Licensed conveyancer compliance in NSW
Licensed conveyancers in NSW are regulated under the Conveyancers Licensing Act 2003. They must hold a current licence, maintain trust accounts, carry professional indemnity insurance, and meet ongoing education requirements. NSW Fair Trading administers the licensing scheme, and the Property Services Commissioner oversees compliance. This guide sets out 10 core obligations.
Coverage
Individuals holding or seeking a conveyancer licence in NSW. A licence is required to perform conveyancing work for fee or reward, including preparing and lodging documents for the transfer of interests in land, unless the person is an Australian legal practitioner.
Legal basis
Conveyancers Licensing Act 2003 (NSW), Conveyancers Licensing Regulation 2015 (NSW), Conveyancers Licensing (Approved Trust Account) Order. NSW Fair Trading and the Property Services Commissioner regulate the profession.
The obligations
Hold a current conveyancer licence
Obtain a licence from NSW Fair Trading before performing any conveyancing work for fee or reward. The applicant must meet qualification requirements, be a fit and proper person, and not be an undischarged bankrupt.
Maintain professional indemnity insurance
Hold professional indemnity insurance that meets the prescribed minimum cover requirements throughout the licence period. Evidence of insurance must be available for inspection.
Operate a statutory trust account
Maintain a trust account at an approved deposit-taking institution for all money received on behalf of clients. Trust money must be deposited within the prescribed timeframe and never mixed with personal funds.
Obtain annual trust account audits
Arrange for an independent auditor to audit the trust account annually and lodge the audit report with NSW Fair Trading by the prescribed date. Adverse audit findings must be addressed promptly.
Disclose costs to clients
Provide clients with a written costs disclosure before performing conveyancing work, including the basis of charges, an estimate of total costs, and information about the client's right to negotiate fees.
Disclose conflicts of interest
Disclose to the client any conflict of interest or potential conflict, including any financial interest in the transaction, referral fees, or connections with other parties to the transaction.
Complete continuing professional education
Complete the prescribed continuing professional education (CPE) units in each licence period. CPE must include core topics such as legislative changes, ethics, and trust accounting.
Renew the licence before expiry
Submit the renewal application, CPE evidence, insurance certificate, and trust account audit report before the licence expires. The licence period is typically 1 to 3 years.
Maintain client records
Keep complete records of all conveyancing transactions, client instructions, correspondence, searches, and trust account entries for at least 7 years after completion of the matter.
Cooperate with regulatory inquiries
Respond to inquiries and complaints from NSW Fair Trading or the Property Services Commissioner. Produce records and attend hearings as required. Failure to cooperate is a disciplinary ground.
What happens if you do not comply
Performing conveyancing work without a licence carries penalties of up to $22,000 for individuals. Trust account offences carry penalties of up to $22,000 and potential criminal prosecution for misappropriation. The Property Services Commissioner can suspend or cancel licences and refer matters to NCAT for disciplinary proceedings.
Reporting requirements
Annual trust account audit reports must be lodged with NSW Fair Trading. Professional indemnity insurance must be maintained continuously and evidence provided at renewal. CPE records must be available for inspection.
What firms should do today
- Verify licence status on the NSW Fair Trading public register
- Engage an approved auditor for the annual trust account audit early in the cycle
- Maintain a costs disclosure template that complies with the Act
- Track CPE completion against the requirements for each licence period
- Set insurance renewal reminders at least 30 days before expiry
- Keep a conflicts register and update it for every new matter
Compliance with Quillio
Quillio helps licensed conveyancers track compliance deadlines, organise client records, and flag conflict of interest risks across active matters. See /resources/security or start a free trial.
This guide is general information about conveyancer licensing in NSW — not legal advice. Obtain specialist advice for your specific licensing and compliance obligations.
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