What is s 12 of the Conveyancing Act?
The practice of conveyancing is brimming with legal jargon, legislation and a whole host of other confusing terms. These likely seem like a foreign language to the average Joe. And we get it at Edmonds, because we know conveyancing isn’t necessarily your thing – it’s ours. To keep you well-informed through every stage of your transaction, we put our conveyancing in your language, and that starts with the s 12 Conveyancing Act 1919.
What does s 12 of the Conveyancing Act cover?
s 12 of the Conveyancing Act 1919 reads as follows:
“Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal chose in action, of which express notice in writing has been given to the debtor, trustee, or other person from whom the assignor would have been entitled to receive or claim such debt or chose in action, shall be, and be deemed to have been effectual in law (subject to all equities which would have been entitled to priority over the right of the assignee if this Act had not passed) to pass and transfer the legal right to such debt or chose in action from the date of such notice, and all legal and other remedies for the same, and the power to give a good discharge for the same without the concurrence of the assignor:
Provided always that if the debtor, trustee, or other person liable in respect of such debt or chose in action has had notice that such assignment is disputed by the assignor or anyone claiming under him, or of any other opposing or conflicting claims to such debt or chose in action, he shall be entitled, if he thinks fit, to call upon the several persons making claim thereto to interplead concerning the same, or he may, if he thinks fit, pay the same into court under and in conformity with the provisions of the Acts for the relief of trustees.”
We know it’s overwhelming just to look at. Therefore we’ve broken it down for you, starting with our definition of conveyancing.
What does a conveyancer do? Conveyancing is the legal transfer of property from a seller or vendor, to a buyer or purchaser. This means that conveyancers handle everything involved in the transaction, from pre to post-settlement. A range of regulations and legislation also govern this process, ensuring the protection of buyer or sellers’ rights.
What does s 12 of the Conveyancing Act mean for me?
The s 12 Conveyancing Act exists to protect buyers and sellers by mandating legal assignment of property rights (known as choses) and debts.
Put simply, it means that in order to assign property rights and debts from vendor to purchaser, you must meet four criteria:
- Absolute assignment – transfer of property where the vendor is left with no outstanding interest in the property or right.
- Assignment must be in writing.
- Assignment signed by the assignor.
- Debtor is notified of the assignment with written notice.
Ultimately, the s 12 Conveyancing Act makes your transaction legal, protected and safe for all parties involved, whether in person, or through electronic conveyancing,
We may have physical offices in Ballina and Lismore, but through online conveyancing, we service the whole of NSW.
How can Edmonds help?
Aside from completing the actual transaction on-time and professionally (that means we communicate with you the entire process), Edmonds Conveyancing also provides online conveyancing.
Online conveyancing makes property transactions easy. It’s the same outcome, all done by an experienced conveyancer and checking every single legal box there is to check. But, importantly, we do it electronically, which saves you having to attend meetings with your conveyancer in person. As such all documentation can be processed electronically (saving trees in the process) and you get time back in your day for the more important things in life.
We may have physical offices in Ballina and Lismore, but through online conveyancing, we service the whole of NSW. Reach out to the Edmonds team today so we can discuss (obligation-free) how our services will help you.