When signing an offer and acceptance there are many places on the document that you need to sign for example – to acknowledge that you have received the Joint Form of General Conditions. Another part that both sellers and buyers have to sign is in relation to appointing a conveyancer/settlement agent. Many people haven’t thought of this prior to being asked, so it’s a good idea to be prepared.
The settlement agent plays a crucial role in making the transaction happen. Once an offer and acceptance is completely signed this is sent off to the settlement agent of both parties so they can start work on arranging the signing of documentation. They complete many tasks such as adjustments of rates and taxes, signing of transfer of land documents, variety of searches plus make sure the transaction of funds happen on settlement day.
There are many settlement agents to choose from both locally and in the metro area so my advice is speak with a variety of them, ask for a price/quote, find out how experienced they are and what service they provide or speak with someone you know that has gone through a property settlement recently. They will soon tell you if they had a good or bad experience. It’s important to select someone that provides good communication to both you and your real estate agent. A bad settlement agent can cost you time and money. And having seen many, many settlements I have seen that happen.
