Log On And Check Out Conveyancing Changes

Illawarra Mercury

Wednesday December 20, 2006

By the Mercury's Business Editor GREG ELLIS

CERTIFIED Practising Conveyancer Val Spirovski of Property Conveyancing Solutions NSW has reminded me about the changes to the Conveyancing Licensing Act 2003 which came into effect on December 15.

Mrs Spirovski said the Department of Fair Trading had also advised all NSW conveyancers about the changes to the Act and how it will affect them.

But she encouraged people who use conveyancing services to also be aware of the changes.

Mrs Spirovski recently welcomed the Australian Institute of Conveyancers NSW division chief executive Alan West to Wollongong for a seminar to talk about the legislation, but the Conveyancers Licensing Regulation 2006 has not been available until now.

Copies of the Conveyancers Licensing Act 2003 and the Conveyancers Licensing Regulation 2006 can be viewed at www.legislation.nsw.gov.au

They can be found under the alphabetical listing of all Acts and regulations.

Legislative changes include:

A requirement for all licence holders to show they properly supervise their conveyancing business.

Compliance with the rules of conduct such as dealing with clients, conflicts of interest, confidentiality and record keeping.

Ensuring trust accounts are held with authorised deposit taking institutions approved by the Commissioner of Fair Trading and audited annually.

Controlled money accounts are discontinued.

Information about costs must be disclosed to clients up front.

© 2006 Illawarra Mercury

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