1 Mar 2018
Professionals Avon Valley
All things conveyancing!
Are you a home buyer and completely stumped on the processes of purchasing a home? Today we are going to talk about settlement agents. What they do and how to know if you need one.
What is a Settlement Agent?
A settlement agent is an agency that handles all property transactions. They are responsible for transferring a property from one owner to the other. A settlement agent also plays a huge role in purchasing or selling a property and you will require one when doing either of these.
At what stage will I need a settlement agent in my buying/selling process?
Whether you are purchasing or selling, you would usually seek a Settlement Agent the minute that the offer on the property is accepted. Your real estate agent will send off the necessary documents to the settlement agent and it will progress from there.
What steps does a settlement agent take throughout the process of settling a property? (all information below Provided by https://satterley.com.au )
- Your accepted offer and acceptance contract is sent to your nominated Settlement Agent by your land developer or real estate agent. It will then be assessed and lodged with the Office of State Revenue for duty assessment. Any anomalies will be brought to your attention.
- Your settlement agent will contact you to formalise your appointment and discuss the timing of your conditions and the process.
- Your settlement agent will follow up all conditions on the contract to ensure they have been satisfied and keep you informed. When all the conditions have been satisfied, the main documents, including statement of fees and charges, can be prepared for signing to have the property transferred.
- Title Searches / Change of Ownership notification to the Rating Authorities / Orders and Requisitions / Sewer Plans, etc. are completed on your behalf and provided to you so that you are fully informed of what encumbers and affects your property.
- Rates and Taxes and any outgoings are proportioned between the seller and the buyer. The buyer is responsible for the Rates & Taxes until 30 June following settlement.
- Your settlement agent will coordinate with all parties involved, including your lender, and arrange a suitable time for settlement to occur on the date stipulated in your Offer and Acceptance contract.
- Your Settlement Agent will attend on your behalf. All documents go through a final check once in order, monies and Certificates of Title are exchanged and settlement is completed.
- Congratulations, you’ve completed settlement and final letters and amended statements are sent out. Real Estate, etc. are also advised.
- 6 weeks after settlement, your settlement agent will ensure that Landgate has transferred the ownership.
We hope this information has been helpful for you in your situation. If you have any questions, please contact the team at Professionals Avon Valley to start the journey of purchasing your own home on 0457 554 055 or 9622 7007.