What to expect during the settlement process
The settlement process can feel complicated from the outside. Find out exactly what happens during each step of the process, whether you’re buying or selling.
When you're buying a property
Buying a home is one of the biggest financial decisions of your life. Here's exactly what happens during settlement — what we handle for you, what you'll need to do, and what to expect at every stage.
Offer and acceptance signed
Once you've found a property you'd like to purchase, the next step is to submit your offer to the seller, usually through the real estate agent. If the seller accepts your offer, a legally binding contract is created, subject to any conditions included in the contract. If the seller makes a counter-offer, there is no agreement until you accept the revised terms. Until then, neither party is bound by the contract.
When preparing your offer, it's a good idea to nominate your settlement agent from the beginning. By appointing MGM Settlements early, we can receive a copy of the contract as soon as it is signed, review the terms, monitor important dates, and guide you through the process from day one.
It's also important to remember that, unlike many other states, Western Australia generally does not have a cooling-off period for property purchases. That's why it's essential to understand the contract and ensure any necessary conditions are included before you sign.
We review your contract
Once your offer has been accepted, the real estate agent will send us their instructions together with a copy of the contract. We will review the contract, identify any important conditions and critical dates, and provide you with information about the next steps and our onboarding requirements.
To help keep your transaction on track, please ensure that finance applications, building inspections, and termite inspections are arranged as soon as possible. It is also important to keep your identification documents readily accessible, as they will be required throughout the settlement process.
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws now apply to all property transactions in Australia. These regulations require real estate agents, settlement agents, and lawyers to undertake comprehensive identity verification and due diligence checks. As part of this process, you may be asked to provide information regarding the source of your funds and source of your wealth.
Searches, enquiries and settlement documents prepared
We will conduct the necessary Landgate searches and make enquiries with relevant authorities, including the local council, Water Corporation, Office of State Revenue, and strata company (where applicable).
Throughout the transaction, we prepare and coordinate all settlement documentation, and provide regular updates, guidance, and advice along the way.
We work closely with your lender, mortgage broker, real estate agent, and all other parties involved to ensure every requirement is met and everything is in place for a successful settlement on settlement day.
Finance coordinated
The amount due by the buyer at settlement will be the balance of the purchase price (taking into account the deposit already paid), the transfer duty, balance of settlement costs and adjustment of rates and taxes.
Property transactions involve the transfer of large sums of money, making them a target for cyber criminals. Fraudsters may attempt to intercept emails, impersonate settlement agents, real estate agents, or banks, and provide false bank account details.
For your protection, always verify bank account details by telephone using a trusted contact number before transferring any funds. Never rely solely on bank details received by email.
An Important Note
MGM Settlements will never notify you of changes to our trust account details by email. If you receive any communication advising of changed payment instructions, please contact us immediately before making any payment.
If you are unsure about any email, phone call, or request for information, please contact our office. A quick phone call could prevent a costly mistake.
When selling your property, we take the security of your sale proceeds seriously. Your bank account details are collected through secure channels and verified with your financial institution wherever possible. If further verification is required, we will contact you directly and may arrange a test transfer before settlement.
Our priority is ensuring that your funds are paid safely, securely, and to the correct account, giving you peace of mind throughout the settlement process.
Settlement via PEXA
Settlements generally occur around 12 - 1pm and we will give you a call as soon as settlement has gone through. Settlement occurs when all existing debts are discharged, funds are paid to the seller, the buyers’ loan funds are drawn down and the title transfers to the name of the buyer.
You get the keys
Your real estate agent will arrange the handover of the keys and security codes. In WA a seller who occupies the property as their principal place of residence, is entitled to retain the keys until 12pm the day after settlement.
When you're selling a property
Selling is often tied to a major life change — upsizing, downsizing, moving on. Here's what the settlement process looks like from your side, and what we take care of so you can focus on what's next.
Offer and acceptance signed
If you are selling the property with a condition that requires all items to be working, please check and exclude any items that no longer work. Common items that are no longer working might be an outdated alarm system, decommissioned air conditioner/heater, pool heaters, pool lights, ignition switches on hot plates, and lights in rangehood and ovens.
You'll also need to ensure the property is compliant with RCD/smoke alarm legislation.
Check you qualify for an ATO Clearance certificate. Without a certificate, the buyer must pay 15% of the purchase price to the ATO. We can guide you through this process, and as always, please feel free to call us with any questions you have.
