Why You Need A Settlement Agent

Why you should always use a settlement agent when buying or selling property

A settlement agent prepares the legal documentation and completes the financial transaction between the seller and buyer to change the ownership of the property. If you don’t have a settlement agent, then you don’t have someone who is fully qualified and experienced in protecting your best interests.

The job of a settlement agent is complex, and you have to have the contacts, qualifications and skill to get the job done properly. As your settlement agent, we review the contract, including all the conditions that are required to be met, we prepare all legal documentation to effect the change of ownership

We liaise with not only you as our client, but the bank, the broker, the real estate agent, various government authorities and anyone else who is involved in the dealing to ensure that your settlement transaction is completed efficiently and successfully.

Of the many things a qualified settlement agent does includes:

Search the property title with Landgate

Provide a summary statement with first letter to seller

Supply a discharge authority form to save seller chasing from lender

Follow up outstanding conditions i.e. finance

Notify Lender property sold, provide statement,confirm the settlement date

Arrange Transfer of Land to be signed by seller prior to settlement

Prepare buyer’s statement adjusting any shire rates, water rates, land tax and strata levies attend outstanding amounts

Arrange for Lender to attend settlement at the buyer’s bank to hand over the title and discharge of mortgage document

Obtain payout figure from the Lender to repay the housing loan

Bank surplus funds after debt repaid to clients nominated bank account

Provide buyer’s settlement agent bank cheques directions

Notify seller settlement arranged

Attend settlement on behalf seller at the buyer’s bank in Perth

Collect surplus funds at settlement and bank, obtain receipt

Phone seller when settlement has been completed

Confirm settlement in writing provide final statement, GST invoice

Email real estate agent to confirm property settled

Pay real estate agent balance commission

Hold funds at settlement to attend to any outstanding water consumption or rates

Reimburse seller any surplus funds after water consumption has been paid