Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Do Conveyancers have Trust Accounts?

April 26, 2017accounts conveyancers Trust

0

Posted

Do Conveyancers have Trust Accounts?

1 Answer

0

Posted

Under the Conveyancers Act 2006 Licensed Conveyancers can hold in a general trust account which is designed to only be used for the purpose of holding money received from a client in the course of or in connection with the carrying out of Conveyancing work on behalf of that client. Trust money in the form of money you receive from clients on account of fees and charges in advance of carrying out Conveyancing work must also be held in a general trust account until such time at their Conveyance is complete. Part 5 of the Act and Part 3 of the Conveyancers (Professional Conduct and Trust Account) Regulations prescribe strict processes for dealing with any trust monies received.