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  1. #1

    Question REAA - 10 Day Deposit Rule

    Hi all,

    Looking for a legal opinion from someone in the know. The REAA 2008 says that deposits received by an agency can't be released for a period of "10 working days after the date on which he or she received it"

    Here is the exact clause from the act:
    When an agent receives any money in respect of any transaction in his or her capacity as an agent, he or she must not pay that money to any person for a period of 10 working days after the date on which he or she received it.
    If the deposit way hypothetically received on a Friday, the next working day is Monday. Would 10 working days from Monday mean that the deposit could be released Friday the week after (actually on the 10th working day - assuming no holidays) or would it have to be the following Monday (so it is 10 complete working days the deposit was held).

    Looking forward to someone clearing this up for me!

    Much thanks, Mark

  2. #2

    Default

    It would be the 11th working day. Start counting from the next working day after the deposit day, for 10 working days. Then the 11th working day is the day when it can be released. Each working day ends at midnight. As stated "not pay that money to any persion for a period of 10 working days". (I deal with legal documents in my profession)
    Last edited by RollingCloud; 13-06-2019 at 10:00 AM.

  3. #3
    Join Date
    Apr 2008
    Location
    Kapiti/Horowhenua
    Posts
    109

    Default

    There is legal provision for early release.

  4. #4

    Default

    Ok great, thanks very much. ��

  5. #5
    Join Date
    Apr 2009
    Posts
    899

    Default

    I am currently going through the same process but I asked the agent to prepare an early release form - which is then signed by both parties.


 

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