Settlement Agents Perth
It is important to engage the services of a settlement agent as soon as practicable.
Unless you are a suitably qualified lawyer, it would be very unwise to carry out the settlement of your own property. The settlement process can be full of many complexities and can be extremely time consuming. The good news is, find the right settlement agent and you won't have to worry about it! It is a good idea to equip yourself with a basic knowledge of the settlement process, although as long as you are prompt and diligent in completing the necessary paperwork provided to you, settlement should be achieved relatively efficiently. If you ever require any assistance with the completion of your documentation, your settlement agent or mortgage broker will be able to assist.
What does a settlement agent do?
Basically your settlement agent will represent you when the transfer of ownership via legal documentation takes place. Their specific roles may include:
How do I choose a settlement agent?
As with any professional it can be difficult to immediately know just how good your settlement agent will be. A few tips to ensure that the settlement agent you choose will go the extra mile include:
Don't forget that you can engage a new settlement agent throughout any time in the settlement process if you aren't receiving great service - all you need to understand is that if you have signed an "Appointment to Act", you may still be obliged to pay the original agent's fee for work they completed up to the changeover point.
Unless you are a suitably qualified lawyer, it would be very unwise to carry out the settlement of your own property. The settlement process can be full of many complexities and can be extremely time consuming. The good news is, find the right settlement agent and you won't have to worry about it! It is a good idea to equip yourself with a basic knowledge of the settlement process, although as long as you are prompt and diligent in completing the necessary paperwork provided to you, settlement should be achieved relatively efficiently. If you ever require any assistance with the completion of your documentation, your settlement agent or mortgage broker will be able to assist.
What does a settlement agent do?
Basically your settlement agent will represent you when the transfer of ownership via legal documentation takes place. Their specific roles may include:
- Ensure that all the necessary documentation has been completed to transfer the details of ownership on the certificate of title
- Liaise with your mortgage broker, lender, and real estate agent (if applicable) to ensure that your finance is in order
- Make necessary enquiries such as title searches, rates and zoning
- Adjusts your rates and taxes so that you only pay rates based upon the number of days in the year that you have owned the property
- Transfer accounts such as local council, water and land tax authorities to you, after ensuring outstanding monies are paid out
- Ensure that any special conditions within the Offer and Acceptance contract have been met and that you are satisfied with the outcomes
- Provide you with a statement showing monies due from you to settle your purchase (commonly known as a settlement statement)
- Ensure that all inspections have been completed and that you are satisfied to proceed with the purchase
- Request funds to proceed to settlement
- Attend settlement on your behalf
How do I choose a settlement agent?
As with any professional it can be difficult to immediately know just how good your settlement agent will be. A few tips to ensure that the settlement agent you choose will go the extra mile include:
- Are they interested in you? A settlement that shows an immediate interest in the type of property that you may purchase as well as your plans for the future are likely to establish a base for regular communication. For example, the settlement agent may ask if you plan to go on holiday at any point during the settlement process. This shows a willingness by the settlement agent to regularly communicate with you, as opposed to them not caring if you go away as they don't plan to contact you anyway.
- Will they meet you face-to-face? Many settlement agents choose to send you paperwork electronically or via post. A great settlement agent will give you the option to meet with you face-to-face so you can form a better relationship and answer any questions you may have. For many people this increases confidence and reduces stress that can come with the settlement process.
- Are they licensed? In WA, there are two ways to be adequately certified to carry on business as a settlement agent. The first is to be licensed and hold a current triennial certificate granted by consumer protection, and the second is to be a certified legal practitioner under the Legal Practice Act 2003. Ensure that your settlement agent is suitably certified.
- Are they insured? Your settlement agent should have professional indemnity insurance. Should criminal of fraudulent actions of a settlement agent result in financial loss to you, Consumer Protection maintains a separate Fidelity Guarantee Account which helps provide financial reimbursement.
- What is their fee structure? The maximum fee that a settlement agent can charge is set by law. The maximum fee varies dependent upon the value of the property, whether you are a purchaser or seller of a property, and the title classification of the property. Settlement agents may also charge additional costs for items such as search fees, phone calls and faxes. You should establish these costs with your settlement agent as early as possible. When obtaining quotes, you should always be wary of rock-bottom prices, although you will also want the peace of mind that you are not going to be charged for every phone call you make to them.
Don't forget that you can engage a new settlement agent throughout any time in the settlement process if you aren't receiving great service - all you need to understand is that if you have signed an "Appointment to Act", you may still be obliged to pay the original agent's fee for work they completed up to the changeover point.