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Department of Commerce
Property settlement
Property settlement is the finalisation of a real estate transaction
between a buyer and a seller.
This fact sheet outlines the process of property settlement and the
general conditions that usually apply.
www.commerce.wa.gov.au
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• the stove and any appliances; • transfer duty, if applicable, has been paid
to the Office of State Revenue;
• the taps, lights and hot water system;
• the property is free from restrictions on
• the garden irrigation system;
the transfer of the title (or, the restrictions
• the curtains and curtain tracks; and will be removed in time for a transfer of
title to be registered); and
• the pool and any associated equipment.
• all documents presented at settlement
The buyer may seek compensation from the
are correctly signed and registrable.
seller if the condition of the property differs
between the signing of the O & A contract At settlement, the balance of the
and the pre-settlement inspection. purchase price will be handed over to the
seller’s representative and the buyer’s
Prior possession representative will ensure that documents
Buyers can generally move into the property are registered so that the title reflects a
once settlement has taken place unless the change of ownership.
O & A otherwise specifies or the home is
The settlement agents or solicitors will
the seller’s residence. If this is the case the
inform the seller, buyer and real estate
seller may remain until noon on the day after
agents that settlement has been completed.
settlement. However, buyers sometimes
Arrangements will be made for the keys to
reach agreement with the seller to move into
be handed to the buyer.
the property earlier than the settlement date.
Buyers who are considering taking
Delay in settlement
possession of a property prior to settlement If the seller is ready to settle, but the buyer
may be asked to sign a form which cannot settle on or within three business
states that the buyer agrees to take the days of the agreed settlement date, the
property ‘as is’, and a statement that the buyer is liable to pay penalty interest to the
buyer makes their offer unconditional. seller. Interest is calculated on a daily basis
Consequently, the seller may not be required on the balance of the purchase price and
to fulfil any special conditions which have other money due to be paid on settlement,
been inserted into the O & A. Both the seller and is charged from the original settlement
and the buyer should seek legal advice date. The rate of interest is set down in the
about the potential problems that could arise General Conditions.
from prior possession and consider the risks
Similarly, if the buyer is ready to settle
carefully.
and the seller causes settlement to be
Settlement delayed for longer than three business
days, the seller must pay compensation
At settlement, the settlement agents or
on the balance of the purchase price from
solicitors representing the seller and the
the original settlement date. The amount
buyer will meet at the office of the buyer’s
is calculated daily at the interest rate set
mortgagee (financial institution) or at
down in the General Conditions and may
Landgate. These representatives ensure:
be deducted by the buyer from the money
• all relevant parties have fulfilled their owed.
obligations in the lead up to settlement;
• all conditions of the O & A have been If either party refuses or is not able to
met, to the satisfaction of the seller and complete settlement, you should discuss
the buyer; the matter with your settlement agent or
solicitor.
www.commerce.wa.gov.au
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Regional Offices
National Relay Service: 13 36 77 Goldfields/Esperance (08) 9026 3250
Quality of service feedback line: 1800 30 40 59 Great Southern (08) 9842 8366
Translating and Interpreting Service (TIS) 131 450 Kimberley (08) 9191 8400
Mid-West (08) 9920 9800
This publication is available in other formats North-West (08) 9185 0900
on request to assist people with special needs. South-West (08) 9722 2888