Property transactions aren’t easy to do on your own, and if you’ve been thinking of doing it yourself for a while, you may run into lots of problems. The real estate market of Perth, West Australia, is quite complicated, and it’s even more so for first-time property buyers and sellers.
It’s best you work with a settlement agent to buy or sell properties if you don’t want to experience hitches that could delay the settlement and attract financial consequences. Let a professional settlement agent do the busy work for you.
In this article, you’ll discover more about Perth settlement agent and the important benefits of hiring one.
Benefits of Hiring A Perth Settlement Agent
The benefits of working with settlement agents when buying or selling a property are numerous. Here are some of the ways they make property settlements easy.
Simplifying Intricate Legal & Financial Processes
Have you ever held a personal conversation with a settlement agent concerning his/her job roles? Property settlement transactions can be quite complex. Thus, it requires someone with a wealth of experience in the real estate market to successfully buy or sell properties.
This is exactly what a settlement agent does for you. He/she does the running around, ensuring the settlement process is concluded well and quicker.
Legal Compliance
Of course, you must abide by Western Australian laws when carrying out property settlement transactions and a settlement agent ensures both the buying and selling parties comply with the laws.
Professional settlement agents know all the laws guiding real estate transactions. Thus, you’ll need one in your corner when buying and selling a property. This will ensure you don’t break any laws that could attract penalties financially or otherwise.
Financial Management
Settlement agents are also in charge of managing the financial resources involved in settlement transactions. They collect the required fees from both parties, disburse payments for stamp duties, taxes, and do many other financial activities.
Communicating With A Network Of People & Institutions
Of course, if you’re looking to buy or sell a property, you want it done well and as soon as possible. This is also the job of the settlement agent. He/she facilitates the settlement process by staying in constant communication with buyers, sellers, real estate agents, government authorities, and some financial authorities.
This could be quite tasking if you try to do this yourself. Besides, it’ll even be tougher if you don’t have a functional relationship with people in these institutions. Professional settlement agents have been in the property settlement business for quite some time and as such, they know those they can contact to make your property purchase or sale pretty fast and easy.
Client Advocacy
Settlement agents also represent and protect the interests of their clients. They let the other party’s settlement agent know the interests of their clients. This ensures their clients are satisfied when the settlement process is concluded.
Post-Settlement Activities
Settlement agents also do some other activities after the property buyer and seller have concluded the settlement process. If there are funds to be disbursed to some financial institutions, they do that.
Disadvantages of Not Working With A Settlement Agent
If you carry out property settlement transactions on your own, there’s a high tendency that you’ll run into a lot of problems. Problems such as:
Delays
Without a settlement agent to handle and facilitate the entire property settlement process, it’ll be pretty slow for you. And without the knowledge of Perth’s real estate market and how to handle all the legal and financial requirements, you could get into some problems as well.
Unresolved Conflict
Settlement agents play a major role in resolving any conflict that occurs between the property buyer and seller, but in the absence of one, disputes can lead to an unsuccessful settlement. This could also cause delay or even abort the possibility of ever dealing with the same seller or buyer again.
Financial/Legal Consequences
If you think hiring a settlement agent is costly, try handling your property settlement transaction by yourself. There’s a high chance you’ll run into financial and legal problems. This is exactly why smart property buyers and sellers hire settlement agents to represent them in their real estate transactions. It saves them time, makes them avoid potential pitfalls, and makes it quite smooth.
Worry
Knowing there’s a professional who handles the financial and legal requirements involved in your settlement transaction keeps your mind at ease. On the other hand, if you decide to do it yourself, you could make mistakes and this could make you anxious and worry about many things.
That’s why you need a professional settlement agent to handle your property settlement process for you.
Conclusion
A settlement agent is quite essential in real estate transactions, and if you don’t hire one to help facilitate your property purchase or sale, you may experience lots of problems and this could attract consequences and delay the purchase or sale.
