Agency Registration Form

AGREEMENT BETWEEN SAFEKIWI (NEW ZEALAND) LIMITED
AND PARTICIPATING REAL ESTATE AGENTS
REGARDING USE OF NZ REAL ESTATE TRUST 
TRUST ACCOUNT SERVICES

PARTIES

1. SAFEKIWI (NEW ZEALAND) LIMITED, trading as "NZ Real Estate Trust" ("NZRET")
2. [PARTICIPATING REAL ESTATE AGENT] ("the Agent")
   BACKGROUND

1. NZRET provides an internet-based trust account service through its website www.realestatetrust.co.nz.
2. NZRET and the Agent have agreed that the NZRET trust account service will be provided for the purpose of receiving, holding and disbursing purchasers' deposits under real estate transactions.
3. This Agreement applies wherever the Agent chooses to use NZRET.

1. USE OF NZRET
   1. NZRET uses appropriate security protocols to ensure that data which is provided to NZRET is not transmitted over the Internet unencrypted and cannot be viewed by unauthorised individuals. NZRET has also implemented a security system requiring a user ID and password to access details on the NZRET website. The Agent must comply with any security protocols imposed by NZRET from time to time.
   2. When accessing and using NZRET, the Agent must:
      1. Precisely comply with all of the NZRET practices and procedures which are communicated by NZRET to the Agent from time to time, either through the NZRET website or otherwise;
      2. Not undermine the security or integrity of the NZRET website;
      3. Not use or misuse the NZRET website in any way which may impair the functionality of the website or impair the ability of any other user to use the website;
      4. Not attempt to gain unauthorised access to any materials other than those generally available on the NZRET website;
      5. Not transmit or input into the NZRET website any files that may damage any other persons computing devices or software, content that may be offensive, or material or data in violation of any law; and
      6. Not modify, copy, adapt, reproduce, disassemble, decompile, or reverse compile any software used on the NZRET website.
   3. In all other respects, NZRET is made available subject to any terms which are set out either in this Agreement, the NZRET Terms of Use and on the NZRET website, in particular with regard to the required procedures for requesting the release of Funds from the NZ Real Estate Trust bank account which is in the name of and operated solely by Public Trust.  The Agent will:
      1. include, in each relevant Agreement for Sale and Purchase, a clause or clauses:
         1. stating that funds will be held by Public Trust for purchasers and vendors using the NZRET service. SafeKiwi (through Public Trust as the custodian for the deposit funds) is the stakeholder;
         2. referring purchasers and vendors using the NZRET trust account service to the NZRET Terms of Use; and
         3. explaining SafeKiwi’s entitlement to any interest earned on funds;
      2. only request the release of any funds to the person lawfully entitled to those funds;
      3. where there is doubt as to who is lawfully entitled to any funds:
         1. take all reasonable steps to ascertain as soon as practicable the identity of that person; and
         2. delay requesting the release of any funds until the identity of that person is ascertained;
      4. in respect of any funds that have been held for more than 10 working days, only request the release of those funds upon appropriate confirmation that the relevant Agreement for Sale and Purchase is unconditional;
      5. in respect of any funds that have been held for less than 10 working days, only request the release of those funds upon:
         1. confirmation from both the purchaser's and the vendor's lawyers (or from the purchaser and the vendor themselves if they are not using lawyers); or
         2. in accordance with a Court order;
      6. upon receipt of written notice of requisitions or objections in respect of the title of any land affected by the relevant transaction, not request the release of the relevant funds except in accordance with:
         1. an authority signed by all parties to the relevant transaction; or
         2. a Court order;
      7. ensure that (except as otherwise agreed by the parties or as ordered by a court or adjudicator of competent jurisdiction) funds are released to the following parties:
         1. in the case of Agreements for Sale and Purchase that do not become unconditional, to the original bank account that paid the funds into the NZRET Trust Account (or, if the funds were paid in cash, to the purchaser’s lawyer); and
         2. in the case of Agreements for Sale and Purchase that become unconditional, by payment of any agreed commission to the relevant Real Estate Agent and any balance to the vendor’s lawyer or as otherwise directed by the vendor’s lawyer.
2. NZRET REMUNERATION
   1. Effective from 1 February 2020, the remuneration derived by NZRET will be a combination of interest earned on moneys deposited in the NZRET trust account and a monthly subscription fee paid by each active participating registered agency. An active registered agency is defined as an agency having log in access to the NZRET website. The monthly subscription fee is payable by the Agent in accordance with the subscription terms. NZRET may change the basis of its remuneration from time to time, but any such change will only become effective after a 1 month notice period.
3. SUBSCRIPTION AND PAYMENT
   1. The Agent will choose a monthly subscription plan relevant for their business needs. The monthly subscription model applies to each active registered agency. The agency's subscription model is also based on the total number of transactions per annum created in NZRET by the agency when deposit money has been received for a transaction. Where an active registered agency does not create any transactions per annum Base Plan 1 will apply.
   2. An invoice will be issued and the fee amount will be payable by the Agent on the 1st day of each month. The monthly subscription fee is payable one month in advance. The Agent will continue to receive a monthly invoices, payable each month, until this Agreement is terminated by either party giving at least one month's notice in writing. If the Agent elects to terminate the use of the NZRET service, with at least one month's written notice, the Agent will be liable to pay all relevant fees up to and including the date of termination. Payment of the total amount specified in an invoice must be paid on the 1st day of each month. It is the responsibility of the Agent to ensure that the invoice amount is payable by the required date. If payment has not been received by the 1st day of each month then SafeKiwi reserves the right to immediately request payment of the invoices for the full amount outstanding and also charge a late payment fee. SafeKiwi may suspend or terminate the use of the NZRET service until full payment has been received.
   3. When the Agent registers to use the NZRET service an invoice will be available to view in the subscriptions section on the NZRET website. Full payment of the invoice will be required to activate access to the NZRET service.
   4. The Agent can upgrade their subscription plan at any time by requesting the change in writing to SafeKiwi.
   5. If the Agent exceeds the transaction limit of their chosen plan then SafeKiwi will advise the Agent. Upon notification from SafeKiwi, and to ensure continuation of the NZRET service, the Agent can upgrade to a new plan. The monthly invoice following an upgrade will reflect the new monthly amount required for payment.
   6. The Agent can downgrade once they have been on a higher plan for more than 6 months by requesting the change in writing to SafeKiwi. The Agent can only request one downgrade in any 12 month period. SafeKiwi reserves the right to charge an administration fee.
4. AGENT OBLIGATIONS
   1. The Agent will indemnify NZRET against all losses and liabilities incurred by NZRET as a result of non-compliance by the Agent with this Agreement. The Agent also acknowledges that a breach by the Agent of this Agreement may result in NZRET reporting the Agent to the Real Estate Authority (REA).
   2. The Agent will be responsible for cash handling fees charged by banks where deposits into the NZRET trust account are made in the form of cash and the Agent must reimburse NZRET accordingly.
   3. If the Agent breaches any of the terms of this agreement SafeKiwi reserves the right to immediately suspend or terminate this agreement by giving notice to the Agent in writing.

END OF AGREEMENT.