Wherever possible, you should appoint your settlement agent or lawyer at the moment you make or accept an offer. The contract asks you to name one and the dates start running from acceptance, so appointing early buys you time.
If you aren’t ready when you make or accept the offer, leave the field blank and appoint someone within a few days.
The nomination can be completed on the contract
The offer and acceptance contract has a field for the settlement representative acting for each side. Fill it in when you sign if you already know who you want. The real estate agent then sends them a copy of the contract so they can get started straight away.
Why earlier is better
Once the seller accepts your offer, it is legally binding. There is no cooling off period in WA. As soon as you appoint a settlemetn representative they can get started on your settlement – including completing your ID check, checking the title and liaising with the banks. It’s better to be ready early than stressed and running late.
What if you leave it blank or have not decided?
You can leave the field blank and decide afterwards. When you’ve made a decision, let the real estate agent know. They’ll send your representative a copy of the contract and anything else they need.
Can you change your mind later?
Yes, at any time. Tell the new agent how far through the process you are, because they need to know whether there’s time to take over and what it’ll cost. Then settle up with the one you’re leaving, who may have already done work you’ll be billed for.
What your representative does first
Once you appoint someone the settlement process begins. Your representative will:
- verify who you are and complete the client checks the law requires before they can act for you;
- confirm the dates in the contract and check what has to happen by each one;
- order the title search and check what is registered against the property;
- deal with your lender so the money is ready on the day or your mortgage can be discharged if you are selling;
- work out the adjustments, meaning who owes what for rates, taxes and water consumption on the day ownership changes;
- collect the sale proceeds due to you or pay the purchase price if you are buying; and
- register the transfer of land so the title shows you as the owner.
What to have ready
Your representative will need a copy of the Offer and Acceptance contract signed by all parties. If you’re selling, they’ll also need your mortgage details and your lender’s name. Tell your bank early and sign its discharge authority (the form that lets the bank release the mortgage at settlement) as soon as you can. Banks sometimes take several weeks to prepare to discharge a mortgage.
Frequently asked questions
Can I appoint a settlement agent before I find a property?
Yes. Nothing stops you deciding who will act for you before you’ve found somewhere. It means your representative can complete your ID check and have your file ready to go once the contract is signed.
Do the buyer and the seller use the same settlement agent?
Each side appoints its own representative. We can act for both parties where there is no conflict and both parties consent in writing, but otherwise it is generally better for each party to have an independent representative.
How long before settlement should I appoint someone?
As soon as you can and ideally at least four weeks before settlement. The less time available the more stressful settlement will become. Wherever possible, give plenty of notice.
We can help
We act for buyers and sellers on settlements across Perth and Western Australia.
Call the settlements team on (08) 9220 4430 or download an itemised quote for your own transaction.
Related: Don’t get stung by the duty lodgement deadline.
This article is general information and not legal advice. Every property transaction turns on its own facts.
