The first settlement agency started in 1967, with numbers growing to 30 by 1972. After much concern that no legislation governed settlement agents, and following much dispute with the legal fraternity and political lobbying, the Settlement Agents Act 1981 was proclaimed.
The Settlement Agents Association was incorporated in Western Australia in 1978, and was recognised in 1995 as the WA Division of the Australian Institute of Conveyancers
A Settlements or Conveyancer attends to your settlement either a sale or a purchase.
They make sure that the property is correctly identified and all the parties involved then the property can be conveyed (transferred) from one person to another.
Once I receive the Offer and Acceptance
The title of Certified Practising Conveyancer (CPC) is awarded to conveyancers who annually meet the standards set by each Division to maintain best practice through constant professional development.
Conveyancer members who qualify annually are entitled to use the CPC title, CPC post-nominal, CPC logo and slogan on their stationery, advertising and on other forms of publicity. It is a brand recognising conveyancers who are making the effort to keep up to date with developments and technology in order to deliver the best service.
The State programs are very similar but currently operate independently of each other. A national review is developing national minimum requirements across Australia, for licenced conveyancers including –
The national review is also considering replacement of the state logos with a national logo which is recognisable by all as a symbol of the best specialist conveyancers.
Settlement agents are de-regulated and can set their own fees which must be disclosed to the client in writing prior to entering into any agreement. Agents must not receive a fee above the disclosed amount unless there is a significant change in the scope of the work.
Prior to being appointed to act by the client, settlement agents are now required to provide their client with a written costs disclosure which sets out the maximum amount the settlement agent can charge for their services. This amount must include all fees, commissions, charges and general office disbursements (e.g. photocopying, postage, stationery, telephone calls, facsimiles, courier costs etc.) that the settlement agent will charge the client for their settlement transaction.
The maximum amount disclosed to the client must not include statutory or other costs payable by the settlement agent on the client's behalf. These costs include:
Property Exchange Australia LTD's (PEXA) single transaction service fee will be incorporated into the maximum service amount that settlement agents disclose to you.