Ray White Albany Fined - Security bond offence
Issue Date: - Friday, 19 October 2007
An Albany real estate agent has been prosecuted by the Consumer Watchdog, for failing to properly lodge a tenant’s bond money.
Walker Paddon Real Estate Pty Ltd trading as Ray White Albany in York Street has been fined $500 and ordered to pay costs of $176 in the Albany Magistrates Court.
Ray White Albany entered into a residential tenancy agreement with a consumer, leasing a property in Yatana Road in Bayonet Head, taking a security bond of $1,080 in cash.
“Real estate agents are required by law to lodge bond money with the Bond Administrator as soon as practicable after payment and a delay of seventeen days as was the case here, is unacceptable,” acting Executive Director of Consumer Protection Anne Driscoll said.
“Tenants hand over their money in good faith and expect that real estate professionals are going to do the right thing and lodge their money with the Bond Administrator, or deposit it in an approved trust fund.
“Agents know that they must lodge bond money promptly and delaying the lodgment of it is improper.
“Correct lodgement of bond money ensures that a tenant’s funds are preserved so that they can be returned at the end of a tenancy. Tenants need to know where their money is being held” she said.