Application
This unit describes the skills and knowledge required to complete conveyancing transactions and verify that all matters relating to arranging settlement, determining contingency strategies, completing transactions, and implementing post-transaction procedures and using Electronic Lodgement Network Operators (ELNOs), where required.
The unit applies to individuals who use specialised knowledge, systematic approaches and strong organisational skills to prepare and process conveyancing transactions efficiently.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
1. Arrange settlement | 1.1 Identify all parties to the transaction and take all relevant actions to ensure they are ready to complete the transaction 1.2 Fulfil transaction requirements and confirm completeness 1.3 Identify and collate information relevant to preparation of settlement statements and prepare and reconcile statements 1.4 Identify funds pertaining to the completion of the transaction and advise relevant parties 1.5 Ensure funds required for the completion of the transaction are received within the required timeframe 1.6 Arrange settlement with all relevant parties and invite participants to an Electronic Network Operator’s settlement space, where required 1.7 Attend the settlement, where required 1.8 Confirm documents are stamped and relevant duty is paid according to legislative, regulatory and the practice’s requirements |
2. Determine contingency strategies | 2.1 Identify unfulfilled contractual obligations and assess possible contingencies 2.2 Identify and evaluate a range of contingency strategies and options and articulate these to the client 2.3 Determine strategies and options in consultation with client and according to practice policies and procedures, and legislative, regulatory, contractual and professional requirements |
3. Complete transaction | 3.1 Confirm transaction arrangements with all relevant parties and verify conditions for the finalisation of the transaction 3.2 Arrange and perform final searches and inspections, where required 3.3 Examine transaction documents for accuracy and completion 3.4 Complete transaction with all relevant parties 3.5 Lodge stamped documents for registration according to legislative and practice requirements |
4. Implement post-transaction procedures | 4.1 Advise all relevant parties of transaction completion 4.2 Make outstanding payments 4.3 Monitor and conclude outstanding matters 4.4 Confirm registration change on title, where required 4.5 Return documents to client and third parties 4.6 Receive and disburse funds as authorised 4.7 Prepare and dispatch invoices to client and other parties 4.8 Update financial, business and client records 4.9 Close and archive file according to legislative, regulatory, contractual and practice requirements |
Evidence of Performance
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.
Evidence of Knowledge
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.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
suitable records showing the completion of a settlement transaction.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
Foundation Skills
Reading | Interprets and analyses a range of information relevant to key steps within a process |
Writing | Prepares correspondence for a range of audiences and completes forms accurately using correct language, concepts and terminology |
Oral Communication | Participates effectively in verbal exchanges using questioning and active listening to determine and confirm requirements and instructions |
Numeracy | Performs mathematical calculations to check accuracy and completeness of numerical and financial data Gathers, interprets, analyses, consolidates and records financial information |
Self-management | Takes full responsibility for ensuring that all documentation and processes comply with legislative and practice requirements |
Planning and organising | Plans, organises, and implements tasks for effective and efficient outcomes, and in accordance with statutory and organisational requirements |
Problem solving | Uses problem solving processes to identify and analyse conveyancing issues Anticipates potential problems and implements contingency plans, where required |
Technology | Uses the main features and functions of digital tools to complete work tasks and to access information |
Sectors
Technical Skills – Conveyancing