31Records that licensees must keep

31 Records that licensees must keep

31 Records that licensees must keep

(1) For the purposes of the Act, section 172(2)(d), a licensee must keep the following records relating to a transaction carried out by the licensee or the licensee’s employees in connection with conveyancing work carried out by the licensee or employees—

(a) originals or copies of all documents evidencing the transaction, including, for example, agreements, conveyances, transfers, leases and mortgages,

(b) all associated documents, including, for example, documents required by law to be attached to contracts for the sale of land, inspection reports, requisitions on title and responses to the requisitions,

(c) originals or copies of all other documents and records maintained, issued or received by the licensee or the licensee’s employees, including, for example, letters, file notes, invoices and settlement sheets.

(2) The licensee must ensure the records are kept in a separate file relating only to the transaction for the relevant client.

Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.