This information has been extracted from the Land Titles Registration Manual Edition 12.1 as a helpful guide only. Landgate advises that the information provided in this guide is not intended to amount to legal advice.

Professional assistance may be required to determine the most appropriate action to protect your legal rights. Landgate accepts no responsibility where parties print this guide and seek to rely on information that is out of date.

1 Overview

Under s.127 of the Corporations Act 2001, a company may:
 execute documents under seal
or
 choose not to have a company seal and therefore execute documents without using a seal.
If a company has a seal, it is not obliged to use it for the execution of documents. Documents
executed by a corporation do not require witnessing by a qualified witness.

2 Signing/Execution Requirements

2.1 Signing/Execution with a common seal in accordance with section 127(2), section 123 and section 148(1) of the Corporations Act 2001

A company with a common seal may execute a document if the seal is fixed to the document and the fixing of the seal is witnessed by:
 two directors of the company, or
 a director and director/secretary of the company, or
 for a proprietary company that has a sole director who is also the sole secretary – that sole director and sole secretary.

One person cannot attest the affixing of the common seal in two different capacities, i.e. as Director and as Director/Secretary unless that person is the sole Director and also the sole Secretary of the company.

If a company executes a document in accordance with s.127(2), as outlined above, persons dealing with the company can rely on the assumptions of regularity in s.129(6). Where a document is executed using a company’s common seal, the common seal must contain the
company’s name and:

 the company’s Australian Company Number or the abbreviation ACN and the 9-digit Australian Company Number
or

 the company’s Australian Business Number or the abbreviation ABN and the 11-digit Australian Business Number. (This option is only available where the 9 digits of the company’s ACN are the same, and in the same order as the last 9 digits of the ABN, in accordance with s.123(b)(2) of the Corporations Act 2001.)

Alternately, where a company has as its name the expression ‘Australian Company Number’ followed by the 9-digit number, pursuant to s.148(1) of the Corporations Act 2001, the expression ‘Australian Company Number’ or the abbreviation ACN followed by the 9-digit number must be contained in the company’s common seal. Pursuant to s.153 of the Act, the company identifier set out in the common seal should be the same as the company identifier that first appears in the particular document.

2.2 Signing/Execution without a Common Seal in accordance with section 127(1) of the Corporations Act 2001

A company may execute a document without using a common seal of the document if signed by:
 two directors of the company, or
 a director and a director/secretary of the company, or
 for a proprietary company that has a sole director who is also the sole secretary – that sole director and sole secretary.

Company Execution Clauses

Examples of Execution with a Common Seal

Where documents are executed with a Common Seal, the following form of execution is suggested as applicable to most corporations. The persons signing should show the position they hold in the company and print their full name under their signature:

The Common Seal of ABC Pty Ltd A.C.N. was hereunto affixed in the presence of

Signature of Director AFFIX COMPANY
(Print Full Name) SEAL HERE
Director

Signature of Director/Secretary Here
(Print Full Name)

Director/Secretary

Please note: One person cannot attest the affixing of the Common Seal in two different capacities, i.e. as Director and as Director/Secretary unless that person is the sole Director and also the sole Secretary of the company.

The following form of execution is applicable to proprietary companies that have only one Director who is also the only Secretary of the company:

The Common Seal of ABC Pty Ltd A.C.N. was hereunto affixed in the presence of AFFIX COMPANY

Signature SEAL HERE
(Print Full Name)

Sole Director and Sole Secretary Here
Examples of Execution without a Common Seal
Where documents are executed without a Common Seal, the persons signing should show the position they hold in the company and print their name under their signature:
Executed by XYZ Co Pty Ltd A.C.N.

Signature of Director
(Print Full Name)
Director

Signature of Director/Secretary
(Print Full Name)
Director/Secretary

The following form of execution is applicable to proprietary companies that have only one Director who is also the only Secretary of the company:
Executed by ABC Pty Ltd A.C.N

Signature of Director
(Print Full Name)
Sole Director and Sole Secretary

Buying or selling property is likely to be one of the biggest financial decisions that you will make in your life and you might find you have a lot of questions throughout the process.

