Buying or selling property is a complex process with huge financial implications. Whether you’re moving in or out, it’s important to get expert legal advice to ensure a seamless and beneficial settlement. From contracts and negotiations to applications, stamp duty implications, and disputes, there are lots of issues to address and many potential hurdles to overcome.
At Lotus Legal Perth, our conveyancing lawyers can support all of your property law needs. We deliver honest advice based on legal expertise, and we have vast experience with local WA legislation.
Property settlement is about transferring legal property ownership between parties. This process is crucial when buying or selling any property, with contracts exchanged, finances arranged, inspections made, and documents completed. While most property settlements are straightforward, legal support is recommended to ensure a smooth and mutually beneficial outcome.
Property settlement is designed to resolve disagreements and overcome problems during the property sale, including those related to defects, disputes, and defaults. At Lotus Legal Perth, our legal team can manage your documents, streamline your transactions, and protect your financial and legal interests.
At Lotus Legal, we specialise in conveyancing and property law. We understand how complex buying and selling property can be, and we do everything we can to help you avoid confusion and stress. Our settlement agents in Perth will guide you through the process, offering legal advice and practical support along with the following benefits:
We’re the same price as other settlement agents in Perth.
We offer fixed-fee pricing without surprises.
We work hard to help you settle on time.
We offer friendly support and after-hours service.
We’re experienced in all aspects of property conveyancing.
We’re qualified property settlement lawyers.
We deal with residential, commercial, rural, and vacant properties.
To understand property settlement, it’s important to break the process down into a number of stages. From preparing and reviewing contracts to managing stamp duty obligations and change of ownership documents, each step is crucial.
Exchanging contracts is key to every property transaction. Two copies of the sale contract are produced, one for the seller and one for the buyer. Both copies are signed and swapped, with our lawyers able to facilitate the exchange. The buyer pays a deposit within an agreed number of days, which is held in trust for protection. A property sale is not legally binding until signed copies of the contract are exchanged.
The time between contract exchange and settlement is known as “preparation.” This period of settlement varies depending on contract conditions, which allows buyers to get their finances sorted and sellers to fulfil special conditions outlined in the contract of sale. Examples of special conditions include property maintenance, repairs, or renovations. These tasks need to be completed to avoid breach of contract.
As settlement day approaches, the buyer will inspect the property to review all outstanding jobs mentioned in the contract. General conditions give buyers the right to a pre-settlement inspection at least 5 business days before settlement, not just to check in person if there are any other items that need to be repaired – not all repairs are noted in inspection reports. While this pre-settlement inspection is not compulsory, it is very common. A property settlement lawyer can help you navigate the inspection process and deal with any complexities that may arise.
On the day of settlement, legal representatives for the buyer and seller liaise with each other to ensure the contract has been fulfilled. In most situations, they will arrange for the seller’s home loan to be paid off, and the buyer’s home loan to be registered against the property title. During this process, property taxes and water rates are paid, and transfer documents are lodged with the land registration office.
At this final stage, the new buyer assumes legal ownership of the property. Once the formal change of ownership has been completed, we will send out the statements with a breakdown of the costs so you can see where the money was directed. There may be additional documents to manage during this stage to avoid future financial and legal problems.
Property law is a vast field that requires professional expertise and careful navigation. We offer a complete legal service based around your needs, and our seasoned professionals can assist with the following services:
A contract of sale includes data on both parties, along with property details, sale and deposit amounts, settlement dates, and a list of special conditions. We can help you to prepare and review this contract, checking key components and conditions before the contract is signed.
Our lawyers provide continuous conveyancing from contract to completion. The property settlement process is often complicated, with our expert conveyancers helping with all aspects of legislation and documentation.
Due diligence involves requesting and reviewing documents to identify potential liabilities or roadblocks. We can review financial conditions, property market values and trends, and building and pest inspections. Due diligence is fundamental to any property purchase.
Subdivision applications demand local knowledge and legal expertise. Our property settlement lawyers specialise in subdivision applications, where each parcel is owned by a different party. We also deal with strata title applications, where a building is divided into multiple lots.
Transferring real estate assets between parties can be complex and time-consuming. Our property settlement agents in Perth specialise in property transfer services, including related party transfers, deceased estate transfers, Family Court consent orders, and binding financial agreement transfers.
Property transactions can be complex, with each decision having significant financial and legal implications. Our property settlement lawyers in Perth deliver a wide array of services, from list titles searches, document preparation and registration to representation and advising on stamp duty implications.
At Lotus Legal Perth, we deal with a comprehensive range of property settlements. Along with residential properties in urban and rural areas, we also specialise in commercial property types. Commercial property settlements demand specialist legal knowledge, so it’s vital to engage with the experts.
Contact Lotus Legal for residential and commercial conveyancing in Perth.