Can both parties use the same Settlement Agent?

It is possible but it’s a bad idea. Sometimes both parties are talked into using the same Settlement Agent, often by the Real Estate Agent, for a supposed reason like: you will each pay a lower fee if you use the same Settlement Agent, or the settlement will go through "more smoothly" if you both use the same agent. You may pay a lower fee, but only if no issues arise. If an issue arises you may pay a much higher fee, as explained below. And issues do arise on a substantial number of settlements. These issues are not usually serious [...]

Can both parties use the same Settlement Agent?2019-09-19T05:42:04+08:00

Should I use the Estate Agent’s recommended Settlement Agent?

No! In many cases Real Estate Agents have a financial interest in the Settlement Agent which they recommend. Or it could just be their friend. While we do not suggest that either of them would act improperly, the Settlement Agent may have a conflict of interest in such a case. The Real Estate Agent’s interest is to get the sale through as quickly as possible and earn their commission. Your interests are of course to get the purchase through too - but not at any cost. In some cases there may be an issue with the settlement which may not prevent [...]

Should I use the Estate Agent’s recommended Settlement Agent?2019-09-15T14:07:05+08:00

Why should I use Fortuna Legal for my settlement?

Apart from the fact that our fixed fee is lower than that charged by almost any settlement agent we could find after extensive research? You also receive the additional assurance of having an experienced property lawyer supervise your settlement! We take maximum advantage of new technology including the electronic settlement system PEXA and, unlike mots competitors, pass the savings on to you. Most settlements are straightforward and proceed without issues. On occasions, however issues arise which could cost you thousands of dollars if not resolved. Some examples are given at the end of this FAQ. Our extensive experience in property law [...]

Why should I use Fortuna Legal for my settlement?2019-09-19T09:23:33+08:00

Which authorities do I need to notify of the sale/purchase?

When your transfer is lodged for registration at settlement, the: Local Government Water Corporation and State Revenue Office * are automatically notified of the new purchase. The buyer and seller need to notify other service providers, however, such as the electricity, gas and telephone companies. (*State Revenue is relevant only where land tax applies i.e. if you are selling or buying an investment property.)

Which authorities do I need to notify of the sale/purchase?2019-09-15T10:29:44+08:00

Do I need to attend settlement?

No. Most settlements in WA are done via an electronic system called PEXA. We attend to everything on your behalf. All persons comprising the buyer/seller, or all directors if the party is a company, do need to attend our offices to be identified and produce photographic ID to a required standard (which we will inform you). If for some reason you be unable to attend our office, we can arrange for a mobile identification service to visit you. If you will be out of WA please also let us know in advance as identification processes or other States and overseas can [...]

Do I need to attend settlement?2019-09-15T10:33:52+08:00

How long does the settlement process take?

The contract often allows between 3 to 4 weeks for settlement after any finance condition has been fulfilled. Under the new electronic PEXA system, however, it is possible to complete settlements more quickly than this. Settlement times may come down to 2 weeks in future when parties become more familiar with the advantages of this system.

How long does the settlement process take?2019-09-15T10:34:58+08:00

What is involved in a settlement?

A “Settlement” is the process of changing the title from the name of the Seller to the Buyer, paying the purchase price to the Seller, removing the Seller’s mortgage (if any) from the title and registering the Buyer’s mortgage (if any) on the title. Where you are the: Buyer, and you are borrowing to complete the purchase, we liaise with your lender to ensure they make the loan funds available to the Seller at the nominated settlement time, or Seller, and there is a mortgage on your title, we liaise with the lender to ensure that it receives the amount necessary [...]

What is involved in a settlement?2019-09-15T17:57:07+08:00