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.
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
- Forms for conveyancers - CBS
- Capital gains withholding: Impacts on foreign and Australian residents - Australian Tax Office
Contact Consumer and Business Services
Phone
131 882
In person
91 Grenfell Street
Adelaide
Post
GPO Box 1719
Adelaide SA 5001
