A property manager who collects rent handles third-party funds: the law requires those funds to pass through a client account that can never be overdrawn, and to be paid out without delay. The published decisions of the IPI show what its Executive Chamber sanctions in practice: bulk transfers to the office account, unjustified withdrawals and the simple absence of a client account.

What does the law say about third-party funds?

Article 21/2 of the Act of 11 February 2013 organising the profession of real estate agent has applied since 1 August 2018 to the intermediary and the property manager. It requires them to distinguish between their own funds and third-party funds. Funds received on behalf of clients or third parties are paid into an account opened in the agent’s name, stating its capacity. The agent handles clients’ or third parties’ funds through that account and always asks for them to be paid into it. The text does not mention rent, but rent collected for an owner is a fund received on behalf of a client. Neither this pooled client account nor the dedicated account, opened for a specific file, may be overdrawn, carry credit or serve as security, and any set-off with other accounts is excluded. In practice, every rent payment goes through the client account, never through the office account.

Within what time must funds be paid out?

Paragraph 4 requires funds to be transferred to the person entitled as quickly as possible. If, for good reasons, the agent cannot do so within four months of receipt, the funds must be paid into a dedicated account, unless the total does not exceed EUR 2,500 per person, per transaction or per file. For the property manager, a contrary agreement may set aside the quick transfer: it allows, for example, a monthly payout. It does not exempt the funds from passing through the client account. Finally, amounts unclaimed within two years of closing the file are paid to the Deposit and Consignment Office (paragraph 6).

What do the IPI ethics rules say?

The code of ethics approved by the Royal Decree of 29 June 2018 is supplemented by a directive on the client account, which has the same binding force. The directive itself has only four articles. The agent must hold an account intended exclusively for receiving or transferring third-party funds. The bank agreement provides that this account never shows a debit balance, that no credit or set-off is possible, and that the legal assessor of the Executive Chamber can obtain from the bank a copy of all transactions. The agent states the client account number whenever requesting funds. The code adds two rules. Article 66 requires transactions on this account to be carried out in a transparent manner. Article 30 requires funds to be handed over without delay, after settlement, to those entitled, when they so request.

Can the agency take its fees from the client account?

The point is more nuanced than often stated. Article 31 of the code allows the agent’s fees to be taken with the client’s agreement, from funds definitively acquired by the client. The IPI page on the client account, however, states that the fee claim cannot be recovered from the client account. The cautious reading combines both: taking fees is only defensible with the owner’s written agreement, from rent undisputedly due to them, and with a statement that shows it. Decision 4237 of 2022, cited below, sanctions fees withheld from a deposit paid by a buyer.

The same IPI page recalls that the client account has been mandatory under the ethics rules since 1999. Third-party funds are covered by the financial guarantee of the collective insurance, in the event of the agent’s bankruptcy or insolvency, up to EUR 250,000 per claim, per year and per real estate agent.

What does the Executive Chamber actually sanction?

The database of disciplinary decisions published by the IPI shows what is actually punished, decision by decision, with the date and number of each ruling. On 29 March 2024, the Dutch-speaking Executive Chamber reprimanded agents who had transferred third-party funds in bulk to the office account (decision 4526). On 1 April 2022, for similar transfers entrusted to an external accountant, it imposed a three-month suspension and training on the client account (decision 4168). It stated that relying on someone else does not remove the agent’s responsibility. On 20 May 2020, funds transferred to the office account without the client’s instruction led to a nine-month suspension, six of them effective (decision 3685). On 4 June 2021, transfers “for a moment” from the client account to a company led to strike-off (decision 3959).

On the French-speaking side, unjustified withdrawals (decision 1881, 2021) and a missing client account with rental deposits paid into the business account (decision 1978, 2022) were prosecuted. Their published summaries do not state the sanction.

Across the profession, the IPI 2025 annual report lists 2,008 disciplinary files opened and 402 decisions, including 48 strike-offs and 228 suspensions, for 11,004 registered agents. It reports 621 file checks carried out in agencies. The report does not break sanctions down by ground: it is not possible to say what share concerns the client account. In 2019, the IPI wrote that its Executive Chamber had recently imposed a major sanction, suspension or strike-off, on several agents for not having a client account or mismanaging it.

What internal procedure should be put in place?

The published decisions outline a procedure every management agency can formalise:

  1. A dedicated client account, with the bank agreement required by the directive, and its number on every rent call.
  2. No rent on the office account, not even temporarily: this is the first complaint in decisions 4526, 4168 and 3685.
  3. A written payout schedule in each management mandate, since the law only allows a departure from quick transfer by agreement.
  4. Regular reconciliation between the client account balance and the total due to each owner.
  5. Fees taken only with written agreement, from rent acquired by the owner, and a statement that shows it.
  6. Monitoring of old funds: dedicated account beyond four months and EUR 2,500, Deposit and Consignment Office after two years.
  7. Supervision of delegated tasks: entrusting the accounts to a third party does not transfer responsibility.

This procedure also has commercial value. An owner hesitating between self-management and a mandate can check that their rent passes through a protected account, open to IPI checks and covered by a guarantee. On landlords’ own obligations, see our article on the “professional” landlord. For rental deposits, which follow their own rules, see our article on the rental deposit in Wallonia.

How does Seido help track collected rent?

Managing several properties? Seido connects to the agency’s existing accounts (ING, Belfius, KBC, BNP Paribas Fortis) through open banking, without changing bank. Each rent received is automatically matched to the right unit and the right tenant, and late payments are flagged. Reconciling the client account thus starts from an up-to-date list. See how payments and open banking work in Seido.

When rent remains unpaid and the file goes to litigation, our article on end of lease, damage and arrears details the steps.

Frequently asked questions

Can a property manager collect rent on the agency’s account?

No. The Act of 11 February 2013 requires the property manager to pay funds received on behalf of clients into a client account in its name, stating its capacity, and to handle those funds only through that account. Several Executive Chamber decisions sanction third-party funds transferred to the office account, from a reprimand to strike-off depending on the seriousness. The agency’s own account should only receive fees, once earned.

Is a dedicated account needed for each owner?

Not in principle. The client account is a pooled account, sufficient for regular payouts. The law requires a dedicated account, opened for a file or a client, when funds cannot be transferred within four months of receipt for good reasons. This obligation does not apply if the total does not exceed EUR 2,500 per person, per transaction or per file.

Are monthly rent payouts allowed?

Yes, if provided for in the agreement with the owner. The law requires transfer as quickly as possible, except, for the property manager, where there is a contrary agreement. A mandate setting a monthly payout, with a statement, therefore allows rent to be grouped. Without such a clause, the agency is exposed to the criticism of holding funds without justification. What this statement should contain is covered in our article on the owner report.

What does the IPI guarantee cover if the agency goes bankrupt?

According to the IPI, third-party funds are covered by the financial guarantee of the collective insurance policy, which repays deposits and down payments in the event of the agent’s bankruptcy or insolvency. It applies up to EUR 250,000 per claim, per year and per real estate agent. For an agency, this is an argument to explain to the owner, together with its ceiling.

Sources and references

Last updated: July 2026. This article is provided for information purposes only and does not constitute legal advice. For any specific situation, consult a real estate law professional or the IPI.