Delay In Client Or Agent Appointing The Settlement Agent
With every contract, time is of the essence, and we find that if the buyer or seller takes time to appoint a settlement agent, that delay could cause to be very costly.
Sales agents should ensure their contracts have settlement agents appointed as soon as possible, and avoid TBA.
As a buyer, the client has deadlines to be registered for stamp duty obligations, and a common fault of “off-the-plan buyers” is that they think nothing has to be done for years whilst the property is under construction.
As a seller-client, there could be a caveat on the title that they are not aware of which could take time to come off, and if delayed, will eventuate in the seller not being ready to settle on time and be open to be charged a penalty interest.
Experienced agents will assist in the choice of a good settlement agent, don’t leave it to chance, this is the salesperson’s opportunity to recommend an experienced operator.