Disclosure of interest Settlement agent/real estate agent

[7DD4]

Just got a letter of a settlement agent i decided on in WA perth:

Take notice there is a business or financial relationship between the proposed settlement agent and the the real estate agent. As a result the body or person may receive a financial benefit (by way of commission, interest, additional business etc) if settlement of this transaction is effected.

Is this a common practice ??

Should I have anything to worry about ??

 

[bennytee]

The agent must disclose any business or personal relationships in relation to you. He is doing what a professional agent should do... being transparent

Ref the Property Stock & Business agents Act 2002 section 47 Duty of disclosure

http://www.austlii.edu.au/au/legis/nsw/consol_act/psabaa2002385/s47.html

I know this is the NSW version Im sure WA would have something similar

 

[bennytee]

I should have added, it might mean he is getting a referal fee/kick back. Did he recommend the person to you?

this is common in the industry, agents will sometimes refer people to mortgage
brokers, conveyancers etc. They get a fee for that, but it must be disclosed to you.

 

[7DD4]

The settlement agent go recommended by a few members on somersoft so wanted to give them a try.

Was just a coincidence that the real estate agent had a relationship with the settlement company.

i'm just being over paranoid

 

[bennytee]

The main thing was he was up front about the relationship,

I am glad it worked out