Navigating the property market can be complex, but with the right preparation and knowledge, you can streamline the settlement process for yourself or your clients.
Whether you’re a real estate agent, mortgage broker, or a property seller, these top 10 tips will guide you towards a seamless property transaction in Perth.
#1 Identification: The Cornerstone of Property Transactions
Ensuring the proper identification is crucial in any property transaction. Landgate requires specific forms of ID, typically a Passport and Driver’s License. However, if your client lacks these, other forms may be acceptable. The key is understanding the requirements early to avoid any last-minute rushes or complications.
#2 Enduring Powers of Attorney (EPA): Navigating Legal Authority
When dealing with an EPA, confirm it’s not just duly signed but also registered with Landgate. Understand any limitations it might impose on the transaction. Ensure this is sorted well in advance to avoid legal hiccups that could delay the settlement.
#3 ATO Clearance Certificate: A Must for High-Value Transactions
For properties anticipated to sell for $750,000 or above, an ATO Clearance Certificate is non-negotiable. Advise your seller to apply when listing the property. Valid for 12 months, it’s a critical piece of the puzzle for ensuring that tax issues don’t hinder the settlement process.
#4 RCDs and Smoke Alarms: Compliance is Key
Ensure the seller’s property complies with the latest safety regulations concerning Residual Current Devices (RCDs) and smoke alarms. , so recommending a professional inspection by a licensed electrician can save a lot of trouble down the line.
#5 Swimming Pools: Safety and Compliance
If the property has a pool, it must adhere to council safety regulations. Non-compliance can cause significant issue Advise the seller to get the pool inspected by a professional to ensure everything is up to standard.
#6 Certificate of Title: Preparing for Transfer
If there’s a mortgage on the property, advise the seller to contact their bank early to prepare for the transfer. Delays in can significantly push back the settlement date. Understanding the status and any potential issues with the Certificate of Title early on is crucial for a smooth process.
#7 Travelling During Settlement: Planning Ahead
If sellers plan to travel during the settlement period, they should notify their settlement agent well in advance. The requirements for signing documents and completing transactions change once they leave the country, so planning for these contingencies is crucial.
#8 Deceased Parties: Clearing the Title
If a title holder is deceased, the title needs to be updated before the property can be sold. Encourage clients to address this early to avoid delays when they’re ready to sell.
#9 Contact Your Agent: Your Resource for Complex Situations
Encourage clients to reach out to their settlement agent with any questions or concerns. A knowledgeable agent can provide invaluable advice and support, helping to navigate any complexities that arise.
#10 Proactive Follow-Up
Once an offer is accepted, following up on these points promptly can prevent unforeseen delays. A proactive approach can make all the difference in achieving a smooth settlement.
Contact Essence Conveyancing today
Megan Reilly from Essence Conveyancing is dedicated to ensuring that your property journey is as smooth as possible. With expert advice and a commitment to detail, we aim to pre-empt and address any issues that might arise, ensuring a hassle-free settlement. If you’re facing an unavoidable hiccup or need more detailed advice, don’t hesitate to reach out. Your seamless settlement is our top priority.
Disclaimer: Please note, the contents of this article do not constitute conveyancing advice, are not intended to be a substitute for conveyancing advice and should not be relied upon as such. You should seek conveyancing advice or other professional advice in relation to any particular matters you or your organisation may have. To find out more, please contact us.