Issue Date:  -  Wednesday, 24 April 2002

Real Estate Agent Closes

The Real Estate and Business Agents Supervisory Board (REBA) advises that the real estate agent Want and Co. in Floreat has closed its doors.

REBA is concerned that the Trust Account that holds client’s deposits, bonds and rent collections may be in deficit due to the alleged misappropriation of approximately $300,000.

The District Court has today approved the appointment of a Supervisor by REBA and suspended the licences of the agents and the employment of the sales representatives. The Supervisor will take control of the financial arrangements and confirm deposits made to trust accounts and assess any deficiencies that may exist.

Clients of the agency are currently being contacted by REBA and Consumer Protection staff, to make them aware of the situation at Want and Co.

For the time being, the Supervisor will manage existing property management arrangements including the collection of rent and payments to landlords.

REBA’s Fidelity Guarantee Fund may provide compensation for people who lose funds through the criminal or fraudulent actions of a real estate agent.

There are legal requirements concerning any claim. The claim process will be explained to clients of Want and Co. and they will be invited to lodge claims in the event that a loss is suffered.

Staff can be contacted on 9282 0660 to provide information and advice. This service will be available on Anzac Day.

Details about the Fidelity Guarantee Fund are available on REBA’s website at www.reba.wa.gov.au