Risk Management Strategies eBook

Risk Management Strategies for Conveyancing Practitioners

 

This eBook is an essential training tool detailing how to 'identify assess manage' the risks in operating a conveyancing practice from Garth Brown, Conveyancer of the Year 2015, AICNSW.

This 165 page eBook is a reference guide for the Conveyancing Practitioner and Conveyancing Student to assist them identify and understand the risks involved in conveyancing, to raise the level of risk awareness in a conveyancing practice and the strategies needed to manage those risks.

"I have identified 117 separate risks in a conveyancing transaction, each one needs to be identified, assessed and managed to minimise the risk to both the Client and the Practitioner." Please see FAQs

 

Q. Why did I Author this eBook on Risk Management?
A. While I was writing and delivering my InfoTrack training Webinars for Lawyers and Conveyancers across NZ and Australia during 2017-2018, I was amazed how little the Conveyancing Industry knew about the numerous risks to cover on Sale and Purchase files and I clearly saw a need to write a comprehensive eBook on the subject.

Q. Isn't this information already available or taught?
A. Actually there is not a detailed publication that covers the Conveyancing risk from beginning of the Contract to end of the Contract and how to understand and handle the process of risk assessment, combined with short Conveyancing stories from real life Conveyancing Files acquired over 22 years of industry experience.

Q. How many Risks are covered in the eBook
A. Based on the contents, I have identified 117 separate risks in a conveyancing transaction, each one needs to be identified, assessed and managed to minimise the risk to both the Client and the Practitioner.

Q. Have the number of risks increased during my 22 year career?
A. Definitely, to name a few: Defective Cladding non fire resistant; Airbnb Issues; tree disputes between neighbours; Aboriginal relics; Coastal protection Act changes; – the list goes on. In fact every Conveyancing Practitioner needs to stay totally up to date with the ever changing world of risk management in conveyancing to ensure they are 'risk aware' and avoid being caught in a litigation nightmare.

Q. Can Conveyancing fees be increased?
A. An interesting question and I cover this in the eBook. Yes, Practitioners who provide insightful and professional risk management strategies across every conveyancing file are able to charge higher fees based on their duty of care for the Client.

"Stories & Technical Practical Tips for running Conveyancing Files - my 22-year journey in Risk Management Strategies."


Risk eBook Contents

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"Risk Management Strategies for Conveyancing Practitioners"

. . . . . . .

C O N T E N T S

1. Author's Note

2. Disclaimer

3. Introduction

4. Practice Letter of Engagement

5. Practice Contact Details

6. Game Changer – Increasing Fees and Pricing Strategies

7. How to prepare a Quotation/Estimate

8. Develop a Client centric relationship with your Client(s)

. . . . . . .

S E C T I O N 1

"Initial Conveyancing Risk Management Action"

Points 1-11

• Identify the Client(s)

• Purchase / Sale

• LinkedIn: Check for Clients name on LinkedIn

• PEXA: Vendor & Purchaser Clients sign the PEXA Authority

• Have Purchasers sign the Purchasers Transferees declaration form

• ID Documents

• Questionnaire

• Discharge of Mortgage & email Hacking

• Title Insure

• Foreign Resident Capital Gains Tax & Land Tax/ Land Tax Surcharge

• Issues

. . . . . . .

SECTION 2

"Pre-Contract to Exchange of Contracts"

Points 1 – 34

• Title Search

• Title Notations

• Section 149 Certificates

• Deposit Plan (House)

• Strata Plan

• Community Plan

• Drainage Diagrams

• Standard Conditions

• Special Conditions

• BOS Certificate

• Warnings for Smoke alarms; Loose asbestos; Strata by Laws

• Other Suggestions but Not Prescribed Documents

• Titles- Different forms of Title

• Types of Subdivision Plans to include in a Contract of SaleV

• GST

• Co–Owners on Title for Purchasers

• Easements & Covenants

• Deposit

• Residency

• Agency Agreement: What is a Continuing Agency Agreement?

• Reports

• Option Contract

• Exchange of Contracts

• Who can exchange the Contract in NSW?

• Auction

• Examine Sales Advice

• Electronic Signatures on Contracts, are they acceptable?

• After Exchange of Contracts

• Trust Account

• Purchaser to prepare the Sec 22 Certificates

• Recommending a Will and Insurances

• Can Settlement be extended?

• Stamp Duty

• Confirmation of Exchange of Contracts to Client

. . . . . . .

S E C T I ON 3

"During Contract"

Points 1 - 43

• Statutory Searches / Compulsory acquisitions of Land by Government

• Survey

• Title insurance

• Settlement Fund Calculation sheet

• Tax Depreciation Schedule

• Requisitions on Title

• Transfer

• Misdescription & Measurements

• Defect in Title

• Reactive soils

• Deterioration & Insurance

• Methamphetamine Contamination - Meth Labs & Ice usage

• Soil Contamination

• Protected Tenants - Protected Tenancy

• Pool Warranties

• Adverse Possession

• Profits a Prende

• Prescriptive easement

• Fraud on Title

• Torrens Assurance Fund

• Demolition or Upgrade orders

• Airbnb

• Releasing a Deposit Prior to Settlement

• Coastal Protection Act

• Flight paths over Sydney Airport

• Septic System

• Heritage listing or Interim Heritage Order

• Environmental Heritage - Aboriginal Heritage & relics

• Illegal electrical wiring

• Notice to Complete (NTC)/Termination and Rescission of Contract

• Minors

• Proposal to Acquire Land for Gas, Oil & Petroleum Pipelines

• Stock diseases, Chemical residues, Soil Conservation, Native Vegetation, Fencing Orders, Bio Security Orders, or Notices.

