownership) exchange in lieu of money. This may sound simple but it is not. In Western Australia, a written offer for the purchase of property is made to the seller. This offer is placed by the buyer. After the seller accepts the letter, a contract of Offer and Acceptance for the Purchase and Sale of Land is framed.
In a majority of the cases, the contract of sale is signed off by the buyer and the seller before the property is settled. There are 2 sections of standard residential sales contract in Western Australia:
➤ Contract for Sale of Land or Strata Title by Offer and Acceptance (the O & A)
➤ Joint Form of General Conditions for the Sale of Land (General Conditions)
The first section indicates that both the parties have ascent to the contract conditions, which also include the purchase/selling price. This general practice is not followed in case a counter offer has been made by any of the parties. Here in this case, the entire amendment process needs to be reframed and dated by both the parties.
The second section deals with the contractual conditions that are applicable to the Offer and Acceptance part.
A special section is attached to the O & A part of the sales contract wherein the parties can insert special conditions (applicable to their personal requirements).
The process of residential settlement is completed when both the general as well as special conditions of O & A are satisfied. Before proceeding with the settlement process, the parties should present the Transfer of Land documents at the Office of State Revenue/ a ‘Responsible Party’ (generally the conveyancer or lawyer). The buyer should arrange for the stamp duties (if any) prior to the process of property purchase.
During the time of settlement, when the buyer pays off the balance of the purchase price, the legal title of the property is transferred to the buyer (from the seller). After the completion of the settlement process, the seller gives the vacant possession of the residential property to the buyer.
The tasks associated with the process of residential property settlement are complex. Thus, many of the buyers and sellers appoint the solicitors or the settlement agents/ conveyancers. You may choose from the available real estate settlement services to make the entire process easier. The nitty-gritty of the matter is taken care of by the efficient settlement agents in Western Australia.