A Settlement agent and a Conveyancer are the same thing. The names used for the role may vary between states, but both are responsible for the same things during your settlement process.
What is the difference between a Settlement agent and a Conveyancer?
What does a Settlement agent/Conveyancer do?
In short, a conveyancer is responsible for the legal transfer of your property – into your name if you are purchasing, or into the buyer’s name if you are selling.
It involves dealing with various parties, including:
- Your mortgage broker
- The lender
- The real estate agent or land developer
- The other party’s settlement agent
- Any council or government departments
The conveyancer uses their experience and expertise to ensure your settlement occurs smoothly and on time.
What is ‘Settlement’?
Settlement is the day and time that both conveyancers meet with the seller’s lender and the buyer’s lender with all the documentation necessary for the legal transfer of ownership. Essentially, settlement is the moment of exchange, after which you either officially own or no longer own a property, depending whether you are the buyer or seller.
How do I appoint a Settlement agent?
If you’re working with a Resolve Finance mortgage broker, the process couldn’t be easier. As soon as your mortgage broker has a copy of your contract of sale, they will send the documentation through to us and we can start the settlement process – because we work in the same office!
If you aren’t using a Resolve Finance mortgage broker, simply give our name and contact details to your real estate agent or land developer when you sign the contract. They’ll send the contract through to us, and we will get in contact with you to get the process rolling.
What is a property Title?
The name for a property title may differ between states; a land title is the record of ownership for a piece of land or home. Land titles are registered and maintained by the government in your state to record ownership of property in one localised place.
Therefore, you officially own your property when the title has been changed into your name, and have officially sold your property when the title has been transferred into the buyer’s name.
Do I need to meet my Resolve Conveyancing team member or come into the office?
If you are selling a property we are legally required to identify you, meaning that you would need to come into our office.
In some states, the buyer also needs to be identified – if you’re buying you can come into our office, or if it’s more convenient, go to your local Australia Post to be identified.
After that, most of our correspondence is by phone and email, although you’re always welcome to come and meet with your settlement agent at any time. We can also arrange our meetings to coincide with your Resolve Finance mortgage broker appointments to make things easier for you.
How long does it take for settlement to happen?
The length of time it takes to settle on a property depends on a number of factors such as finance, land title releases, other properties that may be involved, and requests from both parties involved.
The settlement date is generally decided when you sign the contract of sale, and your conveyancer will work to that date. That may be as soon as 14 days and up to many months later if you’re buying a block of land that is not yet titled.
What is a simultaneous settlement?
A simultaneous settlement is where the settlement for the sale of your old home and the purchase of your new home happen at the same time. When this occurs, you don’t have to worry about finding a rental property while you’re waiting to buy, and you don’t have to pay a mortgage on two properties at the same time.
If you are looking to perform a simultaneous settlement, it is important to let your Resolve Legal conveyancer know, as there are further items to arrange to ensure the process happens smoothly.