Settlement Agent vs Conveyancer

What is a settlement agent? What is a conveyancer? Do I need one? Or both?

Some common questions for those buying property, particularly first home buyers getting into the market.

So…Let’s start from the beginning. Let’s say you’ve bought a block of land in Vasse or a home in Abbey, for example.

From here, there are typically conditions on the Contract of Sale that need to be met, like the finance condition or termite inspection etc. Once all of those conditions are met, funds will change hands on a nominated date and time and you officially become the property owner - this is the process known as settlement.

Someone needs to collect the money (from you or the bank), distribute that as per the contract and complete the required documents to formalise the change in ownership.

A settlement agent manages these things in a process called conveyancing. Like seller and vendor, purchaser and buyer, settlement agent and conveyancer are the same thing – a conveyancer sees your property to settlement.

A settlement agent isn’t a lawyer. However, they will tell you if and when legal advice is needed, so you can contact a lawyer in the very unlikely event you need to.

Do I need a settlement agent? In short, no. You can represent yourself throughout settlement process. While it is possible, it may not be the best idea as there is a lot involved in the settlement process. We always recommend leaving it to the experts.

Property purchases are significant transactions in a highly regulated industry. Conveyancing can be a time consuming and tricky business if it’s not your day job.

Can a lawyer settle my property for me? Yes, providing they have a current registration. It does not mean it is necessary though.

What is necessary is that you nominate a conveyancer and provide them with your contract shortly after you’ve signed it.

You’ve got to lodge your contract with the Office of State Revenue for Stamp Duty assessment within 2 months of signing it, and this is something that your settlement agent will generally do for you. Selecting one promptly ensures this happens seamlessly and avoids any fines for late lodgement.

It’s also necessary to use a WA based settlement agency to act on your behalf when purchasing in WA.

Buying and selling is all about you! So, if you need a hand selecting your settlement agent, a.k.a conveyancer, let us know. We’ve got a list of local Busselton settlement agents, as well as others from out of town, that we can recommend to you.

Our sales team work closely with your settlement agent to ensure the sale to settlement process is as smooth and stress free as possible.

All you have to do is tell us which conveyancer you would like to use and we will work with them to do the rest!

Source: Department of Mines, Industry Regulation & Safety, updated 2 July 2018, Department of Commerce. 16 October 2018, https://www.commerce.wa.gov.au/consumer-protection/settlement-agents