Essential Checklist for Selling Your Property in Western Australia

Selling a property is a major milestone that, for many, comes with a mixture of anticipation and complexity. A key part of this journey is the settlement process, where ownership of your property is formally transferred to the buyer. While it may seem straightforward, settlement involves navigating various legal, financial, and administrative steps that demand careful attention.?

Therefore, understanding the process and preparing thoroughly for it will help you ensure a smooth and efficient transaction. I have written the following guide to support sellers in Western Australia through every stage of settlement, providing practical insights to avoid the most common challenges and guarantee a successful completion of your property.

Understanding the settlement process

Settlement marks the legal transfer of ownership from the seller to the buyer and is governed by property laws specific to Western Australia. This process finalises all financial obligations and ensures that the terms of the sales contract are fully met by both parties. For sellers, this involves tasks such as preparing necessary documentation, settling outstanding fees, and ensuring the property is ready for handover.

In Western Australia, settlements are usually facilitated by a licensed settlement agent or solicitor. Their role is to coordinate the legal and administrative aspects of the process, ensuring compliance with all state regulations. Sellers who are proactive and well-organised can significantly reduce the likelihood of delays and complications during this critical phase.?

The seller’s settlement checklist

This checklist outlines the key steps and considerations for sellers, ensuring you stay organised and avoid any last-minute complications.

1. Review the Contract of Sale

The Contract of Sale serves as the foundation of the settlement process. This legally binding document outlines the terms and conditions of the property transaction. As a seller, it is imperative to review this document thoroughly, paying close attention to:

• The agreed settlement date.
• Any special conditions, inclusions, or exclusions.
• The roles and responsibilities of both the buyer and the seller.

In Western Australia, the Real Estate Institute of Western Australia (REIWA) standard Contract for Sale is often used. However, if you have any uncertainties or concerns about the clauses, it is advisable to consult your settlement agent or legal advisor to clarify ambiguities before proceeding.

2. Engage a Licensed Settlement Agent

Hiring a licensed settlement agent, such as WA Settlement Services, is one of the most important investments to secure a smooth settlement process in Western Australia. Their expertise ensures that:

• All documentation is accurate and submitted on time.
• Financial adjustments are calculated correctly.
• Any potential legal or administrative issues are proactively addressed.

What’s more, carrying out some due diligence and choosing a reputable and experienced settlement agent can streamline the entire process and provide peace of mind as you approach settlement day.

3. Organise the property documentation.

Sellers are required to provide various documents to facilitate settlement. These typically include:

• The Certificate of Title confirming your ownership of the property.
• Compliance certificates, such as those for smoke alarms and pool safety, if applicable.
• Council rate and utility payment records, showing that all fees are up to date.
• Strata documents (if your property is part of a strata scheme).

You can avoid delays and ensure your settlement agent has everything needed to complete their tasks efficiently when you have these documents at hand ahead of time.?

4. Settle any outstanding fees and charges.

Outstanding property-related expenses must be settled before the final handover. These typically include:

• Council and water rates.
• Strata levies (if applicable).
• Any remaining mortgage on the property.

Your settlement agent will calculate the required adjustments to ensure that financial responsibilities are correctly divided between you and the buyer up to the settlement date.

5. Prepare the property for handover.

The condition of the property at handover is an important aspect of the settlement process. Buyers expect the property to be delivered in the condition specified in the Contract of Sale. To meet these expectations, sellers should:

• Ensure all agreed fixtures and fittings remain in place.
• Complete any repairs or maintenance specified in the contract.
• Leave the property clean and free of personal belongings.

Conducting a final inspection before the settlement date can help identify and address any issues, avoiding disputes with the buyer.

6. Coordinate the handover of keys and access devices.

The transfer of keys and access devices, such as garage remotes and security fobs, should also be planned in advance. These are typically handed over once the settlement is complete, ensuring the buyer can take possession of the property without delay.

7. Confirm settlement with your real estate agent.

Your real estate agent and settlement agent will work together to finalise the settlement. You should always keep your agent informed about the settlement timeline and any specific requirements related to transferring the property to the buyer to ensure a smooth handover. Maintaining clear and open communication between all parties will help prevent any last-minute issues and ensure a seamless transition.

Common mistakes sellers should avoid

Even with thorough preparation, sellers can encounter challenges during the settlement process. Below are the most common mistakes and tips to avoid them:

1. Missing deadlines

Delays in providing required documents or payments can significantly disrupt the settlement process. To ensure everything proceeds smoothly, you should maintain regular communication with your settlement agent and prioritise meeting all deadlines. This proactive approach will help prevent avoidable setbacks and keep the process on track.

2. Misunderstanding Contract Terms

Not fully understanding the terms of the Contract of Sale can lead to disputes or complications. I always advise sellers to take the time to review the document carefully and seek clarification on any unclear clauses from their legal advisor.

3. Delivering the property in poor condition

The buyer has the right to conduct a final inspection before settlement. If the property is not in the agreed condition, it may delay settlement or result in financial claims. You should ensure that all required repairs are completed and the property is clean and ready for handover in preparation for the inspection.

4. Overlooking outstanding debts

Unpaid fees, such as council rates or strata levies, can complicate the settlement process. We will ask you to confirm with us that all debts have been settled before the settlement date.

5. Failing to disclose property defects

Sellers in Western Australia are legally obliged to disclose known defects or issues with the property. Failure to do so can result in legal disputes or compensation claims from the buyer.

6. Neglecting insurance coverage

Although the buyer typically assumes responsibility for the property upon settlement, it is wise to maintain insurance coverage until the process is officially complete. This protects against unforeseen events that could occur before ownership is transferred.

How we can help

At WA Settlement Services, we are dedicated to offering sellers comprehensive and stress-free assistance throughout every stage of settlement.?

Our experienced team takes the lead in:

• Guiding you through each step with clear communication and expertise.
• Managing all legal and administrative tasks efficiently and accurately.
• Proactively resolving potential issues before they escalate.
• Ensuring all deadlines are met to prevent unnecessary delays.

Ready to sell your property? Get in touch with our team for expert support and get things rolling. Visit www.wasettlements.com.au