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A trust account is an obligation, not a profit centre
Operating a trust account, be it as a lawyer or a real estate agent, is fundamentally a fiduciary undertaking. That is, you are holding someone else’s money as trustee for them. It is not yours to deal with.
Deposit Flicking: What It Is, Why It's Raising Alarms, and Two Recent Court Wins for Consumers
If you're buying or selling property in NSW, you've probably trusted that your deposit sits safely in your real estate agent's trust account until settlement. That's the law — but a controversial new practice known as "deposit flicking" is putting that assumption to the test, and Dott & Crossitt has been at the centre of the fight to stop it.
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