Separation

Property settlement during separation involves a systematic process to divide assets equitably between the parties involved. If the property is to be retained by one party, arrangements for refinancing or discharging any existing mortgage must be concluded. Alternatively, if the property is to be sold, settlement agents handle the coordination of sale processes, ensure stakeholders are notified, and verify that the transactions comply with legal standards.

Throughout the process, maintaining transparency and ensuring compliance with all regulations are crucial to avoid disputes or complications. Settlement agents liaise between financial institutions, lawyers, and other relevant authorities to finalize the settlement and record the updated ownership or sale. Once the funds are distributed and all obligations met, the final documents are lodged, completing the separation agreement and ensuring a seamless transition in ownership or financial arrangements.

Below is a step-by-step guide outlining the standard process for property settling under Family court order/financial binding agreement.

Role of Settlement Agent

• Instructions received, determine the arrangement: decide whether the property will be retained by one party or sold.
• If retained, refinance or discharge any existing mortgage; if sold, coordinate sale processes with other stakeholder e.g. real estate agent, mortgage broker, mortgagee on title, other settlement agent.
• Required documents prepared and sent to applicant & respondent, notify stakeholders and ensure transactions comply with legal standards.
• Documents received and checked if all signed correctly, maintain transparency and comply with regulations to avoid disputes or complications.
• Liaise with financial institutions, and authorities to book the settlement.
• Settlement completed, record updated ownership or sale with relevant authorities.
• Distribute funds and meet all obligations.
• Lodge final documents, such as the new title and final statement, completing the separation agreement.