Determining trust money for resident letting agents

As a resident letting agent, you must have a trust account in order to handle trust money.

Opening or closing a trust account

Handling trust money

You must make sure all trust money is deposited into your trust account. You should use your general business account for any non-trust money.

In some cases, however, you will receive trust and non-trust money in the same transaction (and the money can't be practically divided).

In these cases, you will need to:

  • pay the whole amount into the trust account
  • remove the non-trust money portion from the trust account within 14 days.

These rules exist for good reason. Allowing non-trust monies to accumulate in trust accounts can:

  • make it harder for your auditor or the Office of Fair Trading to audit your trust account
  • increase the time and cost of conducting the audit
  • deny you access to cash that legitimately belongs to your business.