Late bond lodgement results in $5,000 fine for real estate agency (Vision Equity Pty Ltd / Xceed Real Estate Management)
A Morley real estate agency has been fined a total of $5,000 by the Perth Magistrates Court for lodging three tenancy bonds outside the required timeframe.
Vision Equity Pty Ltd ACN 101 207 229, trading as Xceed Real Estate Management, was also ordered to pay costs of $912 after pleading guilty on 31 August 2018.
In May, June and July 2017, the agency lodged the three bond payments with the Bond Administrator four, five and 14 days late, in breach of the Residential Tenancies Act. The Court imposed two fines of $1,000 and a fine of $3,000 on the three charges.
Commissioner for Consumer Protection David Hillyard said the law requires agents and private landlords to lodge all tenants’ security bonds with the Bond Administrator as soon as practicable or within 14 days.
“There is absolutely no reason why bond money cannot be lodged within the 14 day period or sooner, especially now that the Bonds Online eTransactions system is available,” Mr Hillyard said.
“The Bond Administrator holds the money in trust on behalf of tenants so any delays mean the funds are not being held by an independent third party.
“Licensed real estate agents could be putting their licence, and ultimately their livelihood, in jeopardy if there are serious and continuing violations of this important aspect of tenancy law.”
More information on the obligations of real estate agents, sales representatives and property managers is available on the Consumer Protection website: www.consumerprotection.wa.gov.au or enquiries can be made by email firstname.lastname@example.org or by calling 1300 30 40 54.
Media Contact: Alan Hynd, (08) 6552 9248 / 0429 078 791 / email@example.com
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