Why You Need A Settlement Agent

Thinking of buying or selling a business or property?

Not all settlements are straight forward and it is often that there are multiple parties involved. It is always recommended that a party buying or selling a business or property engage a settlement agent to ensure that the transfer of the business or property is completed efficiently and correctly.

A settlement agent is there to simplify the process and do the leg work for you.

For example, documents for transfers of land must be completed correctly for the transfer to be registered with Landgate.

If the documents are completed incorrectly or supporting evidence was not provided Landgate will issue a requisition notice for the error to be rectified and additional filing fees may be payable to correct the error.

A settlement agent will ensure that all documents required to effect the transfer of land are completed correctly and any additional evidence provided in the first instance to avoid any additional costs.

Another example is when buying a business – depending on the nature of the business you are buying you will need to ensure that you have the relevant licences to ensure that your business is compliant with governing regulations and laws.

If you are buying a restaurant which serves alcohol, a business settlement agent will assist you by preparing and submitting the applications for any food and liquor licences to be transferred to you on the day of settlement to ensure there are no compliance issues when you take over the business.

To enquire how our property settlements team can assist you, please don’t hesitate to contact us at info@lotus-legal.com.au or on (08) 9305 9529.

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