HelenLouise,RE: the first problem(If I understand your concern...

HelenLouise,

RE: the first problem
(If I understand your concern correctly), when the buyer pays a deposit, it is deposited into a trust account. All interest accrued in the trust account is put into a claim fund. This claim fund is run by the government. The claim fund has heaps of money from interest from the trust accounts from all real estate agencies. Real estate agencies do not receive any interest from money in a trust account. Neither does any seller or buyer of any property.


Let's say for example that a real estate agent decides to take the money from the trust account (which is illegal by the way) and loses it all at the casino, the seller of the property (who the money really belongs to assuming the property eventually settles) applies to the government's claim fund and the government gives them the money. Basically the fund is there to protect buyers and sellers from losing large sums of money.

That's how it is in QLD but should be like this everywhere in Aus.


The real estate agency does not receive any interest from these bank accounts, yet they still have to pay all the bank fees (which I think is quite unfair)