Amanda Edmonds, Managing Director at Edmonds Conveyancing, discusses how two of the most crucial conveyancing regulations in NSW can be easily communicated to one’s clients and increase trust from them.
NSW Conveyancing Regulations: Protecting Consumers
No matter how simply and understandably it is presented to clients, the conveyancing field is rife with complex legal rules and regulations that are worlds away from the average Joe’s vernacular. In most cases, vendors and buyers are at a significant disadvantage given their complete unfamiliarity with both the process and any rights they may possess when it comes to buying or selling a property. Let’s break down two of the most crucial conveyancing regulations: the Land and Business (Sales and Conveyancing) Act 1994 and S12 of the Conveyancing Act. The following pieces of legislature can be communicated to your clients in simple language, this will make them feel like you are on the same page, and thus trust you more.
The Land and Business (Sales and Conveyancing) Act 1994
Put simply, the Land and Business (Sales and Conveyancing) Act 1994 is in place to protect consumers – both buyers and vendors.
Under the Act, the following rights and obligations are in place:
- A cooling-off period during which the buyer may decide not to proceed with the purchase of land or business.
- The consumer must receive certain particulars before the cooling-off period commences. This allows time to digest the information and make an informed decision.
It also outlines certain rules relating to the conduct of conveyancers, including:
- Rules relevant to the preparation of conveyancing instruments. This ensures conveyancing is performed such that the conveyancer is not subject to undue influence or conflicts of interest.
- Rules relating to the contractual relationship between agent and vendor.
These rules are in place to protect consumers and were formed to mitigate the difference in interests of vendors and buyers and their respective real estate agents and conveyancers. As a conveyancer, making sure your client is aware of this gives them peace of mind about the security of their position within the sale.
S12 of the Conveyancing Act
Similarly, S12 of the Conveyancing Act mandates the legal assignment of property rights and debts in an effort to protect both buyers and vendors.
Under the Act, in order to assign property rights and debts from a vendor to the purchaser, the conveyancer must oversee that the transaction meets four key criteria:
- Absolute assignment – the vendor must be left with no outstanding interest in the property or right following the transfer of property.
- Assignment must be in writing.
- Assignment must be signed by the assignor.
- Debtor must be notified in writing of the assignment.
These protocols stand to ensure that the transaction is legal, protected and safe for all parties involved.
Regulations protect all parties involved
Both Acts serve solely to protect all parties involved and are oriented towards having the consumer (or vendor and buyer’s) best interests in mind.
While conveyancing regulations are incredibly complex and often incomprehensible to those outside of the conveyancing or legal industry, understanding their essence is key to ensuring that you are across all aspects of your property transfer. When it comes to your biggest asset – your property – knowing your rights and the protections in place are crucial to your peace of mind.
Amanda Edmonds founded Edmonds Conveyancing in 2004 and has been working as a conveyancer for over 15 years. She attended Macquarie University and there received her licence qualifications by completing the conveyancing law and practise course.
Amanda is known for her expertise and professionalism whilst remaining friendly and welcoming. Edmonds’ conveyancing thrives off the long-term customers they make, who return for the service and knowledge Edmonds provides.
Amanda prides herself on transparency and always exceeding her client’s expectations.
Under her guidance, Edmonds Conveyancing has experienced substantial growth, set to open physical offices in a range of new locations across New South Wales.
Amanda is known as an expert in her field and writes a well-received blog about conveyancing news and information.