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Settlement Agents

On the second page of the offer you will be asked to choose a settlement agent. This step takes many first homebuyers unawares. Most don't know what a settlement agent is and why they need to choose one.

Your settlement agent will assist you in the purchase of your first home, this process may start initially with you nominating a settlement agent or conveyancer on the back or second page of the offer and acceptance form. You will not be bound by this choice though, it is a good idea to use a well established or known settlement agent. Most Real Estate agents will have a settlement agent they use and recommend, it is a good idea to get a price from their agent and do some research of your own on price, also find out how long they have been operating for.

Once you have nominated and told them of your choice they will send you out a certificate of appointment, this will allow them to act on your behalf in the property transaction. Their role is to make sure there are no restrictions on the land, calculate what is to be paid to councils, water authority, body corporates etc and to arrange and effect the properties transfer of ownership, to advise all relevant parties that that transfer has taken place, so councils and other authorities know you are the new owner. They will also collect the deposit paid to the Real Estate agent and any funds you need to contribute to the deal, to allow the settlement to take place.

They should keep you well informed and abreast of everything throughout the transaction, to speak to a professional Settlement Agent please click here.

The 7 steps to buying your first home