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Western Australia Settlement Agents Act 1981 Settlement Agents Regulations 1982 Western Australia Settlement Agents Regulations 1982 Contents 1. Citation 1 2. Terms used 1 4. Fees 2 4A. Holding fee
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How to fill out settlement agents trust account

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How to fill out settlement agents trust account

01
Open a separate bank account specifically for the settlement agents trust account.
02
Ensure the account is titled as a trust account and clearly identifies it as the settlement agents trust account.
03
Obtain the necessary registration or licensing requirements from the relevant regulatory authority.
04
Keep accurate and detailed records of all transactions made from the trust account.
05
Only deposit client funds into the trust account and make payments from the account as required for settlement purposes.
06
Reconcile the trust account on a regular basis to ensure all transactions are accounted for and the balance matches the records.
07
Comply with any additional reporting or record-keeping requirements mandated by the regulatory authority.
08
Consult with legal and financial professionals to ensure compliance with all applicable laws and regulations.

Who needs settlement agents trust account?

01
Settlement agents, such as real estate agents or lawyers, who handle funds on behalf of clients during property transactions.
02
These professionals are required to hold a settlement agents trust account to safeguard client funds and ensure proper handling and distribution of funds during property settlements.

What is Settlement Agents' Trust account handbook Form?

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A settlement agents trust account is a special account used by settlement agents to hold and manage client funds temporarily during real estate transactions.
Settlement agents, including real estate brokers and title companies, who manage client funds must file a settlement agents trust account.
To fill out a settlement agents trust account, gather all relevant transaction details, list all client funds held, and account for disbursements accurately on the appropriate forms.
The purpose of a settlement agents trust account is to ensure that client funds are held securely and are utilized only for their intended purpose during real estate transactions.
Information such as the total amount of funds held, transactions made, client identities, and any fees deducted must be reported on the settlement agents trust account.
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