When you buy a house, it needs to go through the settlement process before the title if officially transferred into your name. But this process can be challenging without professional expertise. This guide is designed to help you consider certain factors before choosing an agent for your home settlement.
Make Sure You're Comfortable With The Communication Process
Regular communication is vital between you and your conveyancing agent, as it's easy to miss important information that can threaten a smooth settlement. For example, failure to communicate suitably with the selling party will create confusion regarding the specific moving out date and key handover process – even after settlement is complete. Similarly, if your agent fails to communicate with the bank regarding your desired settlement date, then you'll find yourself needing to settle on an alternative date, which may not be convenient to you. A good agent ensures regular communication between you, the seller's real estate agent, your lender and the selling party, so that there is no room for ambiguity when it comes to moving into your new home after settlement is complete.
Make Sure The Agent Understands Your Individual Situation
Every property transaction is different from each other, so you must choose someone who understands your individual situation. For instance, if you are buying an off-the-plan property and have some specific finishes and flooring conditions, your agent needs to make sure that these items are included in the final settlement contract. Similarly, if you are planning to travel out of town during settlement, then your agent will need to ensure that all your documentation is well in place before you set off, so that there are no issues during settlement. Every detail that can affect settlement must be considered, especially if they end up costing you money.
Make Sure The Agent Is Thoroughly Across Your Settlement
Conveyancing agents can make mistakes if they don't pay enough due diligence to your settlement. For example, they can end up lodging transfer of land or business duty over three months after the liability arises, which could result in preventable penalties for you. Similarly, confusion regarding your cooling-off period rights or failure to detect cooling-off waiver clauses in the contract can put you in a precarious financial position if you decide to back away from the purchase. Your agent must be in a position to pay specific attention to your contract.
Settlement agents need to ensure that your property transactions go through smoothly with minimal difficulty for you. Follow these detailed attentions when selecting one for your needs.