- Perth CBD agency fined $8,000 for late lodgement of nine tenancy bonds
- More than $14,200 in bonds not lodged in required time
- Agents reminded of responsibility to keep tenants' money safe
A Perth CBD real estate agency has been fined and reprimanded by the State Administrative Tribunal for failing to lodge nine security bonds worth $14,200 within the required timeframe, following action by Consumer Protection.
Limmybuild Realty Pty Ltd was fined a total of $8,000 for breaching the Real Estate and Business Agents and Sales Representatives Code of Conduct for failing to conduct its business with a reasonable level of care, diligence and skill.
Commissioner for Consumer Protection Trish Blake said disciplinary proceedings were taken against the agency as a result of its failure to lodge a considerable number of residential tenancy security bonds with the Bond Administrator within 14 days of receipt, despite being given ample warning to get its business practices in order.
"The Residential Tenancies Act very generously gives landlords and agents up to 14 days in which to lodge any part of a tenant's bond with the Bond Administrator," Commissioner Blake said.
However, between June 2022 and July 2023, the agency was between four and 11 days late in lodging bonds for properties located in Perth CBD, East Perth, Leeming, Carlisle, Baldivis, Bertram, Kardinya and two in Wellard.
Limmybuild was also found to have breached the Real Estate and Business Agents Act by failing to keep full and accurate accounts by entering incorrect dates in the tenancy ledger for when a number of these payments were received and for failing to enter the amounts into the ledger the next business day after collecting them.
Commissioner Blake said the real estate industry has a clear obligation to lodge tenancy bonds as soon as possible after receiving them and certainly within the 14-day time limit imposed by the tenancy legislation.
"There is no reason it should take more than two weeks to lodge these payments with the Bonds Administrator - the process is very simple and straightforward.
"Compliance with these laws is paramount to ensure the safety and security of tenants' money and is why we continue to prosecute those who fail to comply.
"Responsible record-keeping is something else agents need to practice by entering payments in the tenancy ledger the next business day after collecting them."
