Settlement agents’ fees are not regulated, however a settlement agent must provide you with a written quote (known as a Cost Disclosure) setting out the maximum amount they will be charging for their services, before you sign their appointment to act.
The maximum amount must include all fees, commissions, charges and general office disbursements payable for the settlement agent’s service.
General office disbursement costs may include charges related to telephone calls, facsimiles, photocopying, postage and stationery and courier costs.
There may be additional costs paid by the settlement agent on your behalf:
- Duty chargeable under the Duties Act 2008;
- Any other tax, duty, fee, levy or charge under a written law – includes fees for searching land titles, making enquiries with the government agencies such as the local Council, Water Corporation and/or WA Planning Commission
- Fees paid to financial institutions on your behalf;
- and any commissions paid to an agent, developer or any other third party on your behalf.
Buyers & Sellers are advised to take the time to discuss their settlement requirements with their Settlement Agent. Not all settlements are the same, various fees and costs will apply based on the circumstances and nature of the settlement.
Make sure your next settlement is completed by an AICWA member. Why settle for anyone else?