Bonds receipts and records

Receipt:

When a tenant pays a bond by electronic transfer, the agent must issue a receipt to the tenant immediately upon receiving payment. The receipt must include the:

• date on which the bond was received;
• name of the person paying the bond;
• amount paid; and
• address of the rental premises.

Record:

Must include the information contained in the receipt. As there are additional requirements for record-keeping under the Real Estate and Business Agents Act (1979), the record of a bond payment made by electronic transfer must include:

• a number or letter, or a combination of both, in consecutive order that allows the record to be uniquely identified;
• the date on which the bond was received;
• the name of the person paying the bond;
• the amount paid;
• the address of the rental premises; and
• a brief description of the purpose of the payment.

Receipt:

The agent must issue a receipt to the tenant immediately upon receiving payment. The receipt must include:

• the heading ‘Trust Account Receipt’;
• the business name of the agency and the name of the agent in charge of the agency as recorded in the real estate agent’s register;
• a number or letter, or a combination of both, in consecutive order that allows the receipt to be uniquely identified;
• the date on which the bond was received;
• the name of the person paying the bond;
• the amount paid;
• the address of the rental premises;
• a brief description of the purpose of the payment; and
• if the receipt is hand-written, the name of the person receiving the money evidenced by the signature of that person.

Record:

Can be a duplicate copy of the receipt as it must also include all the information contained in the receipt.

Receipt: 

A real estate agent that receives a bond from a long-stay tenant by electronic transfer does not have to issue a receipt.

Record:

If the real estate agent does not issue a receipt as the money was received by electronic transfer, the record must include:

• a number or letter, or a combination of both, in consecutive order that allows the record to be uniquely identified;
• the date on which the money is received;
• the name of the person paying the money;
• the amount of money received; and
• a brief description of the purpose of the payment.

Receipt: 

The real estate agent must immediately issue a receipt that contains the following information:

• the heading ‘Trust Account Receipt’;
• the business name of the agency and the name of the agent in charge of the agency as recorded in the real estate agent’s register;
• a number or letter, or a combination of both, in consecutive order that allows the receipt to be uniquely identified;
• the date on which the money is received;
• the name of the person paying the money;
• the amount of money received;
• a brief description of the purpose of the payment; and
• if the receipt is hand-written, the name of the person receiving the money evidenced by the signature of that person.

Record

The record for a bond paid by a method other than electronic transfer can be a duplicate copy of the receipt as it must also include all the information contained in the receipt.