When the contract is being written up by the real estate agent, what names should I use?

The contract should state your full legal name as per your birth certificate or passport, including any middle names.

If you are buying the property for a Superannuation Trust or Family Trust, the contract should state the full names of the trustees as per the Trust Deed prepared by a solicitor. 

Example: John Mathew Dodds & Marie Dodds as trustees for the Dodds Family Trust.

How much deposit should I pay?

Depending on the amount you are paying for the property the seller should accept between $1000 to $5000. Whatever you can negotiate.  

Keep in mind you have to pay stamp duty before settlement  if you are not a First Home Owner. 

The deposit is held by the Real Estate Agent until settlement, in a non interest earning trust account.

Can I ask for the deposit to be held in an interest bearing account?

If the deposit is over $20,000 and settlement is going to take longer than 60 days, you can request in writing for the deposit to be held in an Interest Bearing Account.

How long does finance approval normally take?
Most lenders or finance brokers need up to 21 days to obtain finance approval, longer if you're self employed. Finance approval should be 21 days from the contract being accepted by the seller.

How do I calculate the settlement date if I need a bank loan to help me buy the property?

Your bank will need upto 21 days from finance approval to ready themselves for settlement. Settlement date should be 21 days from finance approval. 28 days, if the lender is based in the eastern states.

If I am paying cash for the property how long should settlement take?

If you are willing to make your own enquiries with the Council and the title is clear of any mortgages, settlement can take place as soon as the Transfer of Land has been signed by the seller and buyer.

When you buy a property in WA a settlement agent will pay a fee to the council for a orders report.  

The report will advise if the council has issued any orders on the property.  The seller has to deal with the order before settlement.  Example pool fence not  upto safety standards. 

The council can take upto 14 days to issue a report.

If the seller has a mortgage over his property title,  a bank on average needs at least 10 working days to ready themselves for settlement.

Who pays Stamp Duty and when?

The buyer MUST pay Stamp Duty before settlement.  

You can transfer the funds via the internet or post a cheque to the settlement agent, 5 days prior to settlement. 

A stamped Transfer of Land has to be handed over to the buyer's bank at settlement.  A bank is unable to provide the stamping service.

Borrowing 100%, ask your lender to advance the Stamp Duty before settlement.  A bank can forward a cheque payable to 'Commissioner of State Revenue' to the settlement agent 3 days before settlement. 

When can I move in?

If the seller lives in the property, the seller can stay until 12 pm the day following settlement. 

The buyer can move into the property 12 pm the day following settlement.   

If the seller decides to move out before settlement. The Real Estate Agent will release the keys to the buyer when they  have confirmation settlement has been completed.