Key Role of Settlement Agents in Western Australia Explained

Looking to sell a property in Western Australia? The process involved in the transfer of property ownership can be quite complicated, which is why there are settlement agents. They help property owners handle all the financial and legal complexities that come with selling their property.

You could make lots of mistakes if you try to sell a property on your own and this is the reason why a settlement agent in Perth by Rezzi is available to assist property owners in Western Australia have an easy sell.

In this piece, you’ll discover how important a settlement agent is in your real estate transaction process. You’ll also find out the significant stages involved in a property sale in Western Australia.

Why Hiring A Settlement Agent Is Important As A Property Owner

Why Hiring A Settlement Agent Is Important As A Property Owner
Source: CS Legal

Unarguably, settlement agents in Western Australia play crucial roles in the sale of a property and they are as important to the seller as they are to the buyer.

Given their knowledge of the Western Australian real estate market, coupled with their experience in the selling of different types of property, they are always needed. Here are the benefits of working with a professional settlement agent.

Expertise & Experience

Well-experienced settlement agents offer quality advice and guidance to property owners that want to sell their property. Plus, they also use their expertise to help handle the entire complicated process involved in the property sale.

Also, many experienced settlement agents in Western Australia have functional relationships with relevant government agencies and institutions. This gives you leverage as a property owner and it makes the sale happen faster.

Low Risk And Legal Problems

Low Risk And Legal Problems
Source: Quora-Settlement Agents in Western Australia

Working with an experienced settlement agent in Western Australia makes it easy for you. Given his/her knowledge and expertise in the selling of properties, he/she understands the intricacies and possible problems involved in property sale.

This minimizes your risk of making mistakes or running into legal problems. With a hitch-free process, the sale happens much quicker. This makes you and the buyer finish up the real estate transaction pretty fast. This is one such benefit that property owners desperately need.

Security & Peace of Mind

Knowing you have an expert to handle all the financial and legal complications involved in selling your property gives you peace of mind.

The settlement agent would help review the required documents, liaise with banks and government agencies, manage the funds involved in the real estate transaction and do many other things to ensure your property sale happens as fast as possible.

Compliance With Western Australian Laws & Regulations

Compliance With Western Australian Laws & Regulations
Source: Stage Property-Settlement Agents in Western Australia

Settlement agents also ensure the entire real estate transaction that goes on between the buyer and seller are within the confines of the law. This is done to ensure both parties are secure from legal problems.

This ensures you don’t get into any form of legal trouble.

Constant Communication

One of the things that property owners like about hiring an experienced settlement agent is the fact that they stay informed as things unfold in the real estate transaction.

Settlement agents liaise with real estate agents, banks, government agencies, lenders and surveyors to speed up the transaction process and every step of the way, they stay in constant communication with their clients.

So you see? Settlement agents help in facilitating real estate transactions and they make property sale faster, and hitch-free. Selling a property on your own could come with lots of legal and financial consequences. This is why you need a professional settlement agent.

Significant Stages Of Property Settlement In Western Australia

Here are the most important stages in the realty transaction between the buyer and seller.

Contract Exchange

This is a legal point in the real estate transaction process where both the buyer and seller reach the point of sale. As an intermediary between both parties, the settlement agent receives the signed contracts from them. Afterwards, he/she begins preparing the settlement document.

Property File Pre-settlement Review

The settlement agent then goes ahead to conduct a pre-settlement review of the property file,ensuring all required documents are in order.

Preparation of Settlement

Here, the settlement agent prepares a document which is referred to as the statement of settlement. This document is largely about the financial agreements of both the buyer and seller. The statement of settlement clearly shows the property purchase price, any financial adjustments made, and the amount that’s being sent from the buyer to the seller.

In-Person Settlement Meeting

In-Person Settlement Meeting
Source: Gabrielle Hartley-Settlement Agents in Western Australia

As the name suggests, this process involves both the buyer and seller physically meeting to exchange documents of ownership for cash. The settlement agents of both parties are also present to ensure the transaction goes smoothly.

Post-settlement Activities

Even after the transaction is concluded, settlement agents still carry out other post-settlement tasks such as informing the relevant authorities about the recent change in property ownership, and doing any necessary paperwork.

Bottom Line

Settlement agents are quite essential in real estate transactions. They make property sale hitch-free, legally protected, and with less errors. Selling a property by yourself could get you in a lot of trouble as you may not understand the real estate market alongside the laws that guide property sale.

Do yourself a favour and get a professional settlement agent.

Read Next: HOW TO GUARANTEE A RETURN ON YOUR REAL ESTATE INVESTMENTS

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