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Real Estate Agents Act 2008

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

124: Agent to furnish account to client

You could also call this:

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

Illustration for Real Estate Agents Act 2008

You need to get an account from your agent when you ask for it, or within 28 days of them getting money for your transaction. The agent must give you a written account with details of the money and how it was used. If the agent is unsure who the money belongs to, they must try to find out as soon as possible. You are entitled to this account if you are the person who should get the money. The agent must give you the account once they know you are the right person. They can look at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM438489 for more information.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1152112.

Topics:
Money and consumer rights > Consumer protectionBusiness > Industry rules
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123: Money to be held by agent for 10 working days, or

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

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125: Agents’ trust accounts to be audited, or

"Real estate agents' trust accounts must be checked regularly"

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

124Agent to furnish account to client

  1. As soon as an agent is asked by his or her client to do so, and in any case not later than 28 days after the agent receives any money in respect of the transaction in his or her capacity as an agent, the agent must render to the person lawfully entitled to the money an account in writing, setting out particulars of all such money, and its application.

  2. If an agent is in doubt on reasonable grounds as to the person who is lawfully entitled to any money, the agent must take all reasonable steps to ascertain as soon as practicable the person who is entitled and is not required to render an account under this section until the person lawfully entitled has been ascertained.

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