A settlement agent is a qualified and licensed assessor that handles the transactions and transfer of ownership of property from one party to another. Every property ownership transfer requires a settlement agent to oversee proceedings.
The role of a conveyancer is to help with the settlement and title transfer process of property. They do this by overseeing all legal obligations and they are committed to making sure their client’s rights are protected and respected during this transaction.
While we are based in Bunbury, in the South West, we provide professional and expert conveyancing services all over this great state. From Albany in the south, to Broome in the north, Crescent Conveyancers are here for you!
Your Certified Practicing Conveyancer (CPC) will be a member of the Australian Institute of Conveyancers WA Division Inc. (AICWA), licensed under the Settlement Agents Act 1981, have at least three years’ experience as a conveyancer, and, be accredited as a CPC by the AICWA.
This clause means that a purchaser must immediately make an application for finance approval from a lender.
Investigate how much you can borrow from a lender, what your repayments will be, and what percentage of your income these costs will cover. Consider the differences between fixed rates or variable rates, or maybe a combination of the two.
LMI is a once-off insurance premium that covers the lender in the event of borrower defaults on their obligations under the mortgage and which results in the lender suffering financial loss from the sale of the property held as security. The LMI enables lenders to make loans in excess of lending ratios that would normally govern home lending.
Your ideal broker should be licensed under the Finance Brokers Control Act 1975, a member of at least once of the Finance Industry Institutes in Australia, and, be experienced in the provision of finance solutions in your locality. Your broker should be able to provide competent and professional advice on all the aspects of loan facilities available to you.
To be eligible for the grant, you must be a person (not a body corporate), over 18 years of age, be an Australian citizen or permanent resident at the commencement of the transaction, occupy the home as your principal place of residence for at least a six-month period, commencing within 12 months of settlement or completion of the home.
A legitimate Real Estate Agent will be: licensed as a real estate agent in WA, a member of the Real Estate Institute of WA (REIWA), they will be well respected in the local area and have a good knowledge of the area in which you wish to purchase. Remember though, that the Agent is engaged by the sellers to sell their property, and so while they must have a duty of care to the buyer, they must always act in the best interests of the seller. In addition, remember that if your Agent is not able to answer any of your questions at the time of asking, request that they provide this information within a reasonable time frame.
Some things to think about include: suburb reputations, distance to cities, waterways, transport, schools, shops, cafes, etc. The size of the home and bedrooms/bathrooms. The location of the property in relation to access for periodical inspections and property management. You should also consider the capital growth potential and development prospects and future infrastructure. The strength of the rental demand in the area. And finally, the price of maintenance, resale prospects, and tax implications.
A Strata Title is a certificate of title for a lot and a share in common property in a scheme. This includes units, townhouses, villas, duplexes, etc. The Strata Title Act makes it possible to subdivide buildings. The Strata Company Manager is appointed by the Strata Company to then handle the affairs and the day to day running of the strata itself.
A Deposit Guarantee is a substitute for a cash deposit when purchasing residential property. For a buyer, the key benefit of using a Deposit Guarantee is that they won’t need to pay until the cash deposit on a property until settlement occurs. Deposit Power is Australia’s leading provider of Deposit Guarantees, having established the market in 1989.
It depends on your view of the potential risks. Title Insurance is a specialised type of insurance which provides protection to home buyers and existing owners of residential property against certain hidden and unknown risks. These can include: demolition or upgrading orders issued by the council; any adverse matters that come up; forced removal of a structure illegally built by a previous owner; non-compliance with zoning conditions; complete loss of legal ownership due to fraudulent sale of your property.
The actual settlement stage is the final part of the property buying process. This is when your CPC brings all the components of the whole process together after all the checks and balances have been dealt with, and after keeping you fully aware and informed. The final process takes place on the settlement date nominated on the contract.