Have you ever wondered what actually happens on settlement day and what duties your settlement agent will complete other than the call you receive to let you know your property has settled? The answer depends on whether you are the buyer or seller as that determines the action your settlement agent will take on your behalf.
If you are a seller, one of the first things your settlement agent will do is confirm your ‘loan payout amount’. This is important because your agent needs to get in contact with the buyers’settlement agent to advise who the check needs to be made out to and for how much. Banks have strict cut off times with regards to receiving cheque directions and if the sellers bank sends their payout figure to the settlement agent after the cut off time, the settlement will be delayed until at least the following day.
Once the cheque directions are sorted, your settlement agent will perform a final check search that tells us if there’s been any last minute changes on the title. Where fresh activity is identified – usually the lodgment of a caveat – we’ll need to deal with it before settlement can proceed.
After that, a final audit of the file will be prepared by a licensee and your settlement agent will put together a settlement packet for you. Settlement will take place, usually at the buyers bank and a few other processes will take place.
As you can see, the road to settlement, even on the day can be bumpy and full of set backs. But don’t fret, your settlement agent is there to take care of that process on your behalf.
For any residential/house settlement services in WA, feel free to get in touch with our friendly team today.