As cliché as this might sound, a settlement process, can be quite complex and complicated. This is why the job of a settlement agent is to provide support during the transfer of ownership from a seller to a buyer. The onus falls on both settlement agents and lawyers to ensure that all the legal requirements for a property transfer are complied with before the title of a property is registered in the buyer’s name.
No one thinks about settlement agents until they are about to buy their dream house or when they find a great investment. However, it’s a good idea to speak with one even before you get to the juncture. This will prepare you well ahead in terms of the information and what the process looks like. More importantly, you’ll also be prepped as to the likely problems.
The job of a settlement agent is complex; it requires the right qualifications, contacts, and skills. This is what defines the expertise of a settlement agent, it’s all about reviewing the contracts to ensure it meets all of the conditions and the legalities are also considered.
Who is a Settlement Agent?
The work of a settlement agent is multi-faceted, they do not just relate with you as the client, but also in constant communication with the bank, real estate agent, the broker, the lawyer, and even government authorities. Basically, all of the parties involved in a property settlement are whom the settlement agent brings together. If you need more information about settlement agents in Perth you need to read ahead, as this piece will reel out the job description of settlement agents.
These are the tasks that a settlement agent is expected to carry out on your behalf as their client;
- Land and Property Search
The first task of a settlement agent revolves around carrying out an investigation on the status of a property. This is to know the legal owners and the existence of caveats or encumbrances on the property. Basically, to be informed about any restriction that might affect the transfer of such property. This will also extend to searching through government sources to reveal any issues that might affect the property.
- Carrying Out Inspections
Another job of a settlement agent is the carrying out of inspection on specific properties. The objective of such inspection is to ascertain the status of the property. This is also an important condition before the settlement process takes place. The carrying out of the inspection is to be able to verify all legal documents pertaining to such properties.
- Liaise With Government Agencies
A conveyancer is also expected to reach out to the water authority, land tax authority, local shire, and other government agencies. This is to ensure that rates are adjusted accordingly and payments are made. To ensure that these rates and fees are paid only from the day your client owns the property. So also, this also implies that your settlement agent will be notifying relevant government authorities of the change in ownership of the property in question.
- Coordinate with Financial Institutions
The job of a settlement agent also extends to the coordination of the settlement process alongside the financial institutions. This is to ensure that all of the loan documentation and funds for the transfer of ownership is also in place. More importantly to coordinate the settlement date with the bank and the other parties’ settlement agent also.
- Other Job Description of a Settlement Agent
Aside from these job descriptions, a settlements agent in Perth also provide a real-time update on the settlement process. Be in talks with the lawyers to prepare legal documents for the transfer of ownership. The agent is also expected to make you aware of any delays that might arise during the settlement process.
How To Choose a Settlement Agent in Perth?
In your choice of settlement agent, you should look for a settlement agent registered with either theAustralian Institute of Conveyancers (AIC), theReal Estate Institute of Western Australia (REIWA), or other relevant organizations in Western Australia.
Carry out your research on who should be your settlement agent. You should also look out for recommendations from family and friends. This will provide you with an insight into who should be your settlement agent.
You should also choose a settlement agent that offers from property search to documentation. It’s best to settle for a conveyancer that renders a one-stop shop.
You have to do all it takes to settle the right settlement agent as it’s an important ingredient for a successful property transfer in perth. By following this guide, you’ll know what you should look out for in selecting a settlement agent.