WA Property News

The Department of Commerce deregulated settlement agent fees for transactions signed after 3 February 2016. There is however a grace period of three months in place to allow the conveyancing industry to adjust to the new procedures.

Settlement agents and customers can now freely negotiate a fee taking into account complexity and other relevant factors.

Settlement agents must however disclose the fees and costs to the customer and cannot vary the amounts unless:

  • There is a significant change in the scope of work;
  • The customer is fully informed in writing regarding the amendment;
  • The mandate is upheld; and
  • Any additional amount is reasonable.
  • This process closely follows the obligations already maintained by solicitors acting in a settlement transaction.

    In addition to normal settlement process management solicitors offer the distinct advantage of legal advice and associated legal services that cannot be provided by a stand-alone settlement agent.

    Contact Fort Knox Legal today for an obligation free quote or to discuss your property needs.