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Stuff To Consider While Appointing A Settlement Agent

By Expert Author: Roger Cruise

For transferring ownership of property, a settlement agent is responsible. The work is broken down into many parts. The circumstances in which the transfer will take place depend on the differerent components on whether one is buying or selling the property.


Whilst purchasing a property the settlement agent does:


• Make sure that the property on the Offer and Acceptance is the correct property one is buying

• Ensure that one is aware of any encumbrances which could affect use of the property

• In the time specified make sure one completes all conditions of the contract

• Coordinate with the lending institution to ensure the lender is in a position to settle on the due date and finance progresses in a timely manner

• Make sure that no government department outstanding orders have been placed on the property

• Make certain the seller’s agent collects the correct amount on behalf of the seller and ensures the finances are all available for settlement on time

• Oversee the correct execution of the documents when preparing the correct documentation

• Ensure the contract is lodged with State Revenue (manually or using ROL)and ensure as specified by State Revenue, it is paid in the time frames

• Amend shire & water rates and at the time of settlement they are all paid up to date

• On your behalf attend settlement

• Provide one with a copy of the title registered and ensures the property is transferred into the owners name after settlement


The settlement agent when selling a property will:


• Make sure that the property on the Offer and Acceptance is the correct property one is selling

• Make sure timely completion of all conditions of the contract has been abided

• Coordinate with the lending institution to ensure they are ready to settle on time and be in a position to remove any mortgages over the property if required.

• Coordinate with the buyer’s settlement agent to ensure they are ready to settle on time and that their finances are in order

• Oversee the correct execution of the documents when preparing the correct documentation

• Amend shire & water rates and at the time of settlement they are all paid up to date

• Distribute the amount collected as owed by the buyer on instruction, and

• On your behalf attend settlement


If one decides to sell or starts looking at properties to procure, it’s the best time to start looking for a settlement agent. With making sure the time frames written on the contract are realistic, choosing a settlement agent at this point can help. One does not at this point pay for stamp duty. When purchasing a property only then is stamp duty paid. Depending on the purchase price the amount varies. The duty amount payable will be provided by the settlement agent.


When one intends to buy or sell properties, the Real Estate Settlement Agent Mandora Bay will guide in this process. Moreover there are a lot of Settlement Agents available, so choose one that is appropriate.

Bio:

Roger Cruise, the Real Estate Settlement Agent is experienced one in solving legal formalities for you. Even he leads a group of Settlement Agent in Mandurah.

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