Agents can submit bond-related transactions electronically. Once an agent initiates or re-submits the electronic transaction, tenants have seven days to approve the details. Once this is done, the transaction is complete.
If the transaction is not completed within seven days of the agent's initiation or re-submission, the Residential Tenancies Bond Authority (RTBA) will send a reminder to all parties.
If the transaction remains incomplete for a further seven days after the reminder, it will time out. The agent must then submit the proposed transaction to the RTBA again, using the paper-form or initiate another electronic transaction.