National Business Institute: Property Law Conveyancing Transaction

This assignment solution addresses key aspects of property law and conveyancing, covering topics such as providing advice to clients, the importance of source documents, regulatory bodies, secure data storage, client communication protocols, verification of information accuracy, the role of authority to proceed and confirmation notices, adherence to regulatory requirements, consequences of not meeting statutory timelines, internal control assurances, conflict of interest management, interpretation of industry codes, staying updated with industry regulations, the role of professional organizations, handling changes in legal requirements, continuous professional development (CPD), the validity of endorsed checks, Section 32 documents, caveats on title, and enforceable contracts. It provides detailed answers to questions related to these topics, offering a comprehensive overview of conveyancing practices and legal considerations within the Australian context. The document emphasizes the importance of compliance, ethical conduct, and professional development in the field of property law.

Running head: PROPERTY LAW
PROPERTY LAW
Name of the Student
Name of the University
Author Note

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PROPERTY LAW
Answer 1
Any advice or recommendation is communicated to the client in a written manner. This is
because as professionals we can be liable for providing wrong advice to the client under the law
of negligence. The advice is confirmed by the client through his signature on the document
which signifies that he has understood what is written in the document.
Answer 2
A source document is a very important part of business transactions.
 The contract with the client through which we are allowed to provide him conveyancing
service
 Written consent by client to act in a specified Manner
 Permission to hold the deposit money in a written manner
Answer 3
The regulatory bodies which are related to the business are as follows
 The Australian investment and security Commission
 The Australian competition and consumer Commission
 Land use Victoria
Answer 4
The organisation stores all invoices in form of source documents securely. Email are sent to the
clients in case they are required to settle their overdue accounts. Emails are also sent to the
clients incase repayment has been done to them. All such acknowledgement is done through

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emails via the official email ID of the organisation. All such emails are securely stored in the
company data.
Answer 5
Filings and archiving is done in the organisation to the compliance of privacy laws. The
organisation is provided access to various personal information by the clients which is regarded
as confidential information. It is the duty of the organisation to provide protection to such
information and ensure that it is not leaked or misused. The information is stored very securely
in the company database which is accessed only by officers responsible for ensuring privacy.
Filing of documents is totally computerized in the organisation.
Answer 6
when we are about to complete the transactions of the client they are notified about the status of
the transaction 24 hours prior to completion so that they are provided adequate time to prepare
themselves for the transaction. This information is conveyed to the plans in a written manner via
emails. In case of a transaction which is about to take place on a fixed day the clients are usually
provided notice one week prior to the transaction takes place along with a 24 hours notice which
acts as a final reminder. All details about the transaction are provided in such emails. In case we
have not received a response from a client we ensure that we call the client over phone and
inform them about the same.
Answer 7
As we are dealing with land titles where fraud is prevalent it is very important for the
organisation to verify the accuracy and authenticity of the information which has been received

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PROPERTY LAW
by us. There are various ways which we implement for the purpose of analysing the accuracy
and authenticity of information. We double check the information from government websites to
ensure that it is correct. We also have access to few government data bases where we can verify
some relevant information and know whether it is correct or not. As professionals we would be
liable if we do not do a duty with diligence and care. The duty can only be completed with
diligence and care when we do a work in a competent manner. The organisation policies ask us
to ensure that there is no casual Les in relation to the verification of information. Under the
policy these operations are to be performed with utmost diligence and care.
Answer 8
 An authority to proceed is an important document for us as well as the client. It is
the part of regular procedure where the client formally confirms that they have
understood and accepted the recommendations provided by us. The authority to
proceed provides us the right to proceed in the manner which we have
recommended to the client. Without this document signed by the client we would
have no authority to act on behalf of the client.
 A confirmation notice is a document which is provided by the client stating that
they have accepted the recommendations and have confirmed the receipt and
acknowledgement of the same.
Answer 9
An organisation is subjected to various regulatory requirements in the course of its operations.
These requirements are to be strictly adhered to by the employees of the organisation. In an

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organisation the requirements are clearly incorporated in the code of conduct and the code of
ethics provided to the Employees. All employees are required to work in accordance to the codes
which would ensure compliance with regulatory rules. In case any employee is found to have
violated the provisions of the code which is also a violation of the regulatory requirements take
penalties are imposed on the employees. Employees are also provided with adequate training so
that they are able to understand the effect of regulatory requirements on the organisation and
how to comply with them.
Answer 10
The ramification in case statutory timelines are not met is that penalties are imposed on the
person who is responsible for not complying with the provisions. They are provided strict
warning so that such process is not repeated in the future. The organisations also face financial
loss as they have to pay fines and penalties along with compensation to the clients in case of
breach. There is also a loss of reputation for the organisation in this case. Written apology is also
provided by the organisation in such situations.
Answer 10
There are various assurances which and effective internal control provides for the management
of the company. By having in place effective internal controls the management is assurred that
the employees would be operating in compliance with the legal system and in the best interest of
the organisation. The risk management system insurance that there is identified and timely
addressed to prevent losses. An effective system of penalizing the employees also ensures that
the employees do not violate the guidelines which have been imposed on the way in which they
work.

