Paying out Trust Money

Modified on Tue, 07 Jul 2020 at 09:39 AM

Where the entitled person asks in writing for this money, it must be paid within 14 days of the request. @realty & OASIS agents will be entitled to receive commission owing within 5 business days.

Where the entitled person does not ask in writing for the money to be paid, it must be paid within 42 days after the transaction is finalised. Only after the money has been paid to the person entitled to it, may the agent draw their transaction fee and any remaining transaction expenses from the account.

There is only one instance in which @realty may draw money from their trust account before a transaction is finalised, and that is to pay an emergency expense—such as to repair a burst water pipe in a rental property—and only when: 

• it is drawn against an amount held for the transaction 

• it is drawn when the expense becomes payable 

@realty is authorised by the client to incur the expense. 

No other trust money can be paid out until after a transaction is finalised.

Trust money may only be paid out by cheque or EFT.

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