We review your contract
Once we receive your signed contract, we will carefully review it and provide you with a step-by-step guide to the settlement process, including any important dates and actions required.
One of the first requirements is verifying your identity. Settlement agents are required to comply with the Western Australian Registrar of Titles' Right to Deal requirements, as well as Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation. These requirements help protect property owners and reduce the risk of identity fraud and financial crime.
Depending on your circumstances, you may be asked to provide documents such as your passport, driver's licence, birth certificate, Medicare card, rates notice, change of name certificate, probate documents, loan documents, or other supporting identification.
We will let you know exactly what documentation is required for your transaction and guide you through the process, making it as simple and straightforward as possible.
Enquiries and outstanding amounts
We will make enquiries with the local council, water corporation, land tax department so that any outstanding rates, underground power levies, and water usage is adjusted and paid at settlement.
As we are not authorised to close utility accounts, we ask if you can please arrange for the final readings and accounts to be closed as required, e.g electricity, gas, phone and internet services.
Mortgage discharge
We will guide you to authorise your lender to prepare the discharge of mortgage. They will not communicate with us until you have signed their discharge authorities, but once signed, we will communicate with them with a view to settlement.
Documents prepared
We will prepare the necessary settlement documents for signing and securely confirm all details with you prior to settlement.
Settlement via PEXA
We will verify all details and confirm the final figures prior to settlement. We will notify you immediately when settlement has gone through.
Funds are distributed, usually via PEXA (the electronic settlement platform). The Reserve Bank of Australia will distribute the funds to your bank as provided and confirmed by us. Usually this is received within a few hours of settlement, however it can take up to three days depending on your financial institution and their processing times.
Buying your first home?
Buying your first home is exciting, but it can also feel overwhelming. Between finance approvals, inspections, contracts, grants, and settlement deadlines, there's a lot to take in. The good news is that you don't have to navigate it alone.
We guide first home buyers through every stage of the process, explaining things in plain English and keeping you informed every step of the way.
Whether you're making an offer, applying for finance, trying to understand your contract, or wondering what happens next, we're here to help. We'll explain the process and ensure everything runs smoothly.
Our goal is simple – to make your first property purchase as stress-free and straightforward as possible! We understand that this may be your first property purchase, and no question is ever too small.
Settlement in WA happens electronically through PEXA — the secure national platform used for all property settlements in Western Australia.
A warning about cyber security
Cyber criminals actively target property transactions. Always verify bank account details directly with our office before transferring funds. Do not rely on account details sent by email, and contact us immediately if you receive any notification advising that our banking details have changed.
When in doubt, pick up the phone and call us. Protecting your funds is everyone's responsibility.
Have questions about settlement?
Here are answers to common questions about our settlement services and process. Need more help? Reach out to our team for personalized guidance on your case.
No. Unlike most other states, WA has no automatic cooling-off period for property purchases. Once your Offer and Acceptance is signed, you're bound by it, which is why it's worth having your contract reviewed, and any conditions added, before you sign rather than after.
Typically 30 to 90 days from contract signing, agreed between buyer and seller. From the point your contract becomes unconditional, allow around three weeks for banks to finalise documentation and for standard searches to come through, though this varies with the complexity of your transaction.
Less than most people expect. We'll send you a clear list of what's needed and when. Broadly, it's arranging finance and any inspections early, providing identification, signing documents once we've explained them, and getting back to us promptly.
PEXA is the secure national platform used for electronic settlement across WA, and it's how funds and title transfer on settlement day. Because large sums move through this process, we always verify bank details by phone before any transfer, and we'll never notify you of a change to our account details by email.
The most common causes are a mortgage discharge taking longer than expected, missing identification or paperwork, or a contract condition not being met on time. Some lenders process a discharge in 10 business days, others take four weeks or more, so getting your paperwork in early gives you the best buffer.
Yes, for effectively all property sales. Without one, the buyer is required by law to withhold part of the sale price and pay it to the ATO. We can't lodge this application on your behalf, but we'll guide you through exactly what's needed and answer any questions along the way.
As of 1 July 2026, new anti-money laundering laws require settlement agents, like banks and other regulated industries already do, to verify the identity of buyers and sellers and, in some cases, ask about the source of funds. It's a routine part of the process now, designed to protect everyone in the transaction, and we'll walk you through exactly what applies to your situation.