Introduction
If you're a Licensee under the Property and Stock Agents Act 2002 – such as a real estate agent, strata managing agent or stock and station agent – you must hold clients’ funds in a trust account kept at an authorised deposit-taking institution in NSW.
Trust account requirements
To register a trust account, it must be held in the name of either:
- the licensee or firm
- a corporation, using the corporations' licence number.
When establishing trust accounts you must:
- register separate accounts with NSW Fair Trading who will issue a unique identifying number for each account
- provide the authorised deposit-taking institution with each registered account number you receive from NSW Fair Trading, which the financial institution will use when lodging the monthly returns.
What you need
- your real estate licence number
- details for the name of the trustee accounts which must include:
- the words 'trust account'
- the name of the licensee, firm or corporation as a prefix of the account name, followed by any other necessary identifier of the trust account.
How to notify Fair Trading
Select the relevant link to notify Fair Trading online of your intention in relation to a property trust account.
Opening a trust account
Create a new registration number for a new trust account that has not yet been opened.
Registering an existing trust account
Create a registration number for an existing trust account that has already been opened.
Closing a trust account
You must notify Fair Trading within 14 days after closing a trust account.
Note: if you are not able to close a trust account online, you can download and complete Notice of closing of a trust account – PDF.
Accessing a closed trust account
You can access a closed trust account online by entering your account details.
More information
When you write a cheque to draw funds from the trust account, you must include the words ‘trust account’.