• Death of Vendor & Purchaser Between Exchange and Settlement

• Cladding

• Mine Subsidence

• Stigmatised Properties

• Sleeping DA's 38

• Off the Plan

• Trustees

• Asbestos

• Strata Special Levies

• Tree Disputes

. . . . . . .

S E C T I O N 4

"End of Contract"

Points 1 – 37

• Analyse the Title in Contract

• Title / Lot Location

• Adverse Affections or Potential Defects of Title from Compulsory Acquisitions by Government Departments

• Any Changes in registered Title Notations prior to Contract and before Settlement?

• Monitor Settlement Progress

• Identity Confirmation Check and Name of Purchaser / Vendor

• Reconfirm: Registered Easements and Covenants

• Reconfirm correct Tenancy on Title

• Revisit Quality of Title potential issues

• eNos: Correct Service Address of Council & Water rates Notices – Post Settlement

• General Powers of Attorney

• Service of Strata Levy Notice Post Settlement

• Mortgage Documents

• Foreign Resident Capital Gains Tax ATO Clearance Certificate

• Land Tax – Section 47 Certificates

• Any Tenant leases in Contract or Registered Leases on Title?

• Settlement Date

• Final Inspection before Settlement

• Deposit

• Prepare Settlement Adjustments Sheet

• GST

• Stamp Duty

• Residency Stamp Duty – Purchasers

• Residency Land Tax – Vendors

• Adjustments Council & Water rates

• Adjustments for Water usage

• Discharge of Mortgage(s) & Section 184 Certificate adjustments

• Adjustments for Council Water and Water: Pensioner Rebates

• Adjusting for Strata levies

• Adjustments for Tenants

• Adjustments for Land Tax

• Vendor proceeds/Additional funds required to complete a Purchase

• Licence agreement

• Order on Agent

• Final Search

• What to do with Contract and File Post Settlement?

• Client Assist

. . . . . . .

S U M M A R Y

Contact and Consumer Resources

Calculation Sheets – Marked A for Vendor & Purchaser

Checklists for Purchasers and Vendors

......

 

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*eBook is Tax Deductible for Education and qualifies for 2 CPD Points

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Qualifies for 2 CPD points

By purchasing and reading the professional Risk Management Strategies eBook you will qualify to claim 2 CPD points for self-education. Attending any webinar conducted by Garth Brown will also qualify you to claim 1 CPD point.

1.  NAME OF CPD ACTIVITY: Conveyancing Risk Management Strategies and Avoiding Conveyancing Risk Pitfalls!
2.  LEARNING AREA THE ACTIVITY RELATES TO: "Risk Management Strategies for Conveyancing & Conveyancing Solutions to challenging situations."
3.  THE ACTIVITY IS RELEVANT TO: Conveyancing Risk Management Strategies in day to day Conveyancing practice and adopting new Conveyancing Technology.
4.  LEARNING CATERGORY & ASSESSMENT: Risk Management Strategies for Conveyancing subject. Assessment is by way of answering questions through webinar/s and questions relating to the learning contents of the eBook/s.
5.  CPD POINTS CLAIMABLE: 1 CPD for each hour. Purchasing and reading the professional Risk Management Strategies eBook takes between 2 - 4 hours of reading (2 CPD Points); registering and attending a webinar conducted by Garth Brown.


RISK MANAGEMENT USER REVIEWS ...


Risk Management – are you proactive?
Litigation is on the increase and business owners more than ever before need to be 'risk aware' and proactive in managing risks.

A recent law suit making headlines in Sydney highlights the fact that every business has a risk factor and not immune to litigation with a Barber being sued by a woman for refusing to cut her daughter's hair. He is now facing a very costly and time consuming legal defence If this can happen to a small business owner operating in just one area,consider the potential for litigation to the Conveyancer/Legal Practitioner handling a conveyance covering multi-layers, without sound risk management strategies a Practitioner is negotiating a legal mine field.

Over the past 10 years professional negligence claims in the area of conveyancing has increased. Garth Brown, an AIC Conveyancer of the Year and Conveyancing Consultant with 22+ years experience in the industry, has addressed this issue in his new 165 page eBook "Risk Management Strategies for Conveyancing Practitioners".

Throughout the book Garth provides insight into how to be 'risk ready'and minimise problems through "identifying, assessing and managing"potential risks. This book is essential reading for every Practitioner working in the field of conveyancing and is set to become a benchmark tool for risk management education. Purchase and download the eBook (qualifies 2CPD point) through Garth's website.
www.conveyancers.net.au/risk
Contributed by: Michelle Ford, Marketing Consultant.


More in the eBook Series - Step by Step Guide eBook for Practitioners and Buyers and Sellers Guides to Conveyancing



Garth Brown is a Fellow of the AICNSW and Conveyancer of the Year 2015, AICNSW





Sydney 

Content Guide

DOWNLOAD FULL CONTENT SAMPLE PDF

• Authors Note
• Disclaimer
• Introduction

• Practice Letter of Engagement
• Contact and Communication Channels
• Game Changer - Increasing Fees
• How to Prepare a Quotation
• Develop a Client Centric Relationship

SECTION 1
Initial Conveyancing Risk Management Actions    Points 1 - 11 (download contents)

SECTION 2
Pre-Contract to Exchange of Contract
   Points 1 - 37

SECTION 3
During the Contract
   Points 1 - 43

SECTION 4
End of Contract
   Points 1 - 37

SUMMARY

CHECKLISTS

 

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