The Difference Between Strata Trust Accounting & Real Estate Trust Accounting


The mere mention of the word ‘strata’ is enough to have some agents running for the hills. But with the increase of apartment living in Australia, agents may wish to start looking at strata as another area to expand their business. So what is different between strata trust accounting vs normal real estate trust accounting? When it boils down to it, not really that much. It’s still money in, money out. However, there are some differences that you need to be aware of, particularly in NSW. We’ll explain some of the characteristics of each to help provide an understanding and make strata sound a little less scary. Real Estate Trust Accounts The top key unique identifiers of a real estate trust account include: The account name is in the name of the Corporation license. It will contain the words ‘trust account’. For example: My Real Estate Pty Ltd T/as Best Agency Trust Account Each trust account is registered and has a UID number from Fair Trading. A trust account does not earn interest for the agency or ... read more >>