REIQ Best Practice Guidelines v03.23 - Flipbook - Page 14
17. TRUST ACCOUNTS
Members’ trust accounts must be audited for each
audit period during which the Member carried on
business and operated a trust account.
Members must comply with their legal
requirements and trust account obligations
imposed by Agents Financial Administration Act
2014 and Agents Financial Administration
Regulation 2014, as amended from time to time.
18. DISPUTED TRUST MONIES
(a) If a Member becomes aware of a dispute with
respect to monies held in their trust account,
which may be between the parties to a
property transaction or third party claiming an
interest in the money, the Member should
provide a notice to all parties that:
i.
the Member considers that a stated
party is entitled to the disputed
amount;
ii.
the Member is authorised under
relevant legislation to pay the amount
in dispute to the stated party on or
after a stated date being at least 60
days from the date of the notice; and
iii.
the Member shall make such payment
unless the parties consent, or the
Member
receives
notice
of
proceedings in relation to the disputed
monies.
(b) If the Member is not certain as to which party
is entitled to the disputed amount, the Member
may give a notice to all parties that the
Member will retain the disputed trust monies
until such time that they receive a written
authorisation signed by the parties directing
how the Member should pay the money or the
entitlement to the amount disputed is decided
by a court of competent jurisdiction.
(c) Any consent given by the parties should be
obtained in writing and kept on file by the
Member.
REIQ BEST PRACTICE GUIDELINES
V08.23
Members are
encouraged to read the
Office of Fair Trading
Trust Account Guide
19. BENEFICIAL INTEREST – PO FORM 7
(a) A Member has a beneficial interest in a
property transaction if a party to a transaction:
i.
is the Member;
ii.
is an associate of the Member, such as
a family member;
iii.
is someone acting for either the
Member or their associate;
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