8Control of trust money

8 Control of trust money

(1)  A property agent who has trust money in a trust account must retain the money in the account until the money is paid –

(a) to the person entitled to it; or

(b) to the legal practitioner or licensed conveyancer of the person entitled to it; or

(c) in accordance with the written directions of the person entitled to the money or his or her legal practitioner or licensed conveyancer.

Penalty:  Fine not exceeding 50 penalty units.

(2)  When a person ceases to carry on the business of a property agent, or a person who is a property agent dies, but the person holds trust money in a trust account, the person or the personal representative of the deceased person must, with the written approval of the parties to the transaction to which the money relates, immediately disburse the trust money –

(a) to the trust account of another property agent; or

(b) to the trust account of a legal practitioner, or licensed conveyancer, acting for either of the parties to the transaction.

Penalty:  Fine not exceeding 50 penalty units.