Settlement agent acting for buyer and seller

[INVSTOR]

If your settlement agent for purchasing property advised the seller also wanted them to act on behalf of sale of property and gave you a choice whether to allow them or not, what would you choose?

 

[D.T.]

I'd tell the other party to get lost and find their own. Definitely don't want them representing both sides.

 

[Lil Skater]

I'd tell the other party to get lost and find their own. Definitely don't want them representing both sides.

+1

It's good they asked/informed you though!

 

[Ausprop]

odd for them to even consider it. I sued one that acted for both sides. The excess on the claim (with their liability insurer) is much higher if they act for both sides and that's just the start of their probems

 

[Ed Barton]

In 99% of cases you'd fine with the same firm representing seller and buyer. It's the 1% that would make me worry.

 

[Peter_Tersteeg]

I've seen this a couple of times and never had a problem. In most transactions someone wants to buy, someone wants to sell and everyone works to make that happen.

That said, if something did go wrong this would create a serous problem. I wouldn't go for it.

 

[Perp]

Absolutely not, barring some exceptional situation such as a very remote location with only one settlement agent, or you both spoke, say, Vietnamese as a first language and both wanted the only Vietnamese-speaking settlement agent around.

 

[lazibones]

+1

It's good they asked/informed you though!

They are required by law to inform you. I have used the same agents a few times with out a problem it can make it a lot smother. I am not going to change a very good, trusted and convienantly located solicitor just to appease some whinger.

 

[INVSTOR]

Ok, thanks. I did opt for not letting them. It is an awkward situation, hopefully sellers and agent aren't offended by my decision. Agent recommended settlement agent to us, most likely to seller also, although I'm already using the agency co-incidentally for the sale of another property so I acted quickly on choosing them.

 

[Ausprop]

it would probably be fine acting for both sides, however if you are taking a blase attitude you may as well just give it ago yourself. I do all my sale conveyances myself because as long as I get the right funds that's all I care about.

I think you made the right decision and who really gives a stuff about the REA, conveyancer or Seller?

 

[knightm]

Ok, thanks. I did opt for not letting them. It is an awkward situation, hopefully sellers and agent aren't offended by my decision. Agent recommended settlement agent to us, most likely to seller also, although I'm already using the agency co-incidentally for the sale of another property so I acted quickly on choosing them.

I think you did the right thing. I wouldn't want them acting for both parties as the transaction is inherently adversarial (not that its a fight, but haggling over clauses etc, most clauses are clearly in favour of either the vendor or the purchaser, so I want my solicitor to be arguing for as many in favour of ME as possible)

I doubt anyone will be offended, it would be so common in the marketplace for people to have to make this decision, my blanket advice would be keep it clean, keep it separate.