The Ministry of Law is proposing new measures to protect conveyancing monies and is seeking feedback from the community on these measures.

The new proposed measures will have these key features:

1.       Lawyers will no longer be allowed to receive and hold conveyancing monies in their normal client accounts. Breach of this new prohibition will be a criminal offence.

2.       Lawyers will only be allowed to receive and hold conveyancing monies in a Conveyancing Account with an Approved Bank, or through an escrow agreement between the buyers’ and sellers’ lawyers.

3.       Strict controls will govern withdrawal of monies from these Conveyancing Accounts. Approved Banks will require signatures from both parties before they allow money to be paid out from these Conveyancing Accounts.

For more information and to leave your feedback, click here.