The consequences of making mistakes or missing a key step can also be expensive and stressful.

Nominating a Licensed Settlement Agent – such as Fast Settlements, who is also a member of the Australian Institute of Conveyancers (WA Division) – you can be confident knowing that you have an experienced and professional Conveyancer taking care of your property transaction

Once you’ve made the decision to nominate Fast Settlements, let your Real Estate Agent know and they will arrange for the Contract of Sale to be sent to our office.

Once we receive a copy of the Contract, your friendly Conveyancer will be in touch to introduce themselves and answer any questions you may have.

While we wait for any conditions on your Contract to be satisfied, we’ll send our initial paperwork out to you for signing.

No – that’s our job! As your Settlement Agent, Fast Settlements will attend the settlement for you and your Conveyancer will give you a call with the good news once it has gone through!

Settlement occurs when the seller’s funds are handed over in exchange for the buyer receiving the title deed to the property. Once all of the conditions on your Contract have been satisfied and your bank is ready, settlement will be booked for the date specified in your Contract.

In WA, most settlements take place in the Perth CBD, either at the buyer’s bank’s office or at Landgate.

Usually, there are four parties involved – the buyer and sellers’ Settlement Agents, as well as the buyer and sellers’ banks (also known as Mortgagees). At the settlement, the buyer’s bank will hand over the bank cheques to the seller’s Settlement Agent and bank.  In return, the buyer’s bank then receives the Certificate of Title deed.

Similarly, we can also complete your settlement electronically, if all parties are able to do so.  This involves a virtual meeting, with the electronic exchange of money and documents.

Once all parties at the settlement are satisfied with their documents and funds, your property is considered ‘settled’ and your Conveyancer will call you with the good news! Then you can contact the Real Estate Agent to arrange handover of the keys.

No, in Australia your Settlement Agent has to be licensed in the same state as your property.  Therefore, we’re only licensed to carry out settlements in Western Australia.

For interstate properties you’ll need to appoint a Solicitor or Conveyancer based in that particular State or Territory. You can locate an interstate member of the Australian Institute of Conveyancers

Under the Electricity Regulations 1947 (WA), sellers of residential properties built after 1 January 2000 must have at least two residual current devices (RCDs) installed in their property prior to settlement.

As for smoke alarms, since 2009 it’s also compulsory that mains-powered smoke alarms be installed in residential properties prior to settlement. You should ensure that your smoke alarms are installed by a licensed electrician, and remember to change the unit every 10 years.

Prior to settlement, Fast Settlements will ask the seller to confirm that the property complies with the relevant regulations. Whilst unusual, should we be unable to get confirmation from the seller prior to settlement, we will notify the parties.

Fast Settlements will notify your Local Council, the Water Corporation and Office of State Revenue (Land Tax Department) of the upcoming settlement.

You will need to contact any private firms in relation to the gas, electricity and telephone connections. We recommend that you contact these agencies around one week prior to settlement, to confirm the connection and/or disconnection details.

It’s also your responsibility to make arrangements for your home and contents insurance. We recommend that you should have your insurance in place in place 1–2 weeks prior to settlement and arranged to commence on the Settlement Date.  Your bank will require a copy of your Certificate of Currency before settlement.

For sellers, we recommend not cancelling your insurance until your Conveyancer has confirmed that settlement has taken place. The only exception to this is that some strata complexes may have joint building insurance.  However, your Conveyancer will let you know if this applies to you.

Under most contracts in WA, both the buyer and seller have three business days after the contracted due date in which they can settle, without penalty.

If you’re still not ready for settlement at the end of this ‘grace period’, the other party may be able to charge you ‘penalty interest’ for the delay, which is calculated based on the purchase price of the property.

This is why it’s so important that you sign and return any paperwork to your Settlement Agent and to your bank as soon as possible. You should also let your Conveyancer know if you’re going away for work or holiday over the course of the settlement process.

If you think there is a possibility that you won’t be ready to settle on the contracted Settlement Date, please speak to your Conveyancer to discuss the options available to you.

