Residential & Commercial Property Settlements
Our expert Settlement & Conveyancing Lawyers will provide you with a successful and stress free settlement process
Brook Legal | The Will and Probate Centre specialises in drafting and amending wills, obtaining grants of probate and letter of administration, powers of attorney and completing residential and commercial settlements.
What is Conveyancing or a Settlement?
Conveyancing or the process known as Real Estate Settlement is the legal transfer of a Certificate of Title of land or the transfer of real estate from one person to another. In most cases a mortgage (loan) is also granted which in effect is an encumbrance against the Certificate of Title.
A typical settlement/conveyancing process includes two parties entering into a contract for the sale of land by signing an offer and acceptance agreement for the sale and purchase of land. Monies (the purchase price) will be paid at settlement in exchange for an unencumbered Certificate of Title, documents registering the transfer will then be lodged with Landgate onto the Register of Land Ownership.
It is important that the buyer of property ensures that they obtain a good and marketable ‘Title of Land’ document. They need to ensure that the seller is entitled to sell the property and that there are no impediments or other factors that would impede on the sale of the property, such as a Caveat, Mortgage, or Restrictive Covenant giving notice of an encumbrance against the property.
What are the benefits of using a solicitor as your Settlement Agent during the Settlement Process?
Reasons why people use a solicitor for settlements:
- Reviewing the Contract for Sale and ensuring all legal impediments are removed and other requirements are covered.
- Preparing all necessary settlement documents correctly (as required by the law), i.e. Transfer of Title, EAS2, Settlement Statements.
- Liaising with banks and other settlement agents acting for the other party to ensure that all documentation provided by them is correct.
- If necessary preparing a discharge of mortgage and other important legal documents if a mortgage is in place to complete and allow settlement to occur.
- When unforeseen circumstances arise during the settlement process, a resolution can be put into effect swiftly ensuring that there is no detriments to the process.
Many people believe that settlements can be completed by themselves as there are no legal obligations to hire a settlement agent, however there a number of steps that need to be completed correctly before the settlement occurs. The use of a solicitor as the Settlement Agent is extremely beneficial as not only do they ensure that legally all steps and documents are completed correctly but also the vast experience in these matters is invaluable to the success of the process.
How can The Will and Probate Centre help?
As there are many steps and documents to complete during the conveyancing/settlement process, ensuring that all these items are completed correctly, the first time, is paramount when buying or selling a property. Our team of expert lawyers will be able to help you complete your residential or commercial settlement first time without hassles ensuring that all correct documents have been completed correctly.
Brook Legal | The Will and Probate Centre provide a discount on the Settlement Agents Scale of Fee, whilst still providing the most efficient and effective service available.
For further information about both Residential and Commercial Settlements, please contact us on (08) 9287 1855.