Trust Account
A regulated bank account where a property manager holds rent and bond money on behalf of landlords and tenants.
Full Explanation
Your property manager collects $2,200 in rent from the tenant and deposits it into their trust account, then disburses it to you on the agreed payment date after deducting management fees.
Frequently Asked Questions
Yes. Trust accounts are tightly regulated and audited. The funds are legally separated from the agency's business money. If the agency goes into liquidation, trust funds are protected and cannot be claimed by the agency's creditors.
Most property managers disburse funds monthly, but some offer fortnightly payments. The disbursement schedule should be agreed in your management authority. Trust funds must be disbursed within timeframes prescribed by state legislation.