MOST COMMONLY
ASKED QUESTIONS

"Will I need to attend your office?"

No, but a lot of our clients prefer to as there is a lot of paperwork to complete when buying or selling property and they appreciate us taking the time to go through the paperwork with them.  Some of our sellers have in the past preferred to attend our office to complete their Verification of Identity checks, which are required by Landgate, and we encourage our clients to come in and see us at one of our conveniently located offices – in Thornlie and Applecross.

"When do I send the Offer and Acceptance contract to you?"

It is best to send us a copy of the contract straight away.  If there is a real estate agent involved, they can hold on to the contracts until the conditions are satisfied, such as a buyer obtaining finance approval and/or termite/building inspections.  As there may be other special conditions noted on the contract which we need to be made aware of, it’s best we receive the contract as soon as possible so that we can bring these special conditions to your attention.

"When do I pay you?"

There are no upfront costs payable to us.  Our fees will be shown on your settlement statement and we will collect them at settlement.  If you are a cash buyer, we will require the settlement funds to be transferred into our trust account at least 3 business days prior to settlement.

"Do I need to physically attend settlement?"

No, our settlement clerk will attend settlement on your behalf.  We will contact you as soon as settlement has been completed.

"Can I complete my settlement electronically?"

Yes you can.  Our office is registered to use the PEXA platform in order to settle your transaction electronically.  There is a standard fee payable to PEXA for the service which is payable by you at settlement.  We can complete your transaction online, subject to the other parties, namely the other side, their agent and the banks, being willing to complete the transaction online.

"Should each buyer and seller have their own settlement agent?"

It is not necessary for each party to appoint a settlement agent, but it can ensure that the settlement process runs smoothly.   If there isn’t a settlement agent acting for each party, the represented party can start to feel like the joining link between their settlement agent and the unrepresented party.   We have found that some unrepresented parties are unsure of what they need to do to be ready for settlement which in turn may cause settlement to be delayed.

"Do I need a lawyer to act on my behalf?"

No, you don’t, as our experienced conveyancers are capable of dealing with all aspects of a property settlement for you.  But, by appointing us as your settlement agents, we have in house lawyers we can refer you to if you require any legal assistance during the settlement process.  Relevant charges will apply depending on the legal advice/services required for a particular transaction.

"Can you assist us to prepare an Offer and Acceptance contract?"

Yes we can. If the transaction is between related parties or a private offer (ie no real estate agent is involved), once the buyer and seller have agreed on the contract terms, we can assist you by preparing the Offer and Acceptance contract in a form ready for signing.

"Is there a cooling off period after signing the Offer and Acceptance contract?"

No, in Western Australia once all parties have signed the Offer and Acceptance contract, all parties are bound to the offer. Most contracts will contain special conditions requested by the buyer, such as, the buyer obtaining finance approval or a timber pest inspection and/or a building inspection by a particular date. Depending on which party is required to satisfy the special condition, the contract may come to an end if any of the special conditions cannot be satisfied by the relevant due dates.

KEY STEPS TO KNOW IN THE
BUSINESS
SETTLEMENT
PROCESS

Agreement for Sale of Business

If there is no business broker involved in your transaction, we can assist you by preparing the Agreement for the Sale of Business.

If you are unsure of the conditions contained in the Agreement, please contact us BEFORE you sign any documents. Nominate Sheridans Settlements when signing the Agreement and experience competent and efficient service when dealing with your transaction.

Deposit & finance application

You’ll need to pay a deposit to the seller’s representative by the due date noted on the Agreement.

If finance is required, please contact your broker immediately to submit your finance application.

Landlord's Approval

If the business is being operated from a leased premises, the buyer will need to contact the managing agent/landlord and submit an application to approve the assignment of the lease.

Special Conditions

All parties must ensure their relevant special conditions are completed prior to the due dates to ensure the Agreement remains on foot and validly binding on the parties, such as the transfer of liquor licence, inspection of plant & equipment.

Transfer of Business Name

If the business name is being transferred to the buyer, the seller must provide the ASIC Key to allow us to submit the transfer application.

If the buyer wishes to register a brand new business name, we can also assist the buyer with the business name registration as we are registered as an authorised lodger with ASIC.

Assignment of Lease

All parties must liaise with the managing agent/landlord to sign the Assignment of Lease documents BEFORE settlement.  Usually the buyer shall bear the costs for preparing the Assignment of Lease documents.

If you are buying a food business, a health inspection of the premises can be carried out (if required). You will also need to complete the relevant council’s notification form which is to be sent to the council after settlement.

Trade Waste

When selling a business, we will email the Water Corporation to advise them of the sale.  You must then contact them for a refund of the trade waste charge paid prior to settlement.

Settlement Statements

We will provide you with a statement setting out the adjustment of rent, outgoings & all fees payable with respect to the business.

Attending Settlement

We will attend settlement on your behalf in the Perth CBD or other suitable location for the settlement agents. ASIC transfer letters and any other documents will be handed over for funds payable to the seller.

If applicable, the parties will carry out a stocktake on day of or day after settlement.

Post Settlement Process

Step 1: Provide final statements to clients

Step 2: Notification sent to council (for food businesses)

Step 3: Transfer of business name to Buyer (if required) and email record of registration to buyer