Q: How much will my settlement cost me?

Call Landmark Settlements today and we will give you a competitive, no obligation quote.

Q: Why do I have to pay stamp duty prior to settlement?

All real estate transactions are governed by the “Offer and Acceptance Contract” together with the Joint Form of General Conditions (as amended from time to time).

To enable sufficient time for the Transfer to be received by the sellers representative, forwarded to the seller for signing, and then be returned to the seller’s representative with time for them to then arrange and attend settlement, it is generally accepted that the stamp duty should be available a minimum of 5 working days (metropolitan area), or 10 working days (country areas), prior to the due settlement date, or ideally, by the time the Offer becomes unconditional.

Q: My bank won’t release the money for stamp duty prior to settlement. What can I do?

This is where having Landmark Settlements as your Settlement Agency is a big plus! Stamp duty must be paid by the buyer before the property settles, however, many clients borrow the stamp duty in their loan from the bank.

Most banks, though they are aware of the stamp duty payment requirements, won’t let the clients have access to the stamp duty amount until after the property settles and the loan is drawn down.

We have the funds available to help you should you need it. We can pay the stamp duty on your behalf in the day or two prior to settlement, then reimburse ourselves from the loan proceeds once settlement has gone through.

Q: Do I have to attend settlement?

No, your settlement agent will attend settlement for you as part of the fees you pay for their services.

Q: When can I re-inspect my property?

Your real estate agent will contact you at least one week prior to settlement to arrange for a final inspection.

Q: When do I get possession?

If the property you are purchasing is vacant a buyer may be able to take possession on the day of settlement. If the seller is occupying the property then they are entitled to remain in occupation of the property until noon the day after settlement.

Q: What do I do about the Rates?

If you receive an account during the pre-settlement period, be sure to call your settlement agent before paying it. Otherwise you do not need to do anything as all rates will be adjusted at settlement.

We hold monies for Water Rates because a reading of your water meter is arranged for settlement date. Once the account is received, the amount due is calculated and paid, and the balance is refunded to you.

Rates notices are not received at time of initial settlement statements so monies are held in reserve if any rate payments are due. If you have fully paid your rates for the financial year you will receive a refund.

Do you have any other questions?
Then call Landmark Settlements today on 9204 7900.