Settlement Agents Act

The Settlement Agents Act governs real estate agents in Western Australia.

The Settlement Agents Act of 1981 is a consumer protection law in Western Australia. This act created a Settlement Agents Code of Conduct. The act regulates how real estate and business settlement agents get their licenses and the types of legal work they can perform.

Supervisory Board

The Settlement Agents Supervisory Board is responsible for the administration of the act and the code of conduct for settlement agents. According to its website, the Settlement Agents Supervisory Board serves to ensure that the public and industry members have confidence in the settlement industry in Western Australia.

Settlement Agents

Settlement agents are responsible for finalizing property sales, and transferring money from the property or security buyer and any deeds or titles from the seller to the buyer. Settlement agents must prove to the SASB that they are suitable and sufficiently qualified to get or renew a license.

Appointing a Settlement Agent

If you have a personal, business or financial relationship with the settlement agent who you wish to use, the agent must provide a Disclosure of Interest form. This form states in writing the type of relationship and what your rights are when you appoint an acquaintance or friend as your agent. If a business or financial relationship exists and a conflict of interest will or is about to occur, the law states that the agent must stop working for you.

References

• Settlement Agents Supervisory Board
• Western Australian Consolidated Acts: SETTLEMENT AGENTS ACT 1981
• Devon: Choosing a Settlement Agent
• Investor Words: Settlement Agent Definition

Resources

• SASB: Information for buyers and sellers