Legal Requirements for a Transaction: Conveyancing and Property Law

This document provides a comprehensive overview of the legal requirements for various types of transactions, focusing primarily on conveyancing and property law within the Australian legal framework. It delves into key legislation, including the Conveyancers Act 2006, and examines the law of contract, emphasizing the importance of both implied and express terms in property transactions. The assignment addresses the structure of parliamentary acts, jurisdictional limitations, and the protection of human rights within the legal system. It also covers specific legal provisions, such as those related to land surveys, deeds, and equity law, as well as regulations concerning financial transactions and privacy. The document further explores the roles of regulatory bodies like ASIC and discusses relevant acts like the Privacy Act 1988 and the Financial Transaction Reports Act (FTRA). Finally, it highlights the continuous monitoring and amendment of legislation to protect fundamental rights.

LEGAL REQUIREMENTS FOR A
TRANSACTION

Table of Contents
QUESTION 1...................................................................................................................................1
QUESTION 3...................................................................................................................................1
QUESTION 6...................................................................................................................................2
QUESTION 7...................................................................................................................................2
QUESTION 12.................................................................................................................................2
QUESTION 16.................................................................................................................................2
QUESTION 17.................................................................................................................................3
QUESTION 18.................................................................................................................................3
QUESTION 21.................................................................................................................................3
QUESTION 26.................................................................................................................................3
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QUESTION 1
Current legislation related with conveyancing
 Conveyancers Act 2006: This legislation came into force on 1 August 2008.
 Conveyancers (Professional Conduct and Trust Account and General) Regulations
2008: This law came into existence on the date when section 188 of conveyancers Act
2006 came into operations.
 Conveyancers Licensing Act 2003: This was legislated in the year 2002 when schedule
2.2 and 2.5 of power and responsibility act 2002 came into existence.
 Conveyancers Licensing Order 2006: It was legislated on 15 December 2006.
 Conveyancers Licensing Regulations 2006: This regulation was legislated on 15
December 2006.
QUESTION 3
Law of contract is the agreement between two or more parties. This contract impact on
relationship between conveyancer ad client and also affect vendor and purchase too. For example
transactions related with purchase or selling of property. Such type of contracts are set out by
considering the relevant legislation. Though both parties have rights to negotiate with each other
and on the bases of their negotiation conveyancer impose or add further obligations in the special
condition section. Transaction related to property on lease are another common example of law
of contract which regulated relationship between conveyancer and client and buyer and vendors.
Some points are not necessary to be included in the law of contract, there are called
implied terms. Conveyancer will exercise the skill and will take care of the major areas. On other
hand express terms are those terms which are necessary to be in writing in the contract are called
express terms. As in the property contract it is necessary to maintain agreed price of the property
on which it is being purchased. Special conditions such as purchaser access to premises prior to
the settlement etc. are written on the express term in the contract.
Law of contract is the application in which conveyancer is required to follow standards
and conveyancing practices. If these standards are not being followed then it not only impacts on
relationship between client and conveyancer but also affect vendor and purchaser as well. If
conveyancer do not follow their duties well as it is implied term that individual will fulfil its
responsibilities with care that is not necessary to write in the contract but if individual does not
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follow their duties then it can impact on contract of law. In the property contract it is necessary
to use implied terms such as name of purchaser, property prices etc. These all details define the
legal transaction and if one person breach law then other has rights to sue on court.
Sales of land Act, property legislation such as disclosure of documents, personal property
security can impact on the contract.
QUESTION 6
Legislation are made by parliament and passed by the parliamentary authorities. The
beginning of the act is done through entitling the act with necessary documents. After that its
objective are set out with other necessary information. After that table of content is being
created. Structure of the act of parliament are discussed as below:
 Name and currency of documents are maintained in the initial document. Objective of act
and useful information are present at the beginning.
 Index part is the next part that reflects table of content.
 After that subject part of the act is maintained under it.
 There are short and long title maintained in the document.
 It is divided in parts and these parts are subdivided into divisions.
QUESTION 7
1.
Law presumes that any law can impact only on its territory state. It can not be applied on
extra territory states. Case of Keane V An bord pleanala is the great example of it. Jurisdiction
