At Goldfields Settlements, we want to make your property transaction as seamless as possible. One of the most important steps in the settlement process is signing and returning your documents early. Doing this helps us ensure that your settlement is completed on time, with maximum protection for you. Here’s why it’s crucial to act promptly.

The First Documents You Receive

Once we receive your Sale Contract, we will send you an initial batch of documents, including:

• Appointment to Act – This document is required under the Settlement Agents Act. Without it, we have no authority to request information or begin work on your file.
• Questionnaire – This gives us critical details about you and your transaction, allowing us to proceed efficiently. Without it, we may not have the correct contact details to reach you quickly.

Many clients delay completing these documents until their finance is approved, which can cause delays. When finance is granted, urgent work is often required, so it’s best to have your documents ready beforehand.

Why Finance Approval Triggers Urgency

The Settlement Date is usually set 21 or 28 days from the date of finance approval. That means as soon as your finance is confirmed, the countdown begins. If we don’t know when your finance is approved, we can’t take the necessary steps to keep things moving on schedule.

That’s why we urge you to call us on 9021-4599 as soon as you receive finance approval. Even if you assume we’ll get a copy, don’t take that chance—email it to us to ensure we have it in hand. We’d rather receive it from multiple sources than not at all.

The Importance of Lodging Rating Enquiries Early

Shortly after finance approval, we also need to lodge rating enquiries to confirm any outstanding property rates. However, we cannot do this without your signed Appointment to Act for two key reasons:

1. We need formal authority to act on your behalf.
2. These enquiries are costly (e.g., $366 for properties in Kalgoorlie), and we cannot spend your money without your authorisation.

Delays in rating enquiries can have serious consequences. If we don’t receive the required information in time for settlement, the buyer is left with two difficult choices:

• Delay settlement until the rating details are received can cause further complications.
• Proceed with a settlement without knowing the exact liability for outstanding rates. Since rates remain attached to the property, not the owner, the buyer could inherit a significant debt—potentially in the thousands if rates haven’t been paid for years.

Don’t Miss Critical Inspection Deadlines

Another common issue we encounter is late notification of finance approval. If we receive approval that’s a week old, buyers may have missed their chance to act on termite and structural inspections.

Most Sale Contracts have strict inspection deadlines triggered by finance approval. If these reports aren’t completed within the required timeframe, buyers lose their right to request repairs or withdraw from the purchase due to serious termite or structural issues. This means you could be forced to proceed with the purchase even if major defects are discovered later.

Ask Questions—We’re Here to Help!

We understand that settlement documents can be complex, and having questions is completely normal. If anything is unclear, call us—there are no dumb questions about property transactions. Buying a home is a rare event for most people, but we handle these processes daily and are here to guide you through it.

Read more: Benefits of Using a Settlement Agent and Why Settlements Can’t Take Place Straight Away.

Get Your Contract Right Before You Sign

We often see clients who want to change contract terms after signing or expect the other party to do something not specified in the contract. Unfortunately, once a contract is signed, it’s legally binding, and both parties must adhere to its terms.

If It’s Not in the Contract, It’s Irrelevant

Everything about buying and selling property is determined by the Contract of Sale (or Offer and Acceptance). If something isn’t written in the contract, neither party is obligated to do it. This is why it’s essential to ensure the contract reflects your needs before signing.

Before entering into a legally binding agreement, take the time to consult with a lawyer or settlement agent. This could be the biggest financial decision of your life, so why not get expert advice first?

No Automatic Consumer Protections

Unlike retail purchases, buying a home does not come with automatic consumer protections. Your only rights and obligations are those explicitly stated in the contract. For example:

• The seller is not required to clean the property before settlement unless it’s written in the contract.
• If no special conditions are added, the contract is “as is, where is”, meaning you take the property in its existing state.

Beware of Standard Clauses That Offer Limited Protection

Many real estate contracts contain standard clauses that don’t offer the level of protection buyers assume they do. For example:

• Building Inspection Clauses – Standard clauses often only cover structural defects, which are rare. However, they don’t protect against costly repairs like electrical, plumbing, or roof issues that could have influenced your purchase decision.
• Termite Inspection Clauses – Many standard clauses only cover structural termite damage. This is problematic because most termite damage is non-structural but still expensive to repair.

Conditions Precedent: Protect Yourself Before Settlement

The best way to ensure conditions are met before settlement is to have them written as conditions precedent. These must be fulfilled before settlement can proceed. If conditions are instead written as warranties or representations, you have no power to delay settlement if they aren’t met.

Why does this matter? Because after settlement, your only option to enforce conditions is to take the seller to court, which can take months or years, and cause major stress. The easiest way to avoid this situation is to ensure that all critical requirements are enforceable before settlement.

Use Our Expertise!

We review property contracts daily and can advise you on potential pitfalls before you sign. This service is included in your property settlement process at no additional cost.

Final Thoughts: Take Action Early to Protect Yourself

Property transactions are complex, and delays can have significant financial and legal consequences. To avoid unnecessary risks:

✔ Sign and return your Appointment to Act and Questionnaire immediately

✔ Notify us the moment your finance is approved

✔ Understand your contract fully before signing

✔ Ensure protective clauses are included before settlement

✔ Ask questions—we’re here to help!

If you have any doubts or need clarification, please contact us at Goldfields Settlements. We ensure your property transaction is smooth, secure, and stress-free.