Why You Need a Settlement Agent or Lawyer for Settlements

Posted on Dec 29 2015 - 5:03am by Home Gurus

lawyer in PerthWhen purchasing property, all paperwork must be properly completed and every single promise in the contract fulfilled for the property sale. This is called conveyancing. If you can’t do conveyancing by yourself, which is understandable since it is a complex process, it is recommended that you engage the services of a licensed settlement agent or lawyer.

Use a Settlement Agent or a Lawyer?

The primary difference between using a lawyer or a settlement agent is that settlement agents in Perth, says advantagesettlements.com.au, can’t provide legal advice, but they will tell you if you require legal advice at any point in the settlement process. Lawyers should be certified by the Legal Practice Board to conduct conveyancing in your state, while settlement agents should have a license to conduct settlements in your state.

They must likewise provide you with an Appointment of Settlement Agent form that will be signed by both parties. This form will authorise the agent to work on your behalf. If an entity involved in the property sale or purchase, including a financier or a real estate agent, recommends that you employ a certain agent, they should provide you with a form that clearly states your rights.

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Responsibilities of a Settlement Agent or Lawyer

The settlement agents on your behalf must perform the following:

  • Ensure that the ownership details have been transferred on the title certificate and that it is properly completed and filed.
  • Make crucial enquiries related to the property purchase or sale.
  • Requests funds for the settlement.
  • Inform you of any progress or issue.
  • Attend the settlement.

It’s worth mentioning that you can change your appointed person to perform the settlement process at any point in the process.  But you’ll still have to pay for any work that the person has completed for you. Your settlement agent or lawyer should not accommodate or drop a client if there’s any conflict of interest. Note also that aside from paying a service fee, you may also have to pay extra for any costs incurred by your settlement agent or lawyer while conducting your settlement.