Settlement Industry Overview What is a Real Estate settlement? A Real Estate settlement is the process of transferring ownership of a property by exchange of title for money What does a Real Estate settlement involve? In Western Australia a property settlement is carried out using a standard residential sales contract. This contract consists of the Contract for Sale of Land by Offer and Acceptance (Offer and Acceptance) and the Joint Form of General Conditions for the Sale of Land (General Conditions) Once both the buyer and seller have signed the Offer and Acceptance both parties have agreed to the sale price and the General Conditions relating to the sale of the property The settlement process can begin and proceed to settlement while observing all of the conditions in the General Conditions The General Conditions may include such matters as: Amount of deposit and where it is to be held Encumbrances such as a mortgage, lease or a caveat lodged on the title Settlement date Penalties if settlement is delayed Possession of property Adjustment of outgoings such as Council rates and water charges What does a Real Estate settlement agent do? A Real Estate settlement agent ensures all the conditions of the contract are fulfilled and that the settlement takes place as scheduled The Real Estate settlement agent will attend to matters such as: Land title searches Any restrictions on the use or transfer of the property Conducting enquiries relating to Council rates, water rates and charges and land tax Notifying relevant authorities of the transfer of ownership Preparing settlement statements and arranging exchange of payment for title Preparing legal documents that relate to the transfer Arrange the payment of stamp duty and any other charges Liaising between other settlement agents, banks and relevant parties in order to effect the settlement Keeping the client and other relevant parties informed of the progress of the settlement