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Project 1(II) - Retention of trust money by land agents

Project No. 1(II)

Commenced: 1971
Completed: 1972

The reference arose from concerns, expressed by the Real Estate Institute of Western Australia, about insufficient statutory protection of money held on trust by land agents. 

Terms of Reference

In March 1971 the Committee was asked to consider whether:

  1. licensed land agents should be entitled to hold in their trust accounts all money paid to them on account of a purchase of land until the availability of a title of land is assured; and
  2. that all sales of land (other than between private persons not engaged in the business of buying and selling land) must be made through a licensed land agent.

Outcomes

Given the extensive nature of potential reform to the area of law, the Committee decided that the issue would best be addressed by an extension of its concurrent reference (Project No. 37) that dealt specifically with the subject of reform of the Land Agents Act 1921 (WA) to regulate land transactions.

Last updated: 31-Jan-2017

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