Conveyancers must follow legal procedures when preparing and processing documents for the transfer of property from one person to another.
A conveyancer may only act on behalf of both parties in certain circumstances - eg if the two parties are related or they are in business partnership together. But a conveyancer must not act for both parties if they have a conflict of interest in relation to the transaction.
You need to deposit funds you have received from your clients into a trust account. The account needs to be approved by Consumer and Business Services (CBS) and be held in a bank, building society or credit union.
- keep all records of trust money
- issue detailed receipts
- arrange for accounts and records to be audited every year.
Professional indemnity insurance
Conveyancing businesses must have professional indemnity insurance.
You need to show proof of the insurance when you renew your registration each year - eg a copy of the insurance certificate. Employees usually don't need to lodge insurance if covered by the employer.
To obtain or renew your insurance contact:
Changes that will affect your registration
Notify CBS within 14 days if you have committed an offence or have had legal restrictions placed on your work or business - eg bankruptcy, financial receivership, or suspended registration.
You will also need to advise CBS when you: