Under law, client’s funds, whether a seller or buyer, and such as commissions and costs, and sales deposits, are held in statutory trust accounts.
Managing money and audit
Statutory trust accounts are managed by licensees, agents and agent’s representatives, and audited either on-demand and at least yearly, by the Commissioner at NSW Fair Trading.
A seller’s or buyer’s money is commonly paid directly to our trust account. Go to the banking page for account information.
A trust account receipt is always issued the day the monies are collected or receipted at our bank.
When you pay any money to us as your selling or buying agent, your money is held in trust until such time it can be lawfully released to us, if it’s a commission or fee, or to you, as a seller, if it’s the proceeds of deposits paid by the buyer.
As a requirement of compliance, trust monies are insured.