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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Determine contingency strategies
   • Identify unfulfilled contractual obligations and assess possible contingencies
   • Identify and evaluate a range of contingency strategies and options and articulate these to the client
   • Determine strategies and options in consultation with client and according to practice policies and procedures, and legislative, regulatory, contractual and professional requirements
   • Confirm transaction arrangements with all relevant parties and verify conditions for the finalisation of the transaction
   • Arrange and perform final searches and inspections, where required
   • Examine transaction documents for accuracy and completion
   • Complete transaction with all relevant parties
   • Lodge stamped documents for registration according to legislative and practice requirements
2. Implement post-transaction procedures
   • Advise all relevant parties of transaction completion
   • Make outstanding payments
   • Monitor and conclude outstanding matters
   • Confirm registration change on title, where required
   • Return documents to client and third parties
   • Receive and disburse funds as authorised
   • Prepare and dispatch invoices to client and other parties
   • Update financial, business and client records
   • Close and archive file according to legislative, regulatory, contractual and practice requirements

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

complete and finalise a conveyancing transaction on at least three occasions.

In the course of the above, the candidate must:

arrange and attend, or electronically attend, settlement and confirm completion of all instructions and requirements, including:

adjustments of relevant outgoings and other fees

confirmation of final payments

verification of accuracy of documents

complete settlement transaction that meets:

agency or practice organisational policies and procedures

legislative requirements of settlement transactions

contractual requirements

client requirements

monitor progress where actions are delayed, extended or rescheduled and determine contingency strategies for settlement where contractual obligations remain unfulfilled

implement post-transaction procedures, where required.

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Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

key roles of relevant parties in a settlement

transaction requirements, including electronic requirements

file reconciliation procedures and other financial procedures relevant to settlement transactions

conditions for the finalisation of the transaction, including compliance with special conditions

key features of:

formal and informal industry codes of practice governing settlement procedures

land registry policies and procedures for ensuring relevant documentation is lodged and registered on the relevant Certificate of Title

legislation, regulations and common law principles relevant to settlement transactions

practice, policies and procedures in relation to transaction settlement and client management

monitoring procedures and solutions where actions are delayed, extended or rescheduled

compliance requirements of land registry and other relevant agencies

regulations and procedures of relevant government agencies, including revenue offices and land registries, relating to settlement transactions.

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