Professional indemnity insurance
- Section 13 of the Conveyancing Act 2004 requires all conveyancers to be covered by an approved policy of professional indemnity insurance to a prescribed minimum amount of $2 million.
- conveyancers are required to provide evidence annually that they are covered by this insurance.
- you must always be covered by the appropriate professional indemnity insurance. If your insurance lapses or is cancelled your conveyancers licence is deemed to be suspended.
- the policy must be in the individuals name or a combination of both individual and trading name.
Trust accounts
- a licensed conveyancer is required to maintain a trust account in an authorised deposit taking institution
- all monies received from clients must be deposited into this account
- a trust account must be audited each financial year
- an annual return for the period ending 30 June of that year must be provided to Consumer, Building and Occupational Services by 30 September each year
- the annual return must contain the following:
- name and location of any trust account in which trust money has been deposited
- the total amount if all contributions to the trust account
- a balance statement of the trust account
- a report from the auditor stating the conveyancer has kept proper accounting records and other books during the period.
- audits are to be carried out by a person who is a member of any of the following:
- Institute of Chartered Accountants
- Australian Society of Certified Practicing Accountants
- National Institute of Accountants
- download the trust account audit report form (PDF, 191.1 KB)
Accounting
Conveyancing documents must:
- correctly record and explain the business transactions
- correctly record and explain the receipts and payments of trust money
- enable trust accounts and accounting records to be properly audited and
- be kept for 6 years after the date of the last relevant transaction.
Advertising
Conveyancing advertisements must not:
- contain information that is false, misleading or deceptive
- make or imply a comparison with another conveyancer and
- be vulgar, sensational or bring the conveyancer or profession into disrepute.
Sharing business premises
When sharing business premises a conveyancer must:
- maintain all records and accounts securely, confidentially and separately
- keep any other business they operate from the same location, separate from their conveyancing business
- make sure a business sharing the premises keeps their business separate as far as practicable
- make sure that sharing business premises doesn't breach the Conveyancing Act 2004 or the Rules of Conduct
- avoid or disclose any conflict of interest to clients
Being present at place of business
- a conveyancer must be in charge of their place of business and spend a substantial time at that location during normal business hours
- when operating a branch location a conveyancer must:
- personally undertake and supervise the work done and the conveyancing services provided and
- ensure all work and communication is given prompt attention
- a notice must be displayed in a prominent position in every office or branch that states:
- the contact details of any other office or business where a conveyancer may be located and
- if a conveyancer is not there, when they will next be in attendance.
Related information
This page has been produced and published by the Consumer Building and Occupational Services Division of the Department of Justice. Although every care has been taken in production, no responsibility is accepted for the accuracy, completeness, or relevance to the user's purpose of the information. Those using it for whatever purpose are advised to verify it with the relevant government department, local government body or other source and to obtain any appropriate professional advice. The Crown, its officers, employees and agents do not accept liability however arising, including liability for negligence, for any loss resulting from the use of or reliance upon the information and/or reliance on its availability at any time.