Client Accounts

Arkmar

Hey, can anyone tell me where I would find the information regarding guidelines for maintaining client accounts if you are a property letting company. I've found a little info specific to what each property letting body recommend but I'm trying to find the cro or revenue guidelines. I thought there was an act for auctioneers and housing agents on the Irish Statute book website but I'm just not finding what I'm looking for. Can someone point me in the right direction please, if you can.. thanks.

Alan Shore

Hope this helps

http://www.irishstatutebook.ie/1947/en/act/pub/0010/sec0002.html

http://www.irishstatutebook.ie/1967/en/act/pub/0009/print.html

http://www.ipav.ie/Documents/Member_Area/Continuous%20Professional%20Development%20-%20Cork%2007-Nov-03/Obligations%20and%20Entitlements%20of%20Auctioneers%20and%20Estate%20Agents.pdf

Arkmar

Thanks a million, that was a great help.

It seems to be mostly concerning Auctioneers, does the same rules apply for someone who only lets properties. i.e. do they need a licence to do that and are they bound by act also.

dbran

Hi Arkmar

It does apply to housing or letting agents.

You do need a licence obtained annually by applying to the courts together with a certificate from an accountant to state that the rules regarding client monies have been properly adhered to.

That is to say that a seperate account has been set up designated as a "client" account, all client monies are deposited in it and kept seperate from the business funds and no unauthorised withdrawls or lodgements are made. Although I do not think it is as onerous as the solicitors regulations it is still a requirement nonetheless.

If you dont hold clients funds it is just an additional formality to have to go through.

Hope this helps

dbran

Arkmar

That's great thanks