FAQ's
Why do you pay Stamp Duty before settlement?
Real estate transactions are governed by the "Offer and Acceptance Contract" together with the Joint Form of General Conditions (as amended from time to time).
All buyers and sellers are required to receive a copy of the Joint Form of General Conditions at the time the contract is entered into.
To protect the interest of the seller, the Joint Form of General Conditions requires that the buyer is required to provide the seller, or their representative, with a stamped, signed copy of the Transfer of Land document in sufficient time to allow the seller to sign and return the document to their representative prior to the due settlement date. Failure to do this results in the buyer being in breach of their contractual obligations under the Joint Form.
This is because the Transfer of Land is the principal document that changes the ownership of the property from one party to another. Once it is stamped, and signed by all parties, it is ready for lodgement at the Department of Land Information (Landgate) to enable the change of ownership to be recorded.
Thus, the Joint Form requires the signed, stamped Transfer to be held by the seller, or their representative, pending settlement, to protect the interest of the seller.
To enable sufficient time for the Transfer to be received by the sellers representative, forwarded to the seller for signing and then be returned to the sellers representative in sufficient time for them to then arrange and attend settlement, it is generally accepted that the stamp duty should be available a minimum of 5 working days (metro area) or 10 working days (country) prior to the due settlement date, or ideally the time the Offer becomes unconditional.
What do I do about the Rates?
If you receive an account during the pre-settlement period, be sure to call your settlement agent before paying it. Otherwise you do not need to do anything as all rates will be adjusted at settlement.
Why are you holding monies for water rates? I have paid every account I received on time.
A reading of your water meter is arranged for settlement date. Once the account is received, the amount due is calculated and paid and the balance refunded to you.
Rate notices are not received at the time of initial settlement statements so monies are held in reserve if any rate payments are due. If you have fully paid your rates for the financial year you will receive a refund.
Why is my Bank taking so long to be ready for settlement?
Why is the Bank ready and then I am told the bank will not book settlement?
Most common hold ups are due to lack of suitable Certificate of Currency for your Insurance Policy; this should be arranged and paid as soon as you receive your mortgage.
Another common problem is missing signatures, or signatures not properly witnessed.
Why don't you know the full amount for payment of settlement?
The finance approval letter from your bank shows the total value of your loan, however, all bank charges are deducted from the total loan amount before any money is released for actual settlement. Many banks will not disclose the “funds available for settlement” until the actual settlement booking is made.
When do we do our final inspection?
Your final inspection should be done 5 days before settlement. This allows time for any problems to be rectified before settlement is finalised.
Why should we choose Strand as our settlement agent?
Not all settlements are the same, and at Strand, with over 30 years of attending to and completing settlements, we are one of the most experienced settlement agencies in Western Australia.
Too many times you hear complaints regarding communication, lack of follow up, not enough information given to the client. At Strand Conveyancing we give our full attention to the client and ensure that with our capable and highly experienced staff, we keep our clients fully informed from start to finish. Our many letters of thanks to our team, as received from happy clients, are our testimonials to our diligent focus on our clients needs.