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What does a Settlement Agent do and why is it a good idea to engage one when purchasing a property?

What does a Settlement Agent do and why is it a good idea to engage one when purchasing a property?

What does a Settlement Agent do and why is it a good idea to engage one when purchasing a property?

What does a Settlement Agent do and why is it a good idea to engage one when purchasing a property?

11 October 2022

Building a new home can be overwhelming, even if you’ve been through the process before. There are so many decisions to make along the way, from big things like where to position the master bedroom, to smaller things such as choosing paint colours and door handles. While it’s certainly the less exciting aspect to building a new home, it is important to ensure that any conditions in your contract are satisfied, and that settlement procedures run smoothly. It’s easy to get lost in the industry jargon and various processes that must take place before settlement can occur, particularly if you don’t have any experience in the building industry. For this reason, we recommend that all of our clients engage a settlement agent to facilitate the purchase of a property, so that you can focus on designing and planning your dream home instead of being inundated by paperwork and working to understand complex settlement procedures. 

We realise that many people might not understand settlement or what a settlement agent does, so we’ve provided a brief summary below along with a description of how our dedicated settlement agent, Alpha Conveyancing, will help to guide you through the settlement process.  

What is settlement?

Settlement is the important final stage in the sale of a property. For settlement to occur, all general and special conditions of the Contract for Sale of Land or Strata Title by Offer and Acceptance must be satisfied. At settlement, the balance of the purchase price for the property is paid and the legal title to the property is transferred from the seller to the buyer.

What is a settlement agent?

Generally, the buyer and seller of a property will engage a solicitor or settlement agent to conduct settlement on their behalf. It is possible for a buyer or seller to facilitate their own settlement, however, due to the complex and sometimes lengthy nature of the settlement process, we recommend getting professional help to ensure everything runs smoothly. For example, some of the matters that must be completed before settlement can be effected include:

  • Relevant searches and enquiries must be conducted with respect to the property
  • Inspection of the property must occur
  • Land transfer documents must be signed and checked
  • Any applicable rates and taxes must be adjusted
  • Relevant financial institutions must be consulted with respect to any new mortgage or mortgage discharge
  • Local authorities must be advised of change of ownership

We strongly recommend engaging a settlement agent to ensure that there are no unnecessary delays in the sale or purchase of your property.

Who is Alpha Conveyancing?

We have partnered with Alpha Conveyancing, a first-class conveyancing service that will provide our clients with support and assistance during the settlement process. We decided to partner with Alpha Conveyancing because their values and mission statement align with our own, and we believe they are in the best position to guide our clients during an important and often stressful time in their lives. The team at Alpha Conveyancing work tirelessly to provide support to both clients and the community, and they are extremely passionate about their charitable ties and social responsibilities. Part of the proceeds from each settlement they conduct are directed to local and international charities to provide people with basic needs such as clean drinking water and medical care.

How can Alpha Conveyancing assist you?

Alpha Conveyancing is a full-service agency, meaning their services extend beyond the settlement process. They are available to assist you at every step of the way, even before you are ready to purchase a property. The team at Alpha Conveyancing can advise you on various matters, including what conditions should be included in your contract and what timeframes are appropriate to suit your individual circumstances. Importantly, Alpha Conveyancing will work with relevant parties to ensure that key milestones and timeframes are met. Follow this link to learn more about the Alpha Conveyancing team and the comprehensive services they provide.

Questions? Get in touch!

If you have any questions about settlement or building in Perth, please reach out to our friendly team at Mr Enthusiast and we will connect you with a team member who will address any queries you may have. You can reach us by calling 0413 648 274 or alternatively, submit a form on our website. If you would prefer to consult with Alpha Conveyancing directly, give them a call on 9371 5005.