What does a settlement agent actually do?

The role of a property settlement agent is to assist in the process of the transfer of ownership of property from a seller to a buyer. Lawyers and settlement agents have the necessary qualifications and licenses to ensure that all legal requirements for the transfer of the title to the property are complied with for the title to be registered in the name of the new owner.

The settlement process can be complex and it is prudent to use a qualified professional to guide you through the process to the completion of the settlement.

Buying a property

Your settlement agent, conveyancer or lawyer, will complete a variety of tasks on your behalf including:

• Search land titles to verify the legal owner and check for encumbrances, caveats or any other restrictions that may limit the use and affect the transfer of the property.
• Search government departments and local authorities for anything that may affect the property.
• Ensure all inspections and any special conditions in the contract have been completed to your satisfaction before settlement takes place.
• Prepare and verify all necessary legal documents and forms.
• Ensure you have conducted your final inspection and all parties are ready for settlement.
• Make enquiries to local shire, water authority, land tax authority and strata company, adjust rates and make payments accordingly to ensure you only  pay for the exact days  you have owned the property, starting from the day after settlement.
• Liaise with your financial institution to ensure all loan documentation is completed and the funds required to proceed to settlement are in place.
• Coordinate the settlement date and time with your financial institution and the seller’s settlement agent.
• Provide updates on settlement progress and advise you of any potential delays, including your rights when it comes to compensation.
• Attend settlement on your behalf to ensure correct exchange of legal documents and funds and let you know once settlement has occurred.
• Prepare legal paperwork to transfer the title of the property to you.
• Notify the relevant authorities about the change of ownership when settlement has occurred.
• Provide a settlement statement.

Selling a property

Your settlement agent, conveyancer or lawyer, will complete a variety of tasks on your behalf including:

• Search land titles to verify you are the legal owner.
• Ensure the property is compliant with regulatory requirements such as ATO clearance certificates, outstanding rates and smoke alarm and electrical building codes.
• Ensure any special conditions in the contract have been completed to your satisfaction before settlement takes place.
• Prepare and verify all necessary legal documents and forms.
• Attend to all adjustment of rates, taxes and levies as required.
• Liaise with your financial institutions to confirm existing loan balances and provide payout instructions.
• Coordinate the settlement date and time with your financial institution and the buyer’s settlement agent.
• Provide updates on settlement progress and advise you of any potential delays, including your rights when it comes to compensation.
• Attend settlement on your behalf to ensure correct exchange of legal documents and funds and let you know once settlement has occurred.
• Provide a settlement statement.

Our experienced conveyancers in Perth, Joondalup and Bunbury can assist you settle your property with confidence and ease – get a quote today!