The document discusses the process of finalizing a property purchase through settlement. It explains that settlement involves paying the seller and transferring the property title into the buyer's name. The settlement agent will guide the buyer through this process. The document outlines signing contracts with the real estate company and builder, finding a settlement agent, providing signed documents to the agent, and ensuring any first home owner grants are applied for.

1. The Paperwork
It’s time to finalise your purchase! The settlement is the process of paying
your money to the seller and transferring the title of the property that
you are purchasing into your name(s). It sounds daunting but don’t
worry, your settlement agent will guide you through this complicated
process.
Sign on the dotted line
Once you have chosen your house and land
you’ll need to sign contracts with both the
real estate company selling the land and your
builder. You should ask for a copy of the sales
contract (as well as any appendices or covenants)
and read it thoroughly before signing. And
remember, this is a contract so it’s important that
you understand what you’re signing. If you have
any questions or concerns make sure to raise
them as soon as possible.
Settlement and Settlement Agents
What is a settlement agent?
Settlement agents are companies that process
the purchase of a property on your behalf and
are experts at this complicated and involved
process. Settlement agents deal on your
behalf with the Seller, your bank, Landgate
(the government agency that deals with land
sales), and any other authority involved in the
purchase. Your settlement agent will let you
know what to do through the various stages of
the buying process.
As with anything it pays to shop around for a
settlement agent that is right for you. The fees
they charge will vary and recommendations
from family and friends are a good place to start.
You can find out more about settlement
agents at http://www.commerce.wa.gov.
au/consumerProtection/Content/Licences/
Settlement_Industry/Settlement_Industry.html
The Process
When you’ve found your settlement agent they
will need you to:
»» Sign your mortgage documents right away
»» Sign and return all settlement documents
Top Tips
»» Make sure you read all
contracts thoroughly before
signing and ask any questions
or raise any concerns as soon
as possible.
»» Ensure your lender or
mortgage broker is arranging
your First Home Owner Grant
application for you. You don’t
want to miss out!
»» Settlement Agents are
there to make the process
of finalising your purchase
so much easier, so don’t be
scared to ask questions along
the way.
»» For the most up to date
information about the First
Home Owners Grant and
Transfer Duty, please visit
www.osr.wa.gov.au.
This guide has been put together by LWP Property Group to give general advice
about the process of buying land and building a house on it. All advice is only
general in nature and it is advised to always seek additional professional advice.
Finalising Your Purchase
»» Let them know if you’re going away and
ensure you have signed all documents before
leaving
»» If applicable, make payment of transfer duty to
the settlement agency
»» Ensure your First Home Owner Grant
application has been completed
Settlement delays
Although frustrating, delays may occur.
Make sure you have signed and returned all
documentation to your settlement agent, bank,
lender or seller to ensure that no claim for
penalty interest can be made against you if you
delay the process.
Transfer duty - do you have to pay it?
If you are a first homebuyer you are unlikely
to have to pay transfer duty if the land you
purchased is under $300,000 (or an established
house up to $500,000). Your settlement agent
will tell you if this applies to you. If you do end
up needing to pay transfer duty then check with
your lender to see if they will include transfer
duty as part of your mortgage amount.
How to claim the First Home Owners
Grants
It’s important to ensure that your lender or
broker is arranging your First Home Owner Grant
application. The Office of State Revenue will
notify you once it has been approved simply
forward the approval letter to your settlement
agent.