12 Sep Conveyancing restrictions
The following Rules of Professional Conduct for Licensed Conveyancers should be noted if you are using a conveyancer.
1. Conflicts of interest
A licensee must not accept instructions to perform or continue to perform conveyancing work for a client if doing so would place the licensee’s interests in conflict with the client’s interests.
2. Acting for more than one party to a transaction
a. A licensee may only act for more than one party to a transaction if the licensee discloses in writing to each party that the licensee is intending to act for the others, and each party consents in writing to the licensee so acting.
b. If a licensee who is acting for more than one party cannot continue to act for all of the parties without acting in a manner contrary to the interests of one or more of them, the licensee must cease to act for all of the parties.
c. The disclosure referred to in subrule (1) must indicate that, as a consequence of acting for more than one party to the transaction —
i. the licensee may be prevented from –
(a) disclosing to each party all information within the licensee’s knowledge that is relevant to the transaction; and
(b)giving advice to one party which is contrary to the interests of the other; and
(c) the licensee will cease to act for all parties if the licensee would, otherwise, be obliged to act in a manner contrary to the interests of one or more of them.
The Consumer Acts and Other Acts Amendment Act 2016 (Vic) has passed. It will amend section 29W of the Sale of Land Act 1962 (Vic) to apply to conveyancers the same restrictions that apply to legal practitioners in relation to acting for both the vendor and purchaser under a terms contract, and will amend section 42(3) of the Property Law Act 1958 (Vic) to apply to conveyancers the same conditions that apply to legal practitioners in relation to the payment by a purchaser of costs and expenses under a contract for the sale of land. Unless an earlier date is proclaimed, the amendments will come into effect on 30 September 2016