As a registered land agent you are required to deposit monies from your clients into a trust account in accordance with the rules set down under the LandAgents Regulations 2010. For instance, you must:
Maintain a trust account -where you are accepting trust money, and depositing the money in an account approved by the Commissioner at a bank, building society or credit union.
Keep detailed records of trust money -
by compiling detailed accounts of receipts and disbursements.
Withdraw money from a trust account -only under circumstances set out in the Act.
Arrange for accounts and records to be audited -on an annual basis; from the end of your last audit period (in the case of a new registration, from the date of registration) until two months before the date upon which your annual return is due or, a date nominated by you and approved by the Commissioner.
Accept cooling-off notices from purchasers.
Verify vendor's statements containing particulars in relation to land.
Supply to vendors copies of all written offers for purchase, contracts, agreements or documents.
Ensure that you do not have a beneficial interest in the purchase of land or a business you are commissioned to sell.
Audit Period:The Audit Period will end two months prior to the expiration of your registration/licence, unless otherwise approved. E.g: If your registration/licence expires 30 June 2017, the Audit Period will cover 1 May 2016 - 30 April 2017.
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