If you’re looking to sell or purchase a property on your own without the help of a seasoned, professional settlement agent, you may run into a myriad of problems. Why? You need someone who understands Perth’s real estate market and virtually all the legal and transactional complexities involved in buying and selling properties.
Fortunately, the Perth settlement agent by Rezzi is here to make your property sale or purchase much easier. Indeed, property transfer can be a tedious process- the paperwork, deadlines, and many other related problems could really get in the way, but with a well-experienced settlement agent, it’ll be hitch-free for you.
In this article, you’ll discover why you need a settlement agent to make real estate transactions much easier for you.
What Are The Key Roles of A Settlement Agent?
The settlement agent is involved in the legal, and legal aspects of property settlement and they help in ensuring the transaction goes pretty smoothly. If you’re looking to represent yourself in a property sale or purchase as a cost-saving medium, you may likely experience some problems.
The roles or functions of a professional settlement agent include:
Legal Roles
Settlement agents carry out some legal activities for property buyers and sellers. These activities include:
Legal Documents
Settlement agents help in the drafting and reviewing of legal documents that concern the sale and purchase of properties. Such documents include transfer forms, contract of sale, and the like. This helps ensure the transaction is free of legal problems.
Verification of Ownership
Before purchasing a property, it’s essential to verify its ownership and this is exactly what settlement agents do. This is done to ensure buyers aren’t buying from a scammer.
Working With Lawyers
As mentioned earlier, settlement agents are involved in the legal process involved in property purchase and sale.
The Financial Roles
Settlement agents handle the financial activities involved in the settlement process. Here are the things they do for buyers and sellers.
Funds
Settlement agents hold all the funds involved in the transaction until both parties reach an agreement. They also calculate the amount of money spent so far in the process and ensure the seller gets the agreed price.
Fund Disbursement
The settlement agent is also in charge of settling debts, mortgages, and other related fees with the money he gets from both parties.
Escrow Account Management
The settlement agent is also in charge of all funds spent during the settlement process. He/she holds all the money in an escrow account. Once the term’s been reached by both parties, the seller is paid
Communication Roles
Settlement agents are always in touch with their clients. They keep them posted about how the process goes. They do the following.
Stable Communication With Those Involved In The Process
Settlement agents always stay in touch with lenders, real estate agents, and the like to allow for faster real estate transactions. Once they make some progress, they inform the buyer and seller of the property. This ensures both parties are on the same page. If you think you don’t need a settlement agent, you may run into many roadblocks.
They already have an active relationship with lenders, real estate agents, and many related individuals which you may not have.
Settling Disputes
Settling disputes between buyers and sellers is also a settlement agent’s job. The settlement agent ensures both parties come to terms and get what they want at the end of a real estate transaction.
Professional Roles
The professional roles of settlement agents include:
Protection of Interest
Staying transparent to both the buyers and sellers of properties is the professional duty of a settlement agent. Plus, settlement agents know what both parties want and they ensure their interests are protected.
Keeping of Records & Drafting Reports
Settlement agents keep records of every transaction that takes place during the property settlement process. They also use these records to draft reports which is a legal requirement.
Advice & Expertise
Given the wealth of experience that settlement agents have, they can offer buyers and sellers advice on how to buy or sell properties. They have an understanding of the real estate market, the laws that guide the real estate industry, and the market trends.
These factors make them professional enough to help you.
Guidance On Helping You Make Informed Decisions
Settlement agents have access to the current market conditions of the real estate market. Thus, they are in a better position to advise you from their wealth of knowledge.
Post-Settlement Process
Even after real estate transactions are concluded, settlement agents still help both the property buyer and seller, ensuring there are no other problems that arise.
Conclusion
Yes, settlement agents are important in property sales and if you want to have a hitch-free transaction, you should hire a professional one. It’ll make things very easy for you.
