What are the different roles of a settlement agent, real estate agent and a mortgage broker when purchasing a property?
The settlement agent-
This is who completes all the legal documents that change the name from the previous owners to your name. They also organize and attend the settlement to make sure all the correct money, amounts and paperwork changes hands.
The real estate agent-
They help you find a property that you love and assist you in complete the contract or offer to purchase. Remember, they do get paid a commission by the seller, so they are legally acting in the SELLERS best interests. The real estate agent also does a final inspection with you closer to the settlement dates. This is so you can make sure everything is in working order.
The mortgage broker-
They help you arrange the finance to purchase the property (They also arrange finance for other things too!). When buying a property we guide you through the many different policies and the niches of each bank. They advise the best lender & product to suit your unique needs, complete loan application forms, collect all the information we require and submit the application to the bank on your behalf. They liaise, negotiate and mediate to get the loan formally approved for you.
At M Finance, we also go the next step to explain and sign all of the documents with you. We also liaise with the settlement agent and bank to get the loan settled. M Finance sees you all the way up to when you collect your keys and can move in! Mortgage broker’s roles don’t stop there as we are here to help anytime during the life of that loan with any queries you may have, such as interest rate reviews.
If you’ve got any questions, please do not hesitate to give Fiona a call on 0412411823!
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.