Disputes about trust money

Modified on Tue, 7 Jul, 2020 at 9:38 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.

Was this article helpful?

That’s Great!

Thank you for your feedback

Sorry! We couldn't be helpful

Thank you for your feedback

Let us know how can we improve this article!

Select at least one of the reasons
CAPTCHA verification is required.

Feedback sent

We appreciate your effort and will try to fix the article