Settlement Agent

Why you need a settlement agent

A settlement agent attends to the important final stage in the sale or purchase of a property, which involves the orderly transfer of the legal title from the Seller to the Buyer. The balance of the purchase price is paid and any other outstanding matters are attended to. Some of the functions of the settlement agent are:-

• Searching land titles and checking encumbrances
• Arranging for the discharge of encumbrances
• Inquiring with local council and government departments about rates, taxes and water consumption so that payment for the current year is shared between the seller and buyer, and each authority is notified of the change in ownership
• Preparing the legal documents for settlement
• Ensuring special conditions relating to the contract have been attended to
• Arranging payment of duty and other fees
• Attending settlement on behalf of the client, where the exchange of documents and purchase monies takes place