REAA - 10 Day Deposit Rule

[markstewie]

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

[RollingCloud]

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)

[ladyagent]

There is legal provision for early release.

[markstewie]

Ok great, thanks very much. ��

[DaveW]

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.