authorities of the state have power but these powers are limited to their geographical areas only.
This statement reflects that as per the Australian standards' parliament can not make any
law or can not tackle any action outside the territory. Each nation has its own law but they are
have effects to the limited geographical areas only. Jurisdiction of the legislation is applicable to
the geographical areas only. Legislative enactments can be applied within geographical areas
only
2.
Any legislation that is made by the government are for the benefits of the human being.
These laws can not interfere with the common fundamental rights of the population.
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Parliamentary authorities have to look at the purpose of the act before passing it. If these
legislation are intended to hurt fundamental rights then it should not be implemented or passed.
Australia is not having constitutional charter. But common court has full power to pass
such acts which does not harm human rights. Court provide protection to the human rights
principles. Common law bill of rights states that parliament can not overrule the human rights
until intention is made clear.
3.
Government of the region needs to take care of the benefit of the victim before passing or
making any law. Any criminal law or tax related legislation need to be constructed in such
manner so that defendant can get benefit and criminals can get punishment.
Many times criminals misuse the law and that give loss to the defendant. In such
condition it is very important that government make such criminal laws that can be in favour of
defendant so that person can get benefit and can be protected from damage related to money
matters or tax matters.
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All legislation that are passed in the parliament needs to have validated activities. There
should not be any statutory bias and no illegal activities need to be involved.
It is essential that court make such law that are common for every one. There should not
be any kind of discrimination with any particular class. Australian government pay attention on
this fact and make legislation for the benefit of all population.
QUESTION 12
Human rights study looks at the operations of human right law and approaches related to
legislation. Australian legal system is another study that define the making process of law, role
of judiciary in the legal system.
QUESTION 16
Provision of sale of land needs to be in the deed form. Provision related with land law
and statutes related with professional registration and practices are required to be in deed form.
Section 53(1) applies in the deed form in the interest of land. 52(1) provides legal estate to the
conveyances that this provision needed to be involve in the deed form. Section 22 of transfer of
land act requires conveyances of land to be in deed form.
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QUESTION 17
 Section 14: It is the first method in which land survey is being done and it is subjected to
survey warning.
 Section 15: It is used when application is supported by survey of land. It is used when
possession claim over the land.
 Section 22: It is applied when land is to be transfer, conveyance, mortgage. In this
method title of the land is not being examined.
 Section 23: There is no need of solicitor certificate.
 Section 26F: It is the method which is applied when the person is claiming on the rights
of land.
 Searching a general law title: The main purpose of applying this method is to identify
registered transactions related to land.
QUESTION 18
Equity law is also known as law of unjust enrichment. Statutory law are followed by
government and enforced by court whereas equity laws follows fairness and natural law.
Statutory laws gives punishment to the wrong person, punishment can be related with monitiory
values whereas equity gives harsh punishment to the wrong person. Equity laws concentrate on
fairness, good faith and justice whereas Statutory law applies rules and raise issue in the court
and then court will decide punishment for the person.
QUESTION 21
ASIC provide advice to complain to internal dispute resolution board (IDR), this body
can resolve issue of the person immediately. If IDR is not giving appropriate response then
individual can go to external dispute resolution scheme (EDR). ASIC states that person who is
taking financial services of other must check license of the agent ad have to read the form
carefully before signing it.
QUESTION 26
Privacy act
Its objective is to maintain information of individual from unwarranted invasions. The
main objective of implementing this law is to ensure that Australian privacy principle entities are
managing personal information in transparent way. Privacy act 1988 is the act which is made by
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Australian government in handle personal information effectively. This act reflects standards
and rights to handle personal detail of individual effectively.
FTRA
Financial transaction report act (FTRA) was passed in 1988. Its main purpose is to
provide detail related with money laundering, financing of terrorism, detect such crimes and
provide prosecution related to these activities. As per the Australian standards the main purpose
of this act is to enforce taxation law.
Stamp Duties
Its main purpose is to make the document legally effective. A physical stamp is to be
attached with the document that reflects that stamp duty have been paid. It is required to be
attached in sale of land, building, equipment s and other business assets.
Banking Codes
Its main purpose is to provide fair treatment to all consumers. The main purpose of
making these codes are to foster relationship between consumers and banking institution and
promote good banking practices. The main objective of making these codes are describe
standards, disclose necessary information and adopt standard procedure for resolving any dispute
between consumers and banks.
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Continuous monitoring the major change, now government is monitoring each law and
making necessary changes and amending the legislation time to time so that it can protect
fundamental rights of people.
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