Principal/Agents

“NZ Real Estate Trust reduces cost, improves efficiencies and brings us right up to date - perfect timing with the new Act (’08)”

The aim of NZ Real Estate Trust is to reduce/eliminate the cost involved with administering your Agency Trust Account.

When the Sale & Purchase Agreement is confirmed as unconditional in all respects by both Lawyers, and you are authorised to disburse the funds then the agency administrator advises NZ Real Estate Trust/Public Trust to disburse the funds. At the time of disbursement your agency commission will be paid directly to your agency's trading account and the balance of the deposit funds will be paid to the vendor's lawyer's trust account. Early release is available with the permission of both lawyers.

 

Office Administrators

“Using NZ Real Estate Trust to manage our deposits means I no longer have to spend lots of time reconciling deposit payments, allowing me to focus on other important tasks”

As deposit payments will now be running through an independent trust account there will be far less data for you to reconcile. If your trust account is completely inactive you will file a nil report for your monthly and annual audit reports.

 

Home Vendor/Buyers

“We like the idea of the money being held totally independent. Public Trust is the perfect place for our peace of mind”

As a buyer, you will pay your deposit to a Public Trust/NZ Real Estate Trust bank account. Your Real Estate Agent will provide you with the bank account details. Your deposit funds will be held independently under the custody of Public Trust. Public Trust is a Crown Entity, its independence is guaranteed under the Public Trust Act 2001. Deposit funds will be disbursed to the Vendors Lawyer's trust account and the Real Estate Agency commission paid once the Sale and Purchase Agreement is confirmed as unconditional in all respects by both lawyers.

 

Lawyers

Real Estate agencies can choose to use Real Estate Trust as an independent provider for their trust account. All deposit funds are held independently of all parties, under the custody of Public Trust. Public Trust is a Crown Entity, its independence is guaranteed under the Public Trust Act 2001.

When the Real Estate Agency Administrator receives confirmation form both lawyers that the Sale and Purchase agreement is unconditional in all respects and you authorise the release of the funds, the Administrator advises NZ Real Estate Trust/Public Trust to disburse the funds. At the time of disbursement the real estate agency commission will be paid directly to their trading account and the balance of deposit funds will be paid to the Vendor's Lawyers nominated account.

In the event that a Sale and Purchase Agreement is cancelled and a deposit has been paid and held in NZ Real Estate Trust both lawyers must confirm cancellation of the Sale and Purchase Agreement to the real estate agency administrator. The deposit will be refunded to the Purchaser's original bank account that the funds were paid from.