The Top Four Checklist Items Your Property Settlement Agent Will Go Through
Property settlement is a complex legal process involving yourself, your settlement agent, the buyer/seller, their settlement agent and the bank. The process can sometimes feel overwhelming and complicated but your settlement agent is there to guide you and help you through the process. They will go through this check list to complete settlement on your behalf.
- Ensuring Any Existing Mortgage is Paid off
The settlement process cannot be completed until any existing mortgage is paid off so your settlement agent will work to ensure this is completed before things can progress.
2. Ensuring Any Caveats on The Property are Lifted
A caveat can be used for many reasons. Typically, a caveat will tell others that someone else has an interest in the land or property for one reason or another and this restricts any action being taken on the title of land. Until a caveat is lifted, settlement cannot be completed.
3. Ensuring All Clauses on the Offer and Acceptance are Fulfilled
One of the best reasons to use a settlement agent is that they are experienced in dealing with settlement documentation including sorting through the clauses on the offer and acceptance which can sometimes be confusing for buyers/sellers. It’s best to let your settlement agent deal with this, if there is any issues regarding clauses, they will advise you.
4. Register the Transaction with Landgate to Make the Transfer Official
Landgate is a statutory authority known as Western Australian Land Information Authority (WALIA). In WA, conveyancers and settlement agents are now required to registers transactions through Landgate in order to make the transfer official.
Fore more information about the property settlement process or to use our services, get in touch with us today so we can help!