What does a settlement
agent do?
A settlement agent attends to the
important final stage in the sale or purchase of a property,
which involves the orderly transfer of the legal title from the
seller (vendor) to the buyer (purchaser). The balance of the
purchase price is paid and any other outstanding matters are
attended to.
Some of the functions of the
settlement agent are:-
- searching land titles and
checking encumbrances
- arranging for the discharge
of encumbrances
- inquiring with local council
and government departments about rates, taxes and water
consumption so that payment for the current year is
shared between the purchaser and vendor, and each
authority is notified of the change in ownership.
- preparing the legal documents
for settlement.
- ensuring special conditions
relating to the contract have been attended to
- arranging payment of stamp
duty and other fees
- attending settlement on
behalf of the client, where the exchange of documents and
purchase monies takes place
Are you aware that you
have the right to choose your own settlement agency?
Your settlement agent will be
dealing with the transfer of one of your most valuable assets, so
it is important that you select an independent settlement agent
who:-
- acts in your best interests
at all times;
- provides value for money; and
- delivers exceptional service
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