Stakeholder - QLD

The stakeholder matter type is used in circumstances where a law firm is acting as a Stakeholder for both parties under a contract for sale of land. 

The matter type would be opened to record the basic details of the conveyancing transaction, allowing practitioners to credit funds held in trust to a separate trust ledger maintained for the benefit of both the buyer and the seller.

Table of Contents

• Getting Started
• Creating a Stakeholder Matter
• Creating a ledger in the triConvey Companion Site Web App

Getting Started

The Stakeholder matter will be held in addition to your usual conveyancing matter and used only for monies held on behalf of both parties (i.e. a deposit). Any funds held in trust only on behalf of your client (i.e. stamp duty) would still be entered into the trust ledger of the conveyancing matter.

Creating a Stakeholder Matter

1.    Select New Matter from the triConvey Home Dashboard.

2.    Select State:  QLD.

3.    Select Matter Category:  Conveyancing.

4.    Select Matter Type:  Stakeholder.

5.    Select party:  Buyer or Seller.

Tip: This will open the Matter file where you will complete the Matter Details.

6.    Double-click Info and complete required details.

Tip:  Not all details need to be entered immediately.  However, it is best practice to enter as much information as possible to save yourself time when generating documents.  

7.    Enter and complete all parties contact details.

8.    Double-click Property Details and enter relevant details.

9.    To add uncommon contacts to your matter, select the gear icon.

10.   From Show/hide details for this matter, select the additional contact/s to be displayed in Matter Details.

Tip:  For Stakeholder, the available contacts include Accountant and Additional Contact.

Creating a ledger in the triConvey Companion Site Web App

1.    Select the Billing icon from the Matter Action Bar.

Tip:  You will note the description loads in compliance with QLD Law Society regulations.

2.    Select the Transactions tab to view the Trust Account transactions and generate a Ledger.