NZ Real Estate Trust

SafeKiwi (NZ) Ltd has provided the New Zealand Real Estate Trust (NZRET) third-party trust account service through Public Trust, to real estate agents since 2010. Approximately 400 real estate agencies use the NZRET service.

The new memorandum of understanding (MOU) contains obligations for SafeKiwi, including:

• Consumer funds must be held by Public Trust for the purchaser and vendor.
• Funds must be paid directly into and out of Public Trust without being handled by Safekiwi. 
• Consumer funds will not be available to creditors in the event of SafeKiwi becoming insolvent.

SafeKiwi has agreed to continue to provide clear information to consumers in its terms of use(external link). The terms explain who holds the funds and that SafeKiwi is entitled to the interest on funds held in trust. SafeKiwi will not amend the terms of use that it has with Public Trust without REA’s approval.

Real estate agencies may continue to use a third party trust account provider. As an independent government regulator, REA does not endorse commercial products and services. Signing an MOU with SafeKiwi is not an endorsement of SafeKiwi and the NZRET service.