Settlement Hub WA
We aim to make the settlement process as easy as possible
The property business is awash with jargon phrases and hidden costs. Our resources and explainers aim to clarify some of the most common terms you’ll come across, to help you get comfortable and ready for settlement.
Property settlements can require additional work that was not foreseeable at the outset or due to unexpected issues. Therefore, make sure you understand all aspects of the property you are buying or selling so you can anticipate potential complications and any additional costs you may have to pay.
Additional fees can be associated with:
- Private purchases or sales
- Transfers pursuant to Family Court orders or consent orders
- Lost titles or application
- Power of attorney
- Deceased estate properties
- Overseas buyers or sellers
- Contracts including special clauses (including GST clauses) or caveats
- Change of name or amending details on land title
- Verification of identity
- Subdivision Applications
- Strata Title Applications
A bank cheque is required for paper Settlements in Western Australia. The fee is fixed regardless of the amount the cheque is drawn for and is applicable for both selling and buying property. Bank cheques are not required if using PEXA (see above for more information on PEXA).
First Home Owners Grant
The First Home Owners Grant (FHOG) is administered in WA by the Office of State Revenue and provides a one-off payment for eligible applications. There are no income or assets tests to qualify for the FHOG.
Home Buyers Assistance Account
A grant from the Home Buyers Assistance Account (HBAA) reimburses some of the incidental expenses incurred in connection with the purchase of a first home in Western Australia if it is within the $400,000.00 prescribed limit, and provided the applicants meet all criteria. Eligible applicants receive a grant of up to $2,000.
The grant can be used to reimburse some incidental expenses including mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with the purchase of your first home.
Local Authority Enquiry Fees
To change ownership of the property, the local Shire, Water Corporation and State Revenue Department must be informed. A fee is charged by each authority to complete the search and change the name on their records. This is to ensure the outstanding council rates, land tax and water rates can be determined and are paid as part of settlement and not passed on to a new owner. This fee is only applicable when buying a property.
Office and Administrative Costs
Settlement agents charge a fee to cover their office costs when completing your settlement such as standard postage, photocopies, telephone calls, faxes, printing and filing fees. Couriers are usually not included and will be charged to you if they are required.
Be aware when getting a quote as not all Settlement Agents tell you of these extra costs. These costs are applicable for both selling and buying property.
Online Settlements via Pexa
PEXA is a secure online platform that allows property settlement transactions to be completed electronically.
A number of factors affect PEXA eligibility, however, the vast majority of settlements can be settled electronically, a much faster and safer process. PEXA fee is applicable for both selling and buying property.
If your settlement cannot be settled using PEXA, you should not be charged the PEXA fee. Make sure your quote is adjusted correctly regarding PEXA.
In Western Australia there are still a lot of transactions that cannot happen electronically.
If a settlement needs to be paper and done in the Perth CBD a fee will be charged for the service of our Perth Agent.
Professional Settlement Fee
The fee is usually more for buying a property than for selling due to the extra work involved. This fee is applicable for both selling and buying property.
Smoke Alarm Information
The Building Regulations 2012 (the Regulations) in Western Australia require the owner of a dwelling to have compliant smoke alarms installed:
- prior to the sale or transfer of ownership of the dwelling;
- where a dwelling is rented under a residential tenancy agreement or made available for such
- where a dwelling is made available for hire.
Read more on the Department of Mines, Industry Regulation and Safety website.
Stamp duty is a compulsory tax levied by the WA State Government on all buyers. The fee is dependent on the value and use of the property. This fee is only applicable when buying a property.
Strata Company Enquiry
You will only be required to pay the fees associated with obtaining information from the Strata Company if there is a strata company involved and the strata fees need to be adjusted between both parties. This is only applicable when buying a Strata property.
As a purchaser and owner of real estate, you are exposed to various risks that could affect your legal use and ownership of your property and cause you a financial loss.
For example, complete loss of legal ownership due to a fraudulent sale of your property, loss caused due to forced removal by council of a structure illegally built by a previous owner, loss of land due to survey errors or zoning non-compliance.
We can process your application at the time of settlement. The one-off payment for Stewart Title Insurance is based on your purchase price.
Should you wish to discuss Title Insurance further, please contact
Or visit their website at https://www.stewartau.com/
A title search is conducted through Landgate for the buyer to show the relevant interests and encumbrances relating to the property. Landgate charges a search fee for each document searched. The title search is essential as part of a settlement to ensure that a clear title is being passed. In many cases, multiple title searches will be necessary. This fee is applicable for both selling and buying property.
Transfer of Land Registration
Landgate charges fees to change the property records and update them to show the new legal owner and mortgage information. The fees are based on the purchase price of the property. This fee is only applicable when buying a property.