You’ve saved your deposit (apparently it takes three years for a couple to save $94 000; the deposit required for a median priced home in Perth) and you’ve spotted a house you would like to buy when a friend asks, “So, who’s your settlement agent? I hear you should choose one before you choose your house.”
In reply you calmly say, “No problem. All under control.” When your head is screaming, “A settlement agent. What the … is a settlement agent, and why do I need one?”
Unless you have purchased some land or property previously you may be in the same position of not really knowing what a settlement agent does and why you need one when buying a home.
A settlement agent or conveyancer (yes, they are the same thing) can help you with the process of buying your home. Put simply, conveyancing is the legal process of transferring the title of a property from one person to another. They prepare, execute, verify and lodge numerous legal documents on your behalf; at the right time and with the right people. This ensures that come settlement day everything is signed, sealed and delivered on time and the property is transferred to you.
Conveyancers conduct proper investigations, inquires and searches on your behalf, making sure you are informed of such things as;
• The title of the property
• Proposals by government departments
• Illegal buildings and;
• Outstanding rates
“Ahhh”, we hear you say, “But, couldn’t I do that myself?”
Yes, you can but it’s not recommended. Employing a professional conveyancer will;
• Protect your interests
• Be your advocate
• Keep you informed at every step of the settlement process
• Ensure you can exercise your rights and meet your responsibilities
This will save you a lot of time, money and heartache in the end. After all buying a property should be a positive experience not a stressful one.