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Real Estate Agents Act 2008

Duties relating to real estate agency work - Receipt of money and audit of accounts

123: Money to be held by agent for 10 working days

You could also call this:

"Agents must hold property deal money for 10 working days before paying it out"

Illustration for Real Estate Agents Act 2008

When you get money for a property deal, you must hold it for 10 working days. You cannot pay it to anyone during this time. A court order or all parties agreeing can change this rule. If someone raises an issue with the property's title while you hold the money, you must not pay it out. You can only pay the money if a court orders you to or all parties agree. You can find more information by looking at s 57. You have to follow these rules when dealing with money from property transactions.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1152111.

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Housing and property > Buying and selling homesMoney and consumer rights > Consumer protection
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122: Duty of agent with respect to money received in course of business, or

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"Agents must give you a written account of your money when you ask for it."

Part 5Duties relating to real estate agency work
Receipt of money and audit of accounts

123Money to be held by agent for 10 working days

  1. When an agent receives any money in respect of any transaction in his or her capacity as an agent, he or she must not pay that money to any person for a period of 10 working days after the date on which he or she received it.

  2. Despite subsection (1), a court order or an authority signed by all the parties to the transaction may require the agent to pay the money before the expiry of the period specified in that subsection.

  3. If at any time while holding any money on behalf of any party to the transaction, the agent receives written notice of any requisitions or objections in respect of the title to any land affected by the transaction, the agent must not at any time pay that money to any person except in accordance with a court order or an authority signed by all the parties to the transaction.

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