Conveyancers obligations

Interest from trust accounts is deposited into the Agents Indemnity Fund, which provides compensation should a conveyancer default. The Commissioner for Consumer Affairs administers this Fund.

Annual returns

A registration lasts until it is suspended, cancelled or surrendered. A registration also will cease if the person holding the registration dies or, in the case of a company holding the registration, if the company is dissolved.

In order to maintain continuity of registration, you will receive an annual return to lodge the registration which will be posted to your Address for Service (ie, your postal address) approximately one (1) month before the expiry date printed on your certificate. The annual return is a document that lists certain information that you must provide to the Commissioner along with your registration fee.

It is the responsibility of the registrant to lodge the registration before the expiry date to avoid a penalty fee.

Your first annual return, will fall due for lodgement twelve (12) months after the registration is granted, and then yearly after that.

Click to view current fees.

Changes to details

You must notify the Commissioner in writing (within 14 days) of changes to your personal or business details (eg address, directorship, business name, partnership etc).

Registration certificate

As a registered conveyancer, you will receive a registration certificate, which you can display at your business premises.

Surrendering your registration

It is important when you surrender your registration that this is done in writing and either sent in or lodged over the counter. For further information contact us.

Trust accounts

As a registered conveyancer you are required to deposit monies received from your clients into a trust account in accordance with the rules set down under the Conveyancers Regulations 1995.

For instance, you must:

• maintain a Trust Account - where you are accepting trust money, and depositing the money in an account approved by the Commissioner at a bank, building society or credit union
• keep detailed records of trust money - by compiling detailed accounts of receipts and disbursements
• withdraw money from a Trust Account - only under circumstances set out in the Act
• issue accurate and detailed receipts - in the manner set out in the Act and the Regulations
• arrange for accounts and records to be audited - on an annual basis from the end of your last audit period (in the case of a new registration, from the date of registration) until two months before the date upon which your annual return is due or, a date nominated by you and approved by the Commissioner
• ensure you do not act for both the transferor and transferee, or the grantor and grantee, of property or rights under a transaction.

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