Settlement Agent Licence - Western Australia

Description

You will need this licence if you intend to operate as a real estate settlement agent or business settlement agent. A real estate settlement agent manages the purchase and sale of property. Business settlement agents manage the purchase or sale of businesses and their stock, premises and licences.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

To be eligible for an individual licence you must:

  • be at least 18 years old
  • be a fit and proper person of good character and repute
  • be a Western Australian resident
  • have sufficient material and financial resources
  • understand the full duties and obligations of a settlement agent
  • hold the prescribed academic qualifications
  • have at least two years practical experience in effecting settlements.

To be eligible for a partnership / company licence you must:

  • ensure all partners / directors and persons concerned with the management and control of the partnership / company are fit and proper persons of good character and repute
  • the partnership / company has sufficient material and financial resources
  • where the partnership / company has three members / directors, at least one will need to be a licensed settlement agent
  • where the partnership / company has more than three members / directors, at least two will need to be licensed settlement agents
  • the person in control of the business operated under the licence will need to be a licensed settlement agent and be a resident of Western Australia.

Duration

Three years unless cancelled or surrendered.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application Sole Trader $1053.00

Licence / triennial certificate fee (individual) - includes contribution to the Fidelity Guarantee Account. Fees for 2021-22

Apply Application Company, Co-operative, Incorporated Association, Other, Partnership $1330.00

Licence / triennial certificate fee (Partnership or Body Corporate) - includes contribution to the Fidelity Guarantee Account. Fees for 2021-22

Apply Licence Company, Co-operative, Incorporated Association, Other, Partnership, Sole Trader $271.00

Holding fee. Fees for 2021-22

Renew Renewal Company, Co-operative, Incorporated Association, Other, Partnership, Sole Trader $897.00

Includes contribution to the Fidelity Guarantee Account. Fees for 2021-22

Forms

Act(s) name

Settlement Agents Act 1981 Western Australia

Regulation(s) name

Settlement Agents Regulations 1982 Western Australia

Administering agency

Department of Mines, Industry Regulation and Safety

Consumer Protection

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.