Business settlement agent licensed activities
The below information provides a description of activities which a Western Australia (WA) licensed settlement agent is permitted to perform. If you are a WA licensee visiting another state under AMR, you are only allowed to perform the activities listed below.
If you need to apply for a WA licence more information is available on the Licensing - settlement agents page.
Licence Identifier: SB00 – SB00000
Scope of work
A business settlement agent may carry on business as a settlement agent to arrange or effect settlement of a business transaction on behalf of a client, for reward. They can trade in their own right, be the person in bona fide control for a licensed agency or hold a management role in an agency that requires an individual licence.
A business transaction means:
- the disposal by sale or exchange, and the acquisition by purchase or exchange, of a business and any share or interest in a business or the goodwill thereof within the state; and
- includes any disposal by sale or exchange, and any acquisition by purchase or exchange of goods, chattels, or other property within the state relating to a business transaction, but does not include;
- the sale, exchange or other disposal or a purchase, exchange, or other acquisition of a share in the capital of a body corporate or an option in respect thereof.
Both a licence and a triennial certificate are required to undertake activity.
An agent may not act for more than one party in a transaction unless each of the parties acknowledge the agent proposed to act for both parties and gives prior consent to the agent.
- Search and inquire at government offices and at the offices of statutory authorities and local governments, in respect of records, registers, plans and policies, relating to the business the subject of the transaction involved in a settlement.
- Make inquiries in respect of adjustments for long service leave or holiday pay, rent, leased or hired plant or equipment, rates, taxes and other outgoings of a periodical nature.
- Arrange the employment of a stock taker.
- Arrange the transfer of facilities and services provided to the business, the subject of the transaction involved in a settlement.
- Arrange the payment of duty imposed under the Duties Act 2008, and any other imposts or fees on documents in respect of the business transaction.
- Arrange and attend on settlement, including exchanging documents and receiving and disbursing moneys to effect the settlement.
- Lodge documents in respect of the business transaction at government offices or the offices of statutory authorities for registration.
- Subject to such conditions as are imposed by the Code of Conduct, preparing and arranging the execution of any applications necessary under the Business Names Registration Act 2011 (Commonwealth) to effect the transfer of a business name under that Act.
To get a WA licence
- Must have a prescribed qualification (and where required sufficient experience)
- Must have an Australian police check
- Must have sufficient material and financial resources
- Must make a payment to the Fidelity Account of $150.00
- Must be of person of good character and repute and a fit and proper person to hold a licence
- Must hold (or be covered by) Professional Indemnity Insurance of at least $250,000
- Must pay an application fee
To keep a WA licence
- Aquire six compulsory professional development points per year
- Must deposit monies received in relation to a real estate transaction into a statutory trust account which must comply with the Settlement Agents Regulations 1982.
- Must renew the licence and triennial certificate every three years.
Must comply with Settlement Agents Act 1981, Settlement Agents Regulations 1982 and Settlement Agents Code of Conduct 2016.
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