A settlement representative arranges the transfer of legal ownership of a property from the seller to the buyer.
This includes:
- arranging the transfer of the title;
- liaising with banks to discharge or register a mortgage on the title;
- notifying the local authorities of the change of ownership;
- verify the identity of the parties; and
- adjust the rates and taxes.
A settlement agent can be a conveyancer or lawyer. Both are qualified to complete settlements.
