A few helpful guides to make your property journey a little less daunting. Feel free to download, share or reference these at any stage of your transaction.
The Pre-Settlement Checklist
Getting ready for settlement day? Here’s what you should have sorted in the lead-up:
- Finance confirmed and formally approved in writing
- Building and pest inspections completed and satisfied
- All special conditions in the contract fulfilled or waived
- Final inspection of the property booked (typically 5 days before settlement)
- Utilities transfer arranged: electricity, gas, water, internet
- Council rates and water rates adjusted: your settlement agent handles this
- ID and bank account details provided to your settlement agent
- Mail redirection set up with Australia Post
- Moving day booked
Winter Settlements will keep you updated on progress throughout, but this checklist helps make sure nothing slips through the cracks on your end.
Buyer vs. Seller: What's the Difference at Settlement?
If you’re buying:
You (or your lender) will be providing the settlement funds. Your settlement agent ensures those funds are transferred correctly, that the title is clean and transferable, and that all documents are lodged with Landgate to register you as the new owner.
If you’re selling:
Your settlement agent ensures you receive the correct funds (minus any mortgage discharge or adjustments), your existing mortgage is formally discharged, and all relevant documents are signed and lodged. After settlement, ownership formally passes to the buyer.
In both cases:
Winter Settlements manages the process on your behalf, coordinates with all parties, and keeps you informed every step of the way.
What Actually Happens on Settlement Day?
Settlement day is the culmination of weeks of preparation — but from your perspective, it’s often surprisingly quiet. Here’s what happens behind the scenes:
- Your settlement agent confirms all documents and funds are in order
- A settlement time is booked and all parties are notified
- Funds are transferred electronically between lenders and agents
- Title documents are lodged with Landgate
- Once all steps are confirmed, settlement is ‘called’ and ownership changes hands
- Keys are released to the buyer (usually via the real estate agent)
- You receive confirmation from your settlement agent
If anything unexpected comes up on the day, Sam will contact you immediately and work to resolve it as quickly as possible.
When purchasing a property as a Buyer you may want to check the following
Electrical Fixtures:
You may like to take a power point tester (available from your local hardware store) or a small appliance (e.g. a lamp or hairdryer) with you to check the power points.
Items we recommend you check:
- All lights & light switches throughout the property
- All power points throughout the property
- Electric Oven and/or Stove
- Range hood, including exhaust fan & lights
- Dishwasher
- Exhaust fans & ceiling fans
- Air-conditioning units, on both heat & cool settings (if applicable)
- Air-conditioning remotes
- Garage door, including remotes
- Alarm system
- Swimming pool / Spa equipment (electric cleaners, pump, filter)
- Electric Hot Water System
Plumbing Fixtures:
All taps inside & outside the home. We suggest running 2 – 3 taps, concurrently to check that there is adequate water pressure.
You should also test both the hot & cold function on each tap, and that the sinks drain properly.
Toilet (flush each one, and check that it refills properly)
Reticulation system / bore, including sprinklers & water pump for bore
You may wish to turn off the water at the main to ensure that the water is completely off and there of no signs of any major leaks.
Gas Fixtures:
- Gas Hot Water System
- Gas Oven (if applicable) and stove hot plates
- Heaters
Other Items to consider: What day is the rubbish collected?
What are the sprinkler days? Has all furniture included in the sale been left at the property in appropriate condition? Are all access devices (keys, remotes, security codes) available? Please note, this is a guide only and is not to be taken as an exhaustive list. Some items may not apply to your particular contract. We recommend that you speak to our office should you have any queries.
What is a final inspection?
Unless there is a condition on the Contract of Sale, when you purchase a property in Western Australia, you are entitled to complete a final inspection prior to settlement. Generally, it is around 5 business days before settlement. The inspection is completed at a time suitable to both you and the Seller. Generally, the Real Estate Agent or a representative from their office will open the property for inspection. You can take someone with you if you wish, however, we would always recommend notifying the agent prior to the inspection.
What is the purpose of the final inspection?
Subject to the terms of your Contract of Sale, the inspection is your opportunity to:
- Check that the property is in the same condition as when you first inspected it.
- Test the gas, electrical and plumbing fixtures to ensure that they are all in working order as specified in your Contract. This may include items such as the stove, oven, taps, lights and reticulation, etc.
- Ensure that any relevant Special Conditions have been attended to. This includes things such as any repairs that the Seller was required to complete under the Contract.
What happens if I discover an issue during the final inspection?
Should you find something that needs to be repaired, replaced or otherwise attended to, the Real Estate Agent should note the issue and contact the Seller to and their Settlement Agent to reach an appropriate outcome for all parties. This may include having the repairs completed by the Seller prior to settlement or it may be preferable for all parties that you are provided with a credit of funds from the Seller at settlement in lieu of having the issue rectified and you will be fully responsible to fix the issue
Can I delay settlement until the Seller makes the necessary repairs?
It is important to note that generally, issues raised at final inspection may not entitle you to delay settlement. That is, if the Seller is not willing or able to fix the problem before settlement, please contact this office immediately to discuss.
Do you have a checklist that I can use at my final inspection?
We have complied a list to support Buyers during the final inspection, however, we wish to bring to your attention that our checklist is generic and may not cover all item list in your Contract. If you are unsure, please contact us.