26Disposal of records where property agent no longer carrying on business

26 Disposal of records where property agent no longer carrying on business

(1)  A person who ceases to carry on the business of a property agent, or the personal representative of a deceased property agent, as soon as practicable after the cessation of the business or the death, must –

(a) give the trust account records held by the person or personal representative –

(i) if the records relate to an active matter and trust account money held in respect of the matter has been disbursed to another property agent under regulation 8(2)(a) , to the property agent holding the trust money for the matter; or

(ii) if the records relate to an active matter and trust account money held in respect of the matter has been disbursed under regulation 8(2)(b) , to a property agent; or

(iii) if the records relate to an active matter and no trust account money is held in respect of the matter, to a property agent; or

(iv) if the records relate to a closed matter but the records cannot be disposed of under regulation 25 , to a property agent or to the Board; or

(b) if the records relate to a closed matter and the records can be disposed of under regulation 25 , dispose of those records in accordance with that regulation.

Penalty:  Fine not exceeding 50 penalty units.

(2)  A property agent who receives trust account records under subregulation (1) for an active matter must notify the client in writing that –

(a) the property agent is holding the records; and

(b) the client must authorise, in writing, a new property agent to act on the client's behalf in the matter.

(3)  A trust account record that is given to a property agent under subregulation (1) is taken to be a trust account record kept by the property agent.