Melbourne real estate agency Baycrown Management Pty Ltd (ACN 112 960 960) has had its licence cancelled and been disqualified from holding an estate agent’s licence for five years, following a number of breaches of Victoria’s rental and estate agent laws.
Consumer Affairs Victoria took action against Baycrown following a complaint that the company was taking ‘rent in advance’ payments and using them as bond money. The resulting investigation into Baycrown uncovered a number of other breaches, including:
- payment of more than $240,000 of ‘rent in advance’ money into an interest-bearing account
- failing to notify Consumer Affairs Victoria of the opening of a trust account
- failing to give rental bonds to the Residential Tenancies Bond Authority
- obtaining tenants’ signatures on blank bond claim forms.
As well as losing its licence, Baycrown Management was reprimanded at the Victorian Civil and Administrative (VCAT) disciplinary hearing. It was also ordered to pay $5,000 into the Victorian Property Fund.
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