Are you looking to buy a house? Have you found one that suits your needs and fits your budget? The next procedures are the tedious ones which include checking the property documents are in place, the seller is genuine and transferring the property into your own name.
Similarly from the seller’s point of view, he needs to verify your identification, your financial ability to pay the entire purchase amount along with getting the paperwork in place. This whole process of getting property documents in place along with change of name is under the domain of property settlement.
Definition of property settlement
Property settlement can be defined as the process that is entailed to transfer property from one owner to another. It might seem like a simple and straightforward process. But the mandatory procedures and regulations make the process tedious, difficult to comprehend and time consuming too. That is why there are settlement services that can be availed to ease the burden off your shoulders and save precious time. Such services have experts with the required knowledge who can take care of all the complex procedures and regulations.
However, to be sure that you opt for the right property settlement agents, it would help to have a checklist ready to know what all tasks will be handled and taken care of by the property settlement agents.
Process of property settlement
● The first step is to choose the right settlement agent who has your best interest at heart.
● The agent or the settlement firm thoroughly studies and carefully reviews, both the offer as well as the contract of acceptance.
● The contract wordings must be clear and concise because they have a huge impact on the further settlement of the contract.
● The contract must also has the actions that need to be taken, mentioned clearly and also clarify as to who will be responsible for the actions. This, in turn, will reduce the chances of disagreements and any causes for delay in the future, between the two parties.
● Once the contracts have been received by both the parties, the settlement agents need to obtain an Authority to Act form from you, in order to conduct the settlement and conveyancing process on your behalf.
● Next, the settlement agents will need to follow up with you on any special conditions, both in the offer document as well as acceptance document.
● The next process undertaken by the agents or the firm is to search for and procure all the related and relevant documents.
● This followed by the complex task of preparing all the unconditional documents that are needed, some of which include Transfer of Land, Identification of Certificate of Identity and Encumbrances and Stamp Duty Application form.
● An estimate of the settlement is prepared, post which an electronic Advice of Sale is submitted to related authorities, like local government authorities, revenue board, water corporation, to name some.
● The taxes and rates applicable are also studied and taken care of.
● After all of this a final statement of the settlement is prepared which needs to be stamped and signed by you to further undergo the final process of property settlement.
Given the time consumed for the entire property settlement process and its complexity, services that handle the task are a boon.