What is a settlement agent and why do I need it?

Ever wondered what “settlement” really means? We’ve gathered the most common questions first-home buyers ask about the settlement process to guide you on your journey to home ownership.

What is a settlement agent?

A settlement agent, also known as a convenyancer, is a licensed professional qualified to handle the legal documentation required for buying or selling a home. They act on your behalf and work in your best interest.

A settlement agent serves as a liaison between you, your real estate agent, bank, or broker. They ensure all parties are aligned and have the necessary documents to fulfill contract conditions and complete the settlement process.

The settlement agent will:

Prepare and submit the necessary documents to transfer ownership on the Certificate of Title.




Review the property title, rates, stamp duty, and zoning, ensuring all inspections and contract conditions are met.




Keep you informed on the progress of your home purchase and address any issues that arise.




Oversee the transfer process at settlement.




Finalize the settlement on your behalf.

When do I need to hire a settlement agent?

Once your offer is accepted, the settlement process begins, transferring ownership from the seller to you. During this stage, your finance approval is finalized, and you’ll pay the remaining balance of the sale price. A settlement agent will guide you through the process and help you complete the transaction.

It’s a good idea to engage a settlement agent before signing your contract so they can review and manage any contract conditions upfront.

Do I need a settlement agent?

IIf you’re buying or selling a property, a settlement agent will represent you and oversee the settlement process.

IHandling settlement on your own can be complex, so it’s best to have an experienced professional manage it for you.

How do I choose a settlement agent?

You can choose a settlement agent yourself or ask your real estate agent for a recommendation. However, to avoid any conflicts of interest, it’s best to appoint a different settlement agent than the seller’s.

What is the settlement timeline?

Settlement typically takes between 30 to 90 days, depending on the terms outlined in the Offer and Acceptance (O&A) contract.

If you haven’t secured pre-approval from your bank, this is the time to begin your finance application, as approval must be in place before settlement day.

What are the costs involved in hiring a settlement agent?

The cost of a settlement agent varies based on factors like your loan amount, property value, location, and chosen agent. Fees typically range from $600 to $2,000.

This amount doesn’t include additional settlement expenses such as stamp duty, council rates, or bank settlement fees, so be sure to budget for these costs.

What happens on settlement day?

Settlement day marks the moment you officially become the legal owner of your new home. Your settlement agent will handle the final paperwork and ensure the process runs smoothly.

It’s also the perfect time to celebrate your new status as a homeowner!