Page 2226 - Week 07 - Thursday, 17 June 1993
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THE SECOND MATTER CLARIFIES THE PAYMENT OF BOND MONEY OUT OF THE TRUST FUND IN RELATION TO BOND MONEY PAID INTO IT THEREBY ENSURING THE INTEGRITY OF THE FUND.
EFFECTIVELY, THE DIRECTOR OF THE OFFICE CANNOT PAY OUT OF THE FUND AN AMOUNT OF MONEY WHICH WAS NOT PAID INTO IT.
THIS WOULD PREVENT CLAIMS AGAINST THE FUND FOR BOND MONEY NOT LODGED WITH THE OFFICE WHICH WAS MISAPPROPRIATED BY LANDLORDS, HENCE MAKING IT CLEAR THAT TRUST MONIES CANNOT BE USED FOR COMPENSATION.
THE AMENDMENTS WILL ALSO EXTEND CERTAIN PERIODS OF TIME IN THE ACT.
THE ACT PROVIDES THAT A LANDLORD IS REQUIRED TO PROVIDE A CONDITION REPORT TO THE TENANT WHEN HE OR SHE TAKES POSSESSION OF THE RENTED PREMISES.
CURRENTLY, THE TENANT MUST RETURN THIS TO THE LANDLORD WITHIN IN THREE DAYS.
LANDLORDS, ESTATE AGENTS AND TENANTS HAVE ALL AGREED THAT THREE DAYS IS INSUFFICIENT FOR A TENANT TO ADEQUATELY EXAMINE A PROPERTY.
THE AMENDMENT WOULD EXTEND TO SEVEN DAYS THE TIME ALLOWED THE TENANT FOR RETURN OF THE REPORT TO THE LANDLORD.
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