Conveyancing Must Be Left To The Experts
Sydney Morning Herald
Friday April 27, 1990
The provision of conveyancing services is a specialist task that rightfully belongs to those qualified to undertake it. The Real Estate Institute (REI) believes this premise should form the basis for any review of conveyancing and is an integral part of the institute's own guidelines now operational throughout NSW.
Despite the successful introduction of its own conveyancing guidelines, the REI president, Mr John Greig, said the institute remained extremely concerned that new legislation for conveyancing practice in NSW had yet to be enacted. (In December last year, long-awaited reforms to the system were introduced into State Parliament, but the Legislative Council decided not to consider the bills for four months.)
"In short, although we have an effective system in operation based on the key components of the proposed legislation, we are still awaiting the introduction of this legislation," Mr Greig said.
An increasing number of solicitors and conveyancing firms in NSW were working within REI guidelines, and real estate agents were now in the position to refer clients to "REI recommended" conveyancing services in areas throughout metropolitan Sydney and key regional centres, he said.
"The first edition of the list of REI-recommended solicitors has been published and will be distributed with agents later this month.
"I am very confident that through more agents and solicitors effecting changes in the conveyancing system in line with REI guidelines, the greater the support for passing the proposed legislation."
This should result in prompt preparation of contracts, a minimisation of unnecessary special conditions, provision for the estate agent to exchange contracts, and investment on holding of the deposit by the estate agent, Mr Greig said.
A five-day cooling-off period would also ensure the protection of the property consumer, and was an essential condition for an equitable conveyancing system.
"In line with calls from other industry groups, the conveyancing process must put the legitimate interests of the property consumer first."
© 1990 Sydney Morning Herald
Share This