CE401
SETTLEMENT AGENTS ACT 1981
Settlement Agents (Remuneration) Notice 2004
Given by the Settlement Agents Supervisory Board with the approval of the Minister for Consumer and Employment Protection under section 44.
Citation
1. This notice may be cited as the Settlement Agents (Remuneration) Notice 2004.
Commencement
2. This notice shall come into operation on 5 April 2004.
Remuneration of Real Estate Settlement Agents
3. The fees prescribed in Schedule 1 are the maximum amounts of remuneration that may be received by a real estate settlement agent for rendering the services specified in that schedule inclusive of the Goods and Services Tax (GST).
Remuneration of Business Settlement Agents
4. The fees prescribed in Schedule 2 are the maximum amounts of remuneration that may be received by a business settlement agent for rendering the services specified in that schedule inclusive of the GST.
Repeal
5. The Settlement Agents (Remuneration) Notice 2000 published in the Government Gazette on Friday, 19 May 2000 is repealed.
SCHEDULE 1
Real Estate Settlement Agent
All FIGURES ARE INCLUSIVE OF GST
(i) Scale of fees for a real estate settlement
|
Value of Settlement ($)
|
(a) Vendor
|
(b) Purchaser |
|
Not exceeding 25,000
|
$346
|
$519 |
|
25,001 to 150,000
|
$346 plus 0.176% of any amount in excess of $25,000
|
$519 plus 0.264% of any amount in excess of $25,000 |
|
150,001 to 500,000
|
$566 plus 0.143% of any amount in excess of $150,000
|
$849 plus 0.220% of any amount in excess of $150,000 |
|
500,001 to 1,000,000
|
$1,066.50 plus 0.110% of any amount in excess of $500,000
|
$1,619 plus 0.165% of any amount in excess of $500,000 |
|
Over 1,000,000
|
$1,616.50 plus 0.077% of any amount in excess of $1,000,000
|
$2,444 plus 0.110% of any amount in excess of $1,000,000 |
(ii) Strata title settlements
Where the settlement is arranged concerning a strata title a fee of $110.00 for the purchaser and $55.00 for the vendor may be charged in addition to the fees set out in Schedule (1)(i).
(iii) Services provided outside a real estate settlement
For services provided other than for a real estate settlement, settlement agents may charge a maximum rate of up to $205 per hour (GST inclusive) for those services.
Settlement agents may also charge for any other statutory or other charges incurred by the settlement agent.
SCHEDULE 2
Business Settlement Agent
All FIGURES ARE INCLUSIVE OF GST
(i) Scale of fees for a business settlement
|
Value of Settlement ($)
|
(a) Vendor
|
(b) Purchaser |
|
Not exceeding 25,000
|
$519
|
$778 |
|
25,001 to 150,000
|
$519 plus 0.264% of any amount in excess of $25,000
|
$778 plus 0.396% of any amount in excess of $25,000 |
|
150,001 to 500,000
|
$849 plus 0.220% of any amount in excess of $150,000
|
$1,273.50 plus 0.330% of any amount in excess of $150,000 |
|
500,001 to 1,000,000
|
$1,619 plus 0.165% of any amount in excess of $500,000
|
$2,428.50 plus 0.247% of any amount in excess of $500,000 |
|
Over 1,000,000
|
$2,444 plus 0.110% of any amount in excess of $1,000,000
|
$3,666 plus 0.165% of any amount in excess of $1,000,000 |
(ii) Services provided outside of a business settlement
For services provided other than for a business settlement, settlement agents may charge a maximum rate of up to $205 per hour (GST inclusive) for those services.
Settlement agents may also charge for any other statutory or other charges incurred by the settlement agent.
The Common Seal of the Settlement Agents Supervisory Board was hereto affixed by the authority of SASB in the presence of—
D. TAYLOR, Chairman.
G. C. COUPER, Registrar.
Approved by the Minister March 2004.
JOHN KOBELKE MLA, Minister for Consumer
and Employment Protection.