A WA buyer pays a $15,000 deposit on a contract that settles in 90 days and asks in writing for it to be held in an interest-bearing trust account. Must the agent agree?
Correct Answer
C) Yes; settlement is more than 60 days away, so the request must be met
Section 68A of the WA Act lets a person paying money to an agent ask in writing for a separate interest-bearing trust account before settlement. For a sale, the request must be met if the amount exceeds $20,000 or the transaction will not settle within 60 days. Interest on such an account is paid to the person who requested it.
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