A settlement agent has been banned for two years and hit with a fine after mishandling funds received from a client.
Deanne Jean Tabone, from DT Property Settlements in Embleton, WA, was fined $1,000 and had her licence put on hold for two years, according to the WA Department of Commerce.
Consumer Protection took disciplinary action against Ms Tabone when she failed to immediately deposit funds from the settlement of a Girrawheen property into a proper trust account in February 2010.
Ms Tabone opened a trust account three months after the settlement and deposited funds into the account without properly identifying where the funds had originated.
She also failed to inform Consumer Protection of the details of the account as required under the Settlement Agents Act.
Commissioner for Consumer Protection, Anne Driscoll, said it is essential that funds received from a client in relation to the settlement of property in WA are placed in a trust account as soon as practicable.
“The laws surrounding the handling of funds from a property transaction during the settlement process are very strict so they offer the greatest protection possible for buyers and sellers,” she said.
“Agents who do not follow these strict rules, as in this case, risk a possible fine, damage to their reputation and put their operating licence in jeopardy.”