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What A Settlement Agent Does

By Author: Roger Cruise
Total Articles: 9

In any Western Australians life, buying and selling a property can be one of the most stressful experiences. They rely on the skills of a settlement agent or conveyor to navigate the process since most of them lack the technical expertise needed to successfully settle a property. Whether one is the vendor or the purchaser, there are important steps of the process which must be appropriately followed or else difficulties may be caused. A lot of trust is put in the agent to oversee this procedure of significance.


How can one avoid a poor outcome from the property settlement, if something does go wrong?


A former settlement agent made unauthorised withdrawals from a trust account and failed to pay stamp duty for five properties, is a recent case in the Joondalup magistrate’s court. She was ordered to pay more than $150,000 in compensation, court costs and fines for this serious breach of Western Australia’s Settlement Agents Act. Most certainly, her clients were left with a serious mess to clear out.


So to buy or sell property, it brings to light the importance of engaging a skilled and experienced settlement agent.


To ensure a smoother transaction, here are three simple tips:


1. Look out for shady agents - Nearly all settlement agents are experienced professionals but most simply don’t deliver as promised. If one has any concerns, check with the Department of Consumer Protection and use a licensed agent with a good reputation.

2. Use a lawyer – Highly skilled individuals that are better-placed than many to take care of a property settlement are lawyers or solicitors. They tend to have more qualifications across a broader range of contractual matters, and are responsible for the legal integrity of the settlement at all stages. From wills and family law to commercial litigation, they can often offer direct access to legal advice beyond conveyancing.

3. Negotiate fees – Because of out-dated fee schedules which are ripping off consumers, many buyers and sellers are paying too much in settlement fees. The more expensive the property the more expensive the settlement fee – a sliding scale. By shopping around, negotiating a discount or choosing a conveyancer or lawyer who offers low fixed fees, one can ensure a reasonable settlement fee.

Services include:


• Assistance in Buying & Selling

• Residential Settlements

• Commercial Settlements

• Family Transfers

• Conveyancing

• Vacant Land settlements


On nominating an agent, a certificate of appointment will be sent out as this will allow them to act on behalf in the property deal. They make sure there are no restrictions on the land compute what is to be paid to body corporates, water authority, councils etc, notify the new owner to other authorities and arrange and affect the properties transfer of ownership.


So, if one is transferring, buying or selling property in WA (Western Australia), the real estate Settlement Agent Rockingham, Settlement Agents Baldivis or representative, will then arrange for the Offer & Acceptance contract to be forwarded to the concerned for processing (the original if one is the buyer or a copy if one is the seller).


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.

Total Views: 104Word Count: 539See All articles From Author

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