Issue Date: - Wednesday, 1 August 2007

Real estate agent fined on bond offence

Moncrieff Realty Pty Ltd of Hislop Road in Attadale has been fined $400 and ordered to pay costs of $192 in the Perth Magistrates Court, for failing to lodge a tenant's security bond in accordance with the Residential Tenancies Act.

In February of this year Moncrieff Realty was acting as an agent for the owner of a Canning Highway Unit in Attadale, and received from the tenants the amount of $940, being the security bond on the property.

Landlords and real estate agents acting on behalf of landlords are required to promptly lodge security bond money paid to them by tenants with either the Bond Administrator at Consumer Protection, into the agent's Tenancy Bond Trust Account or an authorised account with a recognised financial institution.

Moncrieff Realty claimed that human error had been the cause of the bond money not being lodged correctly until seventeen days after the money had been paid to them.

"It is very important that landlords and also real estate agents, who are in the business of property management, adhere to the laws that are in place to protect the interests of consumers," Consumer Protection Commissioner Patrick Walker said.

"Bond money must be properly lodged as soon as practicable, and not kept on agent's premises or deposited into other accounts.

" These laws are in place to provide a high level of protection for consumers so they can be confident their money is preserved and not being misappropriated.

"Consumer Protection provides regular education and support to the real estate industry and this prosecution should signal a zero tolerance towards bond money offences," he said.

Tenants, landlords and real estate agents can obtain free information about their rights and obligations under the law at www.docep.wa.gov.au or by telephoning 1300 30 40 54.