Frequently Asked Questions

Read our answers to some of our most frequently asked questions below.

Do I need a settlement agent?

Yes, each Buyer and Seller is required to engage the services of a Settlement Agent/Solicitor to finalise the settlement of the sale/purchase of every property.

Why should I engage the services of Evolution Settlements?

Your settlement will be personalised and handled by a Senior Conveyancer and supervised by our Licensee, so you can be assured it is in safe hands. Full Disclosure on our all-inclusive price. 

Once you have received your Cost Disclosure, there will not be any hidden surprises. We have procedures in place to allow for a smooth transaction, stress free – naturally!

We are conveniently located in the heart of Subiaco within the Peard Corporate Office.  This allows us to work hand-in-hand with the administration team at Peard Real Estate, making for a smoother process.

What is a 'settlement'?

In WA, most settlements are carried out in the Perth CBD in accordance with the Joint Form of General Conditions. This is generally at the Buyer’s bank or their representative.  If the Buyer is paying with cash, settlement will generally occur at Landgate.

Once all of the conditions have been met on your contract and you have carried out your final inspection of the property (if applicable), your bank (if applicable) is ready to effect settlement which means that all the documents are signed and funds available for settlement, settlement will be booked for the settlement date as specified in the Offer and Acceptance Contract.

You don’t have to attend the settlement, we attend the settlement on your behalf with the Buyer and Seller’s bank.

At settlement, the Buyer’s bank will check all the documents and in a straight forward settlement, there’s a discharge of mortgage (also known as the mortgagee), Transfer of Land document and Mortgage.  Once they are satisfied that the documents are correct, they will then hand over the bank cheques as per instructions received from the Buyer’s Settlement Agent.  Once all parties are happy with their money, this would be when your Settlement Agent will contact the clients and Real Estate Agents to confirm the settlement is finalised.  The documents are then manually lodged at Landgate for processing.

When will I receive the keys after settlement is complete?

If the property you are buying is vacant, then you can obtain the keys once settlement has been finalised.  If the property you are buying is occupied by the current owner, then they have licence to remain in the property until 12:00 noon the following date after settlement which is when you would be entitled to receive the keys.

Do I have to let the Water Corporation and the shire know that I have sold or bought a property?

No, we will take care of that for you as part of settlement process and adjust the relevant rates accordingly. 

However, you do need to let your electricity company, gas company and telecommunications company know as these utilities do not allow third parties to do this for you.

What is PEXA?

PEXA is the acronym for “Property Exchange Australia”. 

PEXA is an online platform that enables property transactions to settle electronically.  At Evolution Settlements, we have carried out close to 170 PEXA transactions and this number is set to rise in 2018 given the mandate date for electronic settlements is December 2018.  This means that all transactions will have no choice but to settle electronically.  We are confident and able to transact via PEXA therefore you are in very good hands.

What is VOI?

A Landgate requirement that all Sellers complete a Verification of Identity (VOI) to minimise the rise of fraudulent transactions taking place. 

The best form of ID is a current Passport and Driver’s Licence.  You can do this either at our office, at Australia Post or via ID Secure.  As your settlement agent, we will discuss the best option that suits you before you carry out your ID verification.

As at 12 February 2018, all Buyers are required to complete their Verification of ID for every property transaction.

Who can apply for the First Home Owner's Grant (FHOG) on my behalf?

If you are obtaining finance to purchase your property, the banker/finance broker is your first point of contact.  If this is not the case for you, the best people to talk to is the Office of State Revenue, First Home Owner’s Grant enquiry line on 08 9262 1299. 

The application will be lodged by your bank prior to settlement.  There are certain small lending institutions that do not apply for the FHOG on your behalf, therefore you will need to apply directly with the Office of State Revenue.

Whilst, we cannot advise you on the process, we can guide you through and let you know that this process can take a couple of weeks to process so as matter of best practice, you should get the signed forms back to your bank/banker/Office of State Revenue no less than 2 weeks prior to your scheduled settlement date.

I have changed my name since purchasing my property and wish to sell, do I have to change my name of the title before settlement?

If you have changed your name by marriage or deed poll or perhaps reverted to your maiden name, we can prepare the necessary documents to change your details to allow your VOI to be correct when settling on your sale property.