Running a business

Conveyancer's responsibilities

Conveyancers must follow legal procedures when preparing and processing documents for the transfer of property from one person to another.

A conveyancer can't act on behalf of both parties.

Trust accounts

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.

You must:

  • keep all records of trust money
  • issue detailed receipts
  • arrange for accounts and records to be audited every year.

Audit check list

Professional indemnity insurance

Conveyancing businesses must have professional indemnity insurance from a company approved by CBS.

Example policy - VERO Insurance Company

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.

Premium table - Marsh Insurance

Fee Band

Limit of Indemnity

$1.5m

$2m

$3m

$4m

$5m

0-$15,000

$2,242

$2,740

$3,071

$3,320

$3,902

$15,001-$50,000

$2,656

$3,197

$3,447

$4,171

$4,691

$50,001 - $100,000

$3,115

$3,740

$4,148

$4,804

$5,485

$100,001 - $150,000

$3,740

$4,580

$4,917

$5,892

$6,707

$150,001 - $200,000

$4,868

$5,460

$6,095

$7,905

$8,852

$200,001 - $250,000

$5,283

$6,185

$6,773

$8,427

$9,556

$250,001 - $300,000

$5,653

$6,635

$7,296

$9,122

$10,373

$300,001 - $400,000

$5,928

$7,158

$7,771

$9,444

$10,918

$400,001 - $500,000

$6,574

$7,680

$8,110

$10,193

$11,798

$500,001 - $750,000

$8,417

$8,859

$9,251

$10,826

$12,795

$750,001 - $100,0000

$9,510

$10,010

$10,453

$12,235

$14,460

$1,000,001 - $1,500,000

$10,748

$11,311

$11,814

$13,824

$16,338

$1,500,001 - $2,000,000

$12,143

$12,781

$13,348

$15,622

$18,463

$2,000,001 - $3,000,000

$13,724

$14,442

$15,085

$17,653

$20,863

$3,000,000 >

Refer

Refer

Refer

Refer

Refer

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:


Related information

On this site

Other websites

Contact Consumer and Business Services

Phone

131 882

In person

91 Grenfell Street
Adelaide

Post

GPO Box 1719
Adelaide SA 5001


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Page last updated 18 August 2017

Provided by:
Attorney-General's Department
URL:
https://www.sa.gov.au/topics/business-and-trade/running-a-business/conveyancers-responsibilities
Last Updated:
18/08/17
Printed on:
23/10/17
Copyright statement:
SA.GOV.AU is licensed under a Creative Commons Attribution 3.0 Australia Licence. © Copyright 2016