IN Settlement Agents

Heard about the fellow who came home from holiday to find his house had been sold?

Thanks to changes in legislation, a seller’s identity must now be verified before a property can be registered to new owners.

The goal of this new regulation is to prevent scammers from fraudulently selling property.

That’s just one of the interesting facts we garnered from Liz Earnshaw, principal settlement agent at Sure Settlements.

Ms Earnshaw explained to us exactly what a settlement agent does.

“The main task of a settlement agent is to get a property legally transferred, most commonly from the seller to the buyer under a contract of sale,” she said.

“But it can also be in the case of a marriage split, deceased estate, refinancing or other circumstances.”

From speaking with real estate agents and banks to liaising with solicitors, finance brokers and other interested parties, a settlement agent ensures the entire settlement process runs smoothly.

Ms Earnshaw highlighted how a small oversight can cost big if settlement is not conducted correctly.

“Being a settlement agent involves attention to detail, for example, a misspelt name can mean settlement does not go ahead, which results in extra costs for the client and inconvenience,” she said.

A settlement agent cannot provide clients with legal advice, and doing so could result in their license being revoked.

Ms Earnshaw recommends searching for a settlement agent that has an independent, in-house legal counsel or access to  legal advice.

Also consider whether your settlement agent is a member of a professional association such as the Australian Institute of Conveyancers WA (AICWA).

To speak with Ms Earnshaw contact (08) 9274 0544 or email liz@earnshawlawyers.com.au.