Western Australian Current Acts

RESIDENTIAL PARKS (LONG-STAY TENANTS) ACT 2006 - SECT 57C

57C .         Trust accounts for selling agents

        (1)         If a selling agent receives money under the selling agency agreement (except commission payable to the selling agent), the selling agent must either —

            (a)         if the selling agent is licensed under the Motor Vehicle Dealers Act 1973 or Real Estate and Business Agents Act 1978 — deposit the money in a trust account maintained under the Motor Vehicle Dealers Act 1973 or the Real Estate and Business Agents Act 1978 ; or

            (b)         otherwise — deal with the money in accordance with subsections (2) and (3).

        Penalty for this subsection: a fine of $3 000.

        (2)         The selling agent must —

            (a)         deposit the money in a separate ADI account (a sale trust account ) opened in the name of the selling agent and the long-stay tenant and entitled “sale trust account”; and

            (b)         when the sale is completed, pay the proceeds at the direction of the long-stay tenant after deducting in accordance with the selling agency agreement any amounts owing to the selling agent by way of expenses or commission.

        (3)         The Real Estate and Business Agents Act 1978 section 68(2) to (6) apply to the sale trust account as if a reference in those subsections to an agent and to a trust account were a reference to the selling agent and to the sale trust account respectively.

        [Section 57C inserted: No. 28 of 2020 s. 55.]