Reference no: EM133263061
Respect to the Victorian(Australia) Conveyancing laws.
1. Establish the clients' needs for a conveyancing transaction.
Write paragraph on the importance of meeting with the client to identify, clarify and assess their needs and expectations. Use an example of a conveyancing transaction such as a purchase. Explain how you will use the meeting to help you:
Determine, discuss and document the optional courses of action
Check and document the information related to the transactions for accuracy and relevance
Obtain and document mutual agreement from all parties regarding their responsibilities, obligations and expectations
Accurately and promptly record and document the client's needs and responsibilities.
2. Perform the following actions to identify any conflict of interest.
Explain why it would be important to, and how you would:
Identify and record any existing or potential conflicts of interest associated with the transaction. Provide an example of such a conflict.
Assess the conflicts of interest to determine and record the appropriate action for the client and practice, and promptly advise the client of any necessary action. Use an example.
3. Review and comment on this process of identifying the parties, properties and other interests. Provide example to show your understanding.
Accurately identify and explain the roles of the various parties involved in the conveyancing transaction. Document these parties and roles.
Analyse the estates and interests in the property of the relevant transaction, and document these.
Analyse the documentation and titles to confirm the facts pertaining to the transaction. Document this analysis.
Accurately communicate to the client the details of the title and contract, and the respective consequences.
4. Explain how completing the following actions are important in determining the terms of engagement
Decide, document and clearly and promptly provide to the client appropriate terms of engagement that comply with all legislative, regulatory and practice requirements.
Establish and record the clients' agreement with the terms.
Obtain authorities from the client and from the other relevant parties.
Check the accuracy and completeness of the estimates of fees, disbursements and time periods, and record and provide these details to the client.
5. Provide some examples of contingency strategies relevant to conveyancing transactions. Why would it be important to:
Assess and advise the client of these. Document the contingencies identified.
In consultation with the client, determine and agree on contingency strategies and options. Document the agreed contingency strategies and options.
6. Review the process below for initiating a conveyancing transaction by applying it to an example.
Select the course of action which meets the client's needs, and which complies with the relevant legislative requirements, policies and procedures. Document the course of action selected.
Advise the client of all the actions that are to be implemented to meet their agreed needs and expectations.
Confirm the instructions from client to proceed or not to proceed, and record these details.
Where appropriate, make referrals to other professionals or third parties. Provide/document all referrals.
Formally open, initiate, organise and document the transaction, including all the relevant instructions, information, facts and evidence in the client file. For example, provide the opening file note of a phone call from a new client.