Real estate settlement agent licensed activities
The below information provides a description of activities which a Western Australia (WA) licensed real estate 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: SA00 – SA00000
Scope of work
A real estate settlement agent may carry on business as a settlement agent to arrange or effect settlement of a real estate transaction on behalf of a client, for reward, that is in respect of land under the Transfer of Land Act 1893 or the Land Administration Act 1997. 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 real estate transaction means the disposal by sale or exchange, and the acquisition by purchase or exchange of real estate; and includes any disposal by sale or exchange, or any acquisition by purchase or exchange of goods, chattels or other property relating to the transaction.
They must hold a licence and a triennial certificate 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 land titles and dealings in the records of the Western Australian Land Information Authority and search for caveats against any of those dealings.
- Search and inquire at other Government offices and at the offices of statutory authorities and local governments, and obtain certificates in respect of records, plans and policies and make inquiries with respect to adjustment of rates, taxes and other outgoings of a periodical nature in respect of the real estate involved in a settlement.
- Prepare a settlement statement and an authority for the payment or receipt of moneys in respect 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 real estate transaction.
- Arrange and attend on settlement, including exchanging documents and receiving and disbursing moneys to effect the settlement.
- Lodge documents and provide certifications in respect of the real estate transaction with the Authority or other Government offices or the offices of statutory authorities for registration.
- Complete powers of attorney in such form and subject to such conditions as are prescribed.
- Perform any function necessary to enable a conveyancing transaction to be completed by means of an Electronic Lodgement Network (ELN).
- Draw or prepare the following documents:
- an offer and acceptance form; (Schedule 3 of Regs)
- requisitions on title;
- such documents that are to be registered or lodged under or for the purposes of relevant WA Acts;
- a statutory declaration to support any of these documents; and
- a declaration to confirm that a power of attorney remains unrevoked.
- Receive a mortgage or discharge of mortgage, prepared by or on behalf of another person, and arrange for its execution and stamping, and arrange and attend on settlement on behalf of that person and receive and disburse moneys in respect thereof. Discharge of mortgage includes a withdrawal of caveat which notifies or protects an unregistered, equitable, or statutory mortgage or charge.
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
- CPD – six 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.