Disputes about trust money

Modified on Tue, 07 Jul 2020 at 09:38 AM

If @realty becomes aware of a dispute or believes that a dispute may arise regarding the ownership of trust money, @realty cannot pay out the amount in dispute until: 


@realty has given the interested parties notice as to who @realty believes is entitled to the money and nominated a payment date that is at least 60 days after the notice, and they are not aware of any agreement by the parties or court proceedings started to establish ownership 


• the dispute is resolved and @realty receives written agreement from all interested parties regarding who is entitled to the money; or 


• @realty receives written advice that a legal proceeding has been started in a court to decide who is entitled to it—in this case it must be paid to the court in which the proceeding was started. 


If @realty receives a written agreement from the interested parties or a notice from the court, they must pay the amount immediately. 


A transaction cannot be finalised until any disputes are resolved, and @realty must therefore not draw their fees or remaining expenses until the matter is resolved and the disputed money is paid out.

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