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 from a company approved by CBS.
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 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:
On this site
- Forms for conveyancers - CBS
- Capital gains withholding: impacts on foreign and Australian residents - Australian Tax Office