NAVIGATING PROPERTY TRANSACTIONS: THE ROLE OF SETTLEMENTS AGENTS

 In the world of real estate, where every property transaction is a unique journey, there exists a quiet yet pivotal figure, often working diligently behind the scenes to ensure buyers and sellers experience a streamline yet seamless outcome of their property settlement. We are talking about none other than your settlement agent.

Whether or not you are a first homebuyer, a seasoned investor or someone that has bought and sold numerous times, here are some commonly asked questions and handy tips for the next time you engage a settlement agent to stand by your side in the quest for your perfect property.

What do settlement agents do?

They ensure that the transfer of property ownership between the seller and the buyer is completed correctly, by searching the title, preparing all the required paperwork, verifying identity to avoid fraud and handling of all the financial aspects of the transaction.

What qualifications does a settlement agent need?

Settlement Agents are required to hold a license, no different to a Real Estate Agent. They have to go through extensive study and are required to work within the industry for a number of years before they are able to apply for a license. This is granted by the WA Department of Mines, Industry Regulation and safety (DMIRS).

Can I do my own settlement without a licensed agency?

Sure, it is legally possibly to do your own settlement, but the complexities of the role has evolved over time and a settlement agent’s expertise can save you time and prevent costly errors. They are aware of the intricacies associated with the process and in turn can do tasks more promptly, above all have all the insurances in place to mitigate risk.

What are the fees for settlement agent services?

Most settlement agents works on a scale of fees relevant to the price of the property, the reasoning behind this is a settlement agents insurances are based on the value of properties each year. If you are comparing “apples with apples” as most consumers do, look out for fees such as postage and petties, electronic storage fees and privacy/ compliance charges, but the only fee you can really compare is the Professional fee amount as most other fees are government charges which will not vary from agency to agency. We highly recommend you picking up the phone and speaking to an agent, as a settlement is not a cookie cutter process, allow a settlement agent to discuss your contract or circumstance and quote accordingly, the cheapest is not always your best option.

Communication

Clear Communication ensures that all parties involved in the property transaction understand their roles and responsibilities, this reducing risk. A property settlement involves multiple parties such as real estate agents, lenders, contractors and government authorities. A great settlement agent ensures that all lines of communication are open to ensure all details of the transaction are transparent ensuring everyone is on the same page and working together harmoniously.

Client Satisfaction & Recommendations

A Settlement agents biggest advocate are their stakeholders and clients, if they ensure the above points are covered then this instils confidence in the process and reduces anxiety related to the transaction. Highly recommend looking at a settlement agents Facebook or google reviews, this is real honest feedback directly from clients about that agency. Once you have read about an agency we would encourage you picking up the phone and seeing if you have a connection the agency, “gut feeling” speaks louder than words.

By making informed choices and working closely with professionals in your real estate journey plays important factors in weighing up your decision on who to use through your settlement process. Selecting the right person is more than considering cost, it is equally as important to ensure reputation, communication skills and their willingness to embark on your journey.