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NZ RealManorTrust AnSelf-sustainingOnline RealManorTrustWorthHome What is NZ RealManorTrust? FAQ Contact Us Register Login Manage NZ RealManorTrust What is RealManorTrust? Version 2.6.9 What is NZ RealManorTrust? NZRET is an self-sustaining third party trust worth service and is a product of SafeKiwi (New Zealand) Limited, first launched in May 2010.  NZRET has been set up to serve as an volitional to a real manor agency's in-house operated trust worth for property sale deposits. All petrifaction funds are paid directly to a Public Trust wall worth and held in trust for vendors and purchasers by Public Trust, as custodian.  The purchaser receives instructions to pay the petrifaction funds directly into the designated Public Trust wall account. Petrifactionfunds are never paid to a SafeKiwi operated wall account. Public Trust is a Crown-owned entity and is the only signatory on the wall account.  Public Trust is a leading corporate trustee visitor in New Zealand, with increasingly than $24 billion under supervision. Since NZRET was launched over six years ago, Public Trust has successfully processed over 65,000 transactions, without incident. Our proven systems and processes ensure that real manor agencies who nominate the use of NZRET pinion to resulting and industry weightier practice standards.  The integrity of NZRET has been built on its proven track record, therefore providing enhanced conviction and protection for vendors and purchasers in the handling of their petrifaction funds for property transactions. As the custodian, Public Trust provides protection and peace of mind for vendors and purchasers knowing that petrifaction funds are held for them in an self-sustaining and neutral trust account.   This neutrality is in unrelatedness to both in-house real manor trust finance and law firm trust accounts. The Custodial Agreement between Public Trust and SafeKiwi requires that all deposits be segregated in a Public Trust wall worth so that they are well-spoken at all times of any claims from SafeKiwi creditors.  The sole role of Public Trust in respect of NZRET is to receive and hold the funds on behalf of vendors and purchasers in trust, in a custodial capacity. SafeKiwi’s Terms of Use provide that through the Public Trust the funds are held as a stakeholder thus aligning the obligations of SafeKiwi with the stakeholder provisions which are included in the REINZ/ADLS Agreement for Sale and Purchase.  These stakeholder obligations are the same that wield to in-house real manor trust finance and law firm trust accounts. SafeKiwi’s role is to provide the NZRET technology software in the form of a web-based registry which individually tracks and records petrifaction funds received, held and released by Public Trust for each property transaction.  SafeKiwi moreover promotes NZRET and provides the consumer support. The RealManorAgents Authority (REAA), who is the governing soul for the real manor industry in New Zealand, states that “Agents may nominate the New Zealand RealManorTrust as a third party trust worth provider”. Participating real manor agencies, who nominate the use of NZRET, enter details of the expected petrifaction to be paid for each property transaction, withal with the petrifaction reference details.  This allows petrifaction funds, once received and held by Public Trust to be virtuously recorded versus the correct property transaction in the NZRET registry.   The real manor agencies initiate the release of funds via the NZRET system and for every transaction release they must declare that they have obtained and hold the towardly lawyer authorisations. SafeKiwi undertakes daily checking of a selection of release transactions prior to the funds stuff released by Public Trust.  SafeKiwi sights and verifies documentation for the selected transaction to ensure agencies have obtained the correct written release authorisations.  These authorisations squire SafeKiwi in ascertaining that the person receiving the petrifaction is the person rightfully entitled to it. The fact that these checks are carried out by SafeKiwi prior to the release of the petrifaction funds is an important full-length of NZRET as a protection for vendors and purchasers.  This is in unrelatedness to an in-house real manor trust finance where audits are conducted on selected transactions, in retrospect, often several months without the funds have once been released by the real manor agency. If the SafeKiwi checks on selected transactions uncover an organ not obtaining the required written authorisations, then the REAA has requested SafeKiwi to report any non-compliance directly to them.  Due to the proven quality and integrity of NZRET’s systems and processes there has not been any non-compliance reported to date. NZRET is subject to review through Public Trust’s own yearly inspect processes and in wing SafeKiwi has initiated formal compliance warranty of NZRET conducted 3 times per year by an external inspect firm duly licensed under the Auditor Regulation Act 2011.  