Property Agents and Land Transactions Regulations 2017

In this regulation – coded deposit book means a deposit book that is issued – by an approved institution; and with an identifying code that links the deposit book to a tenant or property.

A property agent must issue a receipt for any trust money received for or on behalf of a party to negotiations in which the property agent is involved. Fine not exceeding 50 penalty units.

Unless requested to do so, a property agent does not need to issue a trust account receipt if the property agent receives the trust money by – electronic funds transfer; or deposit into the trust account, if a coded deposit book is given to the person paying the money; or another means of direct deposit into the trust account.

However, if a trust account receipt is not required to be issued on the receipt of trust money, the property agent must – assign a unique reference number to the money received; and in each place a trust account receipt number is required to be recorded, record the unique reference number in place of the trust account receipt number.

If the property agent carries on business at more than one location, the property agent must ensure that trust account receipts can be issued at all locations where the property agent carries on business. Fine not exceeding 50 penalty units.

If an interim receipt is issued in respect of trust money, the interim receipt number must be recorded on any trust account receipt issued in respect of that trust money. Fine not exceeding 50 penalty units.