Published on Thursday, 6 April 2017 at 12:00:00 AM

This is necessary to fully understand the nature of the transaction and to anticipate any problems that may arise during the settlement process.

A settlement agent who does not ask questions and simply provides a quote based on the amount of the transaction, may experience problems during the process which could cause settlement to be delayed beyond the due date, and cause you to incur penalty interest for late settlement.

Your settlement agent should ask you questions like:

Will you be going away on holidays or be residing in a remote location for work related purposes (FIFO), during the settlement period?
If you are acting in the capacity of Attorney for the buyer or the seller under an Enduring Power of Attorney, has the EPA been registered at Landgate?
If the Title for your property is not mortgaged, can you confirm the exact whereabouts of the Certificate of Title?
Have you sought advice from your Taxation Consultant as to what name to purchase the property in?
And this is just a small example of the questions which need to be asked.

If you have already signed an Offer and Acceptance Contract and the timeframes for critical dates appear unrealistic (e.g. latest date for finance approval, termite inspection, settlement date), your settlement agent should seek an extension or variation to the contract on your behalf.

As a Certified Practicing Conveyancer, Sanford Settlements may be one of the very few property professionals whom you appoint to act solely on your behalf.

Please do not hesitate to contact Sanford Settlements on 9964 1525, to obtain an obligation free proposal.

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