Question 1: Hierarchy of Courts in Australia
Question 2: Conveyancing Acts
Conveyancing Act of 1994
The Land and Business (Sale and Conveyancing) Act provides for the legal procedures and requirements that vendors and purchasers of land and property must follow. These include the registration and verification of titles to land and property and the role of agents in the land transaction process. It also deals with auctions, special requirements as to sales representatives and rights of parties to a land transaction.
Land Titles Act 194
This piece of legislation provides for the legal requirements for dealing in and holding of freehold land, the powers of the land Registrar, and use of electronic land conveyancing documents, inquiries, the freehold land register, indefeasible land titles, leases, land transfer and the land registration process.
Transfer of Land Act 1958
This conveyancing law regulates the process of transferring titles to land and related property from one person to the other. Moreover, it provides for conversion schemes, legal practitioner’s certificate, search for land titles, electronic land instruments, leases, easements, caveats and mortgages (Buck 2006).
Question 3
Industry codes are usually prescribed by a national regulatory body established through a statutory legal instrument or body. An example of these bodies is the Small Business Commissioner Act of 2011. However, in self-regulating industries, the codes are prescribed by institutions established by the industry players. They are administered by various commissions such as the Australian Competition and Consumer Commission
Conveyancers in Australia would get rules of professional conduct from the Code of Conduct document developed and administered by the Australian Institute of Conveyancers.
Question 4
Employee compliance with legislation is necessary in that it saves the employer the legal costs of defending suits that may be brought against the employer for acts and omissions by the employees based on the doctrine of vicarious liability. Various pieces of legislation protect employees by putting a legal burden on employers to ensure that employers put in place measures to ensure compliance with legislative provisions. The law also protects employees by ensuring that the employer provides safety equipment for work.
Question 5
According to Velasco (2015), a duty of care is a general duty that one person has to another based on the existence of a legal relationship between them. Under this duty, one party, usually a professional, has an obligation to ensure that their acts and omissions do not harm, injure or interfere with another party to the relationship. For instance, a conveyancer has a duty of care towards their clients to ensure that they draft error proof documents that conform to all the statutory requirements. On the other hand, a fiduciary duty refers to a legal duty that one person (fiduciary) has to act in the best interest of another party (principal). Under this duty, the fiduciary is under a moral and legal duty, for instance, not to make secret profits out of the relationship and not to enter into unauthorized activities on behalf of the principal.
Question 6: Characteristics of Common Law
Question 7: The Vendors Statement under Section 32 of the Sale of the Land Act
The purpose of the vendor’s statement under this section is to protect purchasers of land and to enable them to rescind the contract for sale of land in case the information the purchaser has supplied concerning the land is incomplete, false or suspect. This statement acknowledges the information imbalance that exists between the purchaser and vendor hence the need to ensure that the buyer of land is safe from manipulation. The information contained in this statement also enables the purchaser to effectively bargain with the seller at an arm’s length (Buck 2006).
Question 8: Role of Financial Reporting in Conveyancing Practice
Financial reporting in conveyance practice is important as it ensures that conveyancing lawyers keep proper accounts of their clients’ money involved in the conveyancing process. It thus discourages misappropriation of clients’ money by practicing conveyancers (Ball, 2008).
Part B Case Study 1
The Legal Structure of Conveyancing Business
Conveyancing business may take the form of a sole trader, a partnership or an incorporated company. The most appropriate business structure, however, for conveyancing would be a sole entrepreneur for of business. The legal structure of the business would be me as the senior manager who handles all client matters relating to conveyancing. Then there needs to be a legal secretary who handles business or client correspondent’s pf the business. The other remaining employee would have the legal responsibility of drafting legal documents and filing documents in court and land registries.
Under the Conveyancers Act, some of the legal statutory requirements of a business include licensing of conveyancers, professional indemnity insurance cover and establishment of trust accounts. I would apply the requirement of licensing by ensuring that I obtain the valid licensing for the business every year. I would also apply the requirement of professional indemnity by that I insure the business against unprofessional conduct. Lastly, I would apply the third requirement by opening trust accounts in the name of all the clients the business deals with and administering them properly.
Financial Year 2016/2017 Compliance Timetable
Part B Case Study Part 2
Adherence to consulting on legal and compliance requirement with clients
The Procedure
Disclosure to Clients any Conflicts of interest
Creation of Client Records
Handling Incoming and Outgoing Client Correspondence
Maintenance of Client Files
Keeping File Notes and Client Instructions
Legislative References
Conveyance Licensing Ac t 2003
Conveyancers Licensing Regulations 2006
Conveyancing Act
Key Legal Elements to be shared with Clients
The License of the Business
The conveyancer is required to bring to the attention of the client the fact that they are duly licensed to practice conveyancing in Australia.
Costs Agreement and Conditions of Conveyancing
The law requires that the conveyancer reveals to the client information pertaining to the calculation of legal costs relating to the specific transactions to be done on the client’s behalf.
Legal Professional Privilege
The conveyancer is under a legal duty to assure the client that the information shared with them relating to any matter or transaction will remain confidential.
Supporting document: Conveyancing Policy and Procedure Manual CPC Protocol by the Australian Institute of Conveyancers available at http://www.aicnsw.com.au/uploads/images/PDF/CPC%20Policy%20Manual%20 (formatted-unedited)(v2).pdf
Checklist for Advising an Employee on Steps of Making Informed Decisions
Never use Slang- The employee should make use of professional and formal language when addressing clients and customers of the business
Listen keenly to clients’ requests- Do not jump into conclusions based on clients’ language but listen keenly to them
Pay attention to details- To ensure you understand what is required of you, always pay close attention to others
Be critical and creative- Always doubt others and analyze their statements and conducts before making decisions or acting on their statements
Use your professional judgment mostly- In situations of doubt and dilemma, make proper use of your professional moral and ethical compasses to come to an informed decision
Keep informed- Being informed will enable you to quickly grasp what clients require of you eve when they are more proficient in English than you
Use logic rather than emotion- Let your decision making be guided by logic and not emotions or feelings and personal biases
References List
Ball, R., 2008. What is the actual economic role of financial reporting?. Accounting Horizons Journal, 22(4), pp. 1-6.
Buck, A. R., 2006. The making of Australian property law. 2 ed. Sydney: The Federation Press.
Velasco, J., 2015. A defense of the corporate law duty of care. Journal of Corporation Law, 40(3), pp. 648-703.
