New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 66ZT

66ZT Deposit and instalments to be held as trust or controlled money

(1) Any money paid by the purchaser by way of deposit or instalment under an off the plan contract must be held--

(a) as trust money by a real estate agent in accordance with the Property, Stock and Business Agents Act 2002 , or

(b) as trust money by a licensed conveyancer in accordance with the Conveyancers Licensing Act 2003 , or

(c) as trust money or controlled money by a law practice in accordance with the Legal Profession Uniform Law (NSW) .

(2) Any money held as trust money or controlled money in accordance with subsection (1) may be invested if--

(a) the investment is carried out in accordance with the relevant law under which the money is held, and

(b) the terms of the off the plan contract do not prevent the investment, and

(c) any interest accrued from the investment is paid into the trust or controlled money account on maturity or otherwise.

(3) Nothing in this section affects a deposit or instalment being paid by way of deposit bond, bank guarantee or other similar arrangement.