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PROPERTY LAW
Answer 11
The code of practice provides us that we should not have a conflict of interest with the client.
However I was subjected to a situation where a conflict of interest came up. I was acting for the
seller and the purchaser was one of my relatives. In this situation I ensure that I comply with the
provisions of the code of ethics and give priority to the interest of the client over any personal
interest or interest of a third party. I also duly notified the same to the organisation as well as the
client.
Answer 13
In situation where there is a new interpretation of industry code of practice it is usually
interpreted by the legal advisor in our organisation. The application of the code of ethics is
confirmed by analysing the interpretation with the statement provided by the senior management
team. If there is any clarification required in relation to the code additional training sessions are
provided.
Answer 14
It is important to be up to date with respect to the knowledge about regulations of the Australian
Financial Service industry because legal compliance is of utmost importance for the survival of a
company. By keeping up to date with such information legal compliance can be ensured in a
smooth Manner. In addition the regulation in the Australian financial service industries are
subjected to frequent changes due to the evolving need of the market and therefore it is very
important to be up to date with the changing information.
Answer 15

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Professional organisation Association ensures that everything within the organisation is managed
in a professional way. This is because the professional organisation ensures that the company is
not acting in a way which may lead to the violation of legal compliance. To ensure that a person
is up to date with the changes and legislation Proactive Record Keeping has to be done and there
must be a system of regular checking of government websites to be aware of present and future
changes.
Answer 16
Our industry is subjected to very frequent change in legal requirements. However it is the
responsibility of the organisation to ensure that the operations are based in compliance with such
requirements. Whenever a change in a legal requirement is identified by the senior officials of
the organisation, a meeting is called where their future action is planned. With respect to the
meeting the organisation policies and procedures are changed and a senior member of the team
convey such changes to the other members of the team and discusses with them on how such
changes would be implemented in the working style of the team. All problems faced by the
teams are noted down by the senior member and is addressed without delay.
Answer 17
CPD is the short form of Continuous Professional Development. This phrase signifies that and
professional should always be seeking professional development in work life. The continuous
professional developments which are available for me contemporary includes, building a good
reputation with the clients and ensuring that the image of the organisation is perfectly conveyed
by me to the clients. This would not only enhance the reputation of the organisation but will also

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enhance my own reputation in the industry. From the point of view of the workplace it is
expected from me that I not only deliver my key performance indicators consistently and
appropriately but I also help my teammates to understand their role and ensure that they are
working in an efficient and effective manner. For the purpose of meeting my compliance
requirement it is required from me that I always act in accordance to the code of conduct and
wherever I feel that I am having any issues I contact my seniors to discuss the matter with them
before taking any further action.
Answer 18
In case a cheque is endorsed with the words paid under protest It Would Still Be a valid check.
However there would be various legal implications associated with the check which may raise
questions on the amount of money owed.
Answer 19
Section 32 is a document which is provided before a contract is formed between the parties. This
section is a document which is provided by the vendor to the purchaser and contains information
about the property which is required under Section 32. When the section 32 is received it is the
duty of the purchaser to ensure that they go through what is contained in the document. Section
32 creates a binding contract and effect of on the purchaser if the contract signed. Therefore in
the present situation Harry would be bound by the contractual conditions provided in section 32.
Answer 20

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The Caveat on title made by Gloria makes a claim that the property belongs to her. It acts as a
statutory injunction which warns potential purchaser that a person is claiming an interest in the
property. After a Caveat is launched future dealings are prevented from being registered on the
title of the property.
The ground on which Gloria would file the Caveat is that, she has purchased the property and
have signed the contract of sale.
The withdrawal of Caveat can be done anytime before an appearance to warning has been
entered by the person making the Caveat. After the settlement when the legal title belongs to
Gloria she can withdraw the Caveat. Thus she would be advice to withdraw the caveat because if
she does not withdraw the Caveat, it will lapes after six months and within that period caveator
may enter an appearance.
Answer 21
 No, in the given situation enforceable contract for the sale of land has not been created.
This is because for sale of land contract to be valid it has to be in writing. In addition
there must be documents under Section 32 which needs to be provided before the contract
is made.
 The payment of deposit in this case is also and void because a deposit in relation to sale
of land has to be held by either the conveyance or the legal advisor in a trust account on
behalf of the vendor and release only after the settlement or under the provisions of
section 27 of the sale of land act.
Answer 22