If you live in the property as your principle place of residence, you have until 12pm the day after settlement to vacate and hand the keys over to the Real Estate Agent.

If you don’t live in the property, then you’ll need to provide the keys to your Real Estate Agent by settlement.

If you as the Buyer identify items that require further rectification by the Seller under the Contract, you are entitled to complete a follow up inspection to check that these items have been rectified and carried out.

Please note, your Offer & Acceptance Contract may stipulate different requirements than these, so if you’re unsure of your rights to a final inspection be sure to give your Conveyancer a call.

Yes – generally you’re entitled to a ‘final inspection’ within the week prior to settlement.

Your Real Estate Agent will arrange to take you through the property, to check that the plumbing, electrical and gas fixtures items are in working order (as is usually required).

Please note, your Offer & Acceptance Contract may stipulate different requirements than these, so if you’re unsure of your rights to a final inspection be sure to give your Conveyancer a call.

Your bank or Finance Broker are generally the best people to contact regarding questions you may have about the First Home Owners Grant (FHOG).

Whilst Fast Settlements can provide general advice, for advice on your specific circumstances you can speak to the Office of State Revenue First Home Owner’s Grant team on 08 9262 1299.

Your bank will generally apply for your FHOG on your behalf prior to settlement. If you’re paying cash, or going through a smaller lender, you may need to apply directly to Office of State Revenue.

We cannot claim your First Home Owner Rate of Stamp Duty until your FHOG is approved (even if you aren’t eligible for the $10,000 grant because, for example, you’re purchasing an established home).

You need to make sure you return your completed FHOG application to your bank or Finance Broker at least three weeks prior to settlement.

Yes, potentially you can still purchase a property in WA.  However before you make your offer you should speak to the Foreign Investment Review Board (FIRB) to discuss your eligibility and any restrictions on the type of property you may purchase.

If the seller is living in the property, they have until 12pm the day after settlement to vacate and hand the keys over to the Real Estate Agent.

Otherwise, you should be able to pick up the keys right after settlement. Contact your Real Estate Agent to confirm the arrangements for your key handover.

When we act for a Buyer, we submit the Change of Ownership (Electronic Advice of Sale).  This notifies the water, land tax and local authority/council that the property has been sold and we obtain a copy of the up to date rates statement.  The Water Corporation and Land Tax fees is the same for each settlement, however, the council charges vary depending on the council and the request that we make.  We can order rates and information regarding the property.   Again the cost varies.

The Water Corporation fees includes, rates charges, water usage charges and a copy of the sewer plan.

We obtain from Landgate a title search and a copy of the plan of the property and any other supporting documentation required to conduct your settlement.   Landgate also provide an interest property report that can be obtained at your request.  We complete a final check on the day of settlement to make sure that there has been no action on the title since our first search.

The West Australian Planning Commission provide us with a certificate detailing any information that will impact the property under the Metropolitan Region Scheme together with the zoning of the property.

If either the Buyer or the Seller are a registered Company will obtain a copy of the ASIC extract.

We may if required conduct a search of the Personal Property Securities Register known as PPSR.  The (PPSR) is a national online register that can provide information to help protect consumers when they are buying personal property such as cars, boats or artworks, a property with solar panels  (not including land or buildings).

Additional fees could be incurred for swimming pool inspections and for country properties, to check for a power line agreement, water licence or dam agreement.

This will depend on whether the settlement was conducted as paper or on the PEXA Platform (e-conveyancing, e-settlements, electronic settlements).

If you have paid cash for your property you will receive your title, or a copy of your title (if digital only) as soon as dealing to change the ownership has been completed by Landgate.  Currently in Perth Landgate can take from 2-6 weeks to update the Land Registry into your name.

If settlement took place on the PEXA platform, the title should be updated by close of business on the day of settlement, unless there are unforeseen circumstances.

When you have borrowed monies to purchase a property the bank or financial institution will retain the title as security for the duration of your mortgage.

As your settlement agent, once available we will provide you with a copy of your title regardless of which method/platform settlement took place.