Call to Protect Buyers and Sellers

May 19 2008

Poor legislation is putting buyers of property at serious risk. That is the view of the National Council of the Australian Institute of Conveyancers, the peak professional body for specialist conveyancers in Australia.

Lack of consumer protection legislation in some States and Territories means that buyers are not properly informed.

The National Council of the Australian Institute of Conveyancers has called for the adoption of 5 measures Australia-wide to protect people in the property market.

The AIC Council wants -

  • compulsory Vendor disclosure and cooling off rights for buyers;
  • to prohibit dual regulation for conveyancers and real estate agents;
  • to outlaw kickbacks in property transactions;
  • to prohibit acting for two parties to a transaction unless the parties agree;
  • to outlaw the ownership of conveyancing practices by real estate agents, mortgage lenders/brokers and other persons who can profit from receiving or giving referrals of work.

The council believes such measures are long overdue in many States.

These measures are needed to protect parties to the sale or purchase of property. They ensure that the buyer can make an informed decision and that the interests of the buyer or seller are protected.

The Council was galvanised into action by recent reports of the activities of the 'conveyancing factories' of solicitors in Queensland and of serious conflicts of interest. Queensland solicitors enjoy a monopoly in relation to conveyancing and have argued that the introduction of specialist conveyancers would produce an unacceptable fall in conveyancing standards.

It is important that AIC specialist conveyancers are able to apply their superior knowledge of the conveyancing process for the benefit of all consumers and that professional and ethical standards are maintained.

For more information:

Pauline Barrow
National President
Ph: (03) 9803 7866


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