What Does a Settlement Agent Do and Can I Do My Own Settlement?

Real estate agents, whether buyer’s agents or seller’s agents, are responsible for seeing a lot of the small details that make your investment property transactions go smoothly. However, we aren’t the only people you need to ensure that you navigate the Perth real estate market and get where you want to go.

A settlement agent, or conveyancer, is an important part of the process when buying or selling a home. If you are a qualified lawyer, you can probably take care of it yourself, but under no circumstances would we ever recommend that anyone else try to do their own settlement.

Why a Settlement Agent is Important

Property settlement is the process of ensuring that a property is legally transferred from seller to buyer, subsequent to both sides fulfilling all of the conditions in the contract of sale. The process is very time-consuming and complex with many potential pitfalls for amateurs. A professional settlement agent knows exactly what to do to ensure smooth transfer and no disruption.

The Legal Requirements

To successfully complete the purchase of a property, all paperwork has to be completed. In addition, as mentioned above, all promises made by either side must be fulfilled. If you listen to us and don’t try doing it yourself, you are required to hire either a practicing lawyer or a licensed settlement agent.

Your settlement agent must have a licence that allows him or her to practise in WA. Upon hiring, the settlement agent provides you with an Appointment of Settlement Agent form. You are required to sign and return the form, which authorises the settlement agent to officially act on your behalf. If someone else involved in the transaction recommends a particular agent, you must be given a form explaining your rights.

Hiring a Settlement Agent

First and foremost, the agent must be from the state in which you are buying the property. Requirements vary from state to state; it is an unacceptable risk to hire a settlement agent from another state. Also, we recommend looking for a settlement agent as soon as you decide to buy or sell a home.

Call 1300 472 427 for more about settlement agents.