How to prepare for land settlement

Building a new home is one of life’s biggest milestones. One of the most important parts of the building journey is the land settlement phase, which gives you the freedom to start bringing your new home to life.

What is settlement?

In its simplest terms, settlement is the transfer of property ownership from the seller to the buyer. When buying land in Perth, land settlement occurs once the developer (in this case, Cedar Woods) finalises the preparation of the block and registers a Certificate of Title from Landgate.

Once the block is titled and you have financial approvals (if necessary) in place, land settlement generally takes place around four weeks after this date, though this can vary.

How can I prepare for settlement?

There are several things to consider before settlement day. Here are a couple of ways you can get organised:

• Choose a conveyancer to assist you through the process.
  A conveyancer is a licensed professional who will liaise with the developer, financial institutions and other legal parties to ensure everything runs smoothly.
• Work with your broker and/or financial institution to ensure your finances are in place so you can meet your financial obligations.
• Perform a valuation inspection of your block (your financial institution will organise a valuer to visit your block to ensure its value matches your lending agreement).

What happens on settlement day?

When all your preparation work has been completed, settlement day should be a breeze! Your conveyancer will guide you through the paperwork and the exchange of key documents.

If you are taking out a loan for the purchase of your block, your lender will put this into effect on settlement day. You will also be required to pay the required stamp duty, conveyancing fees and transfer fees.

Once all the paperwork is signed and everything is sorted, you will receive your Certificate of Title for your block – which means building can now begin!

What happens after land settlement?

Once the land settlement process is complete, you can get started with your new home build.

During this stage, you can work closely with your chosen builder to choose a home design that suits your budget and lifestyle. You will also need to make sure you abide by design guidelines.

Before slab down, your builder will perform soil testing on your block and any other preparation works to ensure everything is good to go. From here, you can watch your new home take shape and get ready to settle into life in your new community.

If you have any more questions about the settlement process, how to choose a settlement agent in Perth or about our Ariella Private Estate community itself, we’re here to help!

Contact our friendly team today to learn more.