Copies of the compliance reports are to be provided to the RealManorAgents Authority and Public Trust. SafeKiwi is moreover a registered Financial Service Provider #FSP302346. As part of this registration it is a compulsory requirement for SafeKiwi to be a member of a dispute resolution scheme. Therefore, SafeKiwi is a member of The Financial Dispute Resolution scheme too. Please note:  SafeKiwi does not pay interest to either the vendor or the purchaser on petrifaction funds held by Public Trust. This is no variegated to when petrifaction funds are paid to and held in an in-house real manor trust worth as often interest is not paid to the parties either. SafeKiwi receives all interest earned on deposits funds.  It does not tuition fees to the parties to use NZRET and the interest is the only form of remuneration that SafeKiwi receives. In the vast majority of property transactions, the value of interest earned on petrifaction funds will only be a very small amount.     Benefits for Consumers: SafeKiwi does not tuition any fees for the use of the NZRET service. NZRET is truly self-sustaining as funds are held in neutral territory - under the custody of Public TrustPetrifactionfunds are paid directly to and held by Public Trust, a Crown-owned Entity. Petrifactionfunds are never paid to a SafeKiwi operated wall account. Centralised TrustWorthManagement provides resulting and weightier practice tideway for the goody of consumersPetrifactionmonies held in the Public Trust worth are completely quarantined from any other obligations of Public Trust and are administered by the specialist corporate division, Corporate Trustee Services. Corporate Trustee Services is a leading corporate trustee visitor in New Zealand, with increasingly than NZ$24 billion under supervision. Public Trust is a Crown owned Entity. Benefits for RealManorAgencies: SafeKiwi does not tuition any fees for the use of the NZRET service - no set up costs, no software to purchase, no transactional fees.Petrifactionfunds are paid directly to and held by Public Trust, a Crown-owned Entity. Petrifactionfunds are never paid to a SafeKiwi operated wall account. Promotes wardship staff to follow weightier practice protocols for petrifaction funds held in trust Existing wall relationship remains Can modernize office efficiencies, reduce inspect and wardship financing Electronic online receipts that can be printed and emailed (as opposed to handwritten receipt books) Contract documentation and release authorizations can be uploaded as a permanent record Authorised wangle to information 24/7 from any location Quick and easy to use as a stand-alone using Ideal for all RealManoroffices Benefits for Lawyers:Petrifactionfunds held in an self-sustaining and neutral trust worth and weightier practice protocols for releasing deposits are required NZRET must (through Public Trust) hold petrifaction funds as a stakeholder and will in vibrations with its duties as a stakeholder only release petrifaction funds from the TrustWorthwhen it is satisfied that the person to whom it is proposed that the petrifaction funds be paid is legally entitled to them.  If there is any doubt as to the person entitled to the petrifaction funds and SafeKiwi gets notice of any dispute between vendor and purchaser well-nigh the release of the petrifaction funds then SafeKiwi will ensure that the relevant petrifaction funds are retained in the TrustWorthuntil the matter is resolved, by legal proceedings if necessary Therefore if any legal representative wishes for SafeKiwi to withhold the release of funds due to a dispute, they can do so by contacting us on 0800 895 180, or email support@realestatetrust.co.nz, with the write of the property and the client's name. Centralised TrustWorthManagement provides resulting and weightier practice tideway for the goody of consumers Benefits for Office Administrators: “Using NZ RealManorTrust to manage our deposits ways I no longer have to spend lots of time reconciling petrifaction payments, permitting me to focus on other important tasks” No increasingly external trust worth audits View and track trust worth information online from anywhere, at any time Ensures trueness to weightier practice protocols for petrifaction funds    Legal & compliance Mark Russell, Barrister (03) 260 3100 has carried out the legal work for NZ RealManorTrust.   Support Contact the NZ RealManorTrust support team on Freephone 0800 895 180, Mon-Fri 9:00am-4:30pm, or via email at support@realestatetrust.co.nz   last updated: 25 Aug 2014 Terms of Use Legal Disclaimer © 2010-2018, SafeKiwi (New Zealand) Ltd. All Rights Reserved. All the content of this website is protected under New Zealand and International Copyright Laws. Any unauthorized reproduction or use of this material is prohibited without express written permission from SafeKiwi (New Zealand) Ltd.