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In the given situation it would not be feasible for the girl friend to file a specific performance.
This is because no legal contract has been formed between Sam and her as there was no
consideration present in the situation. The transfer has been made through a gift and thus it is
best advised that she registers.
Answer 23
No, in the given situation as Harry has signed the contract she cannot dispute it. This is because
when a written contract is signed it is deemed that the person signing the document has read and
consented to all terms of the document unless there is any form of misrepresentation or fraud.
Thus in this case Harry would be bound to stick to NZ law rather than Victorian Law.
Answer 24
The legislation in force with respect to compliance in conveyancing is Conveyancers Act (Vic)
2006.
In relation to the process for dispute resolution at our business the documents which are needed
include
 The contract of conveyancing
 Transcript of communication over email
 Any other relevant document such as letters sent to the client
 Employment contracts
Answer 25

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 The team manager has to be contacted in case there is a dispute, further guidance are provided
by the manager
 My obligations in this situation include ensuring that there has been no lack of compliance by
me. I have to abide by the steps of a resolution process provided by the company. This asks me
to ensure proper documentation, and file all relevant and true materials.
 The procedure which I need to follow is the is that I should first Apply for the process, than a
jurisdiction check needs to be carried out, I have to undergo an initial assessment, I need to
prepare for conciliation and then the conciliation takes place.
 I am provided with one weeks time to file all documents in relation to the dispute
Answer 26
Before the introduction of computers the original title was held by the Land Titles Office, the
duplicate title was owned by the owner which they required to prove that they were the owner of
the land.
The introduction of providing computerized titling system occurred in 1994 when the land Title
Act had been enacted. From this time computerized titles are provided.
The Memorial is basically and extract of information which is preset in the documentation of the
transaction. Getting the original document is a complex process. The memorial has to be filed at
the officer of the registrar general. The deed of conveyance is the way in which legal rights are
transferred in an immovable property.
Answer 27
Lot entitlement means the share of ownership in a common property through which voting
rights are determined. Lot liability on the other hand is the share of owners corporation out
goings which every owner of a lot has to pay. These are present in the strata deed.

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Answer 28
The documents which are required to convert a old law land to Transfer of Land Act title include
solicitor’s certificate, search of title and the chain of title.
Answer 29
A transmission application is a request for transferring of land title after the death of a tenant or
sole proprietor in common which follows the letters of administration or grant of probate.
Answer 30
These applications are discussed by the practice notes, required to register a title to a property
into the survivor name when a joint tenant has died and the survivor has the intention of dealing
with the property.
Answer 31
This is a kind of order which is provided by the court to make a person bankrupt. Through this
order the assets of a person is managed by a trustee. When there is a trustee application received,
it will contain information about the rights and obligations of the trustee.
Answer 32
Yes the offer can be accepted via post. As provided in the case of Adam v Lindsel a letter if
correctly posted for an acceptance would become as valid acceptance as soon as it is posted even
if it does not reach the offeror.
Answer 33

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A condition precedent can be defined as an event which is needed before another thing will
occur. In the law of contract condition precedent include an event which has to take place before
performance of contract is due. For example A ask B that he will sell his land if he moves abroad
at a price of $230000.
Answer 34.
Yes there are many software to ensure compliance. One of such software is ZenGRC. This is
compliance management software which helps with internal auditing, information security teams
and compliance. The compliance process and implementation of audit via the teams is ensured
by the software. Audit evidence collection is automated by it and creates a new compliance
program.
Answer 35
Answer 36
It is important to establish that a statement has become a term of the contract because, if a
statement is not a term of a contract no action can be taken in relation to its breach. Only a term
if breached is liable to be compensated and is binding at law.
Answer 97
A condition is the main term of the contract. Its breach causes repudiation and damages
A warranty is a secondary term of the contract. Its breach only results in damages.
For example sale of a house is a condition and the refrigerator along with it is a warranty.
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In this situation the loan to value ratio 80% is taken as the perfect number. If the mortgage is
more than 80% it results in private loan. In the present situation the rate is below 80% and thus it
is a favorable number.