Assessor Resource

BSBCNV505
Finalise the conveyancing transaction

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes the skills and knowledge required to complete conveyancing transactions and ensure all matters including arranging settlement, determining contingency strategies, completing transactions and implementing post-transaction procedures, as appropriate, are completed.

It applies to individuals who use specialised knowledge, systematic approaches and strong organisational skills to prepare and process transactions efficiently.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Arrange the 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 accurately and completely including consideration of any relevant electronic requirements

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 Receive funds required for the completion of the transaction within the required timeframe

1.6 Attend the settlement if required

1.7 Ensure documents are stamped correctly in accordance with legislative, regulatory and the practice’s requirements

2 Determine contingency strategies for settlements where contractual obligations remain unfulfilled

2.1 Identify unfulfilled contractual obligations and assess possible contingencies

2.2 Identify a range of contingency strategies and options and evaluate and articulate these to the client

2.3 Determine appropriate strategies and options in consultation with client and in accordance with practice policy and procedures, and with legislative, regulatory and professional requirements

3 Complete transaction

3.1 Confirm transaction arrangements with all relevant parties and ensure conditions for the finalisation of the transaction, including compliance with special conditions are met

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

4 Implement post-transaction procedures, as appropriate

4.1 Advise all relevant parties, including rating and other authorities of transaction completion

4.2 Make outstanding payments

4.3 Monitor and conclude outstanding matters promptly

4.4 Confirm registration change on title, if applicable

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 and practice requirements


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)


Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Arrange the 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 accurately and completely including consideration of any relevant electronic requirements

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 Receive funds required for the completion of the transaction within the required timeframe

1.6 Attend the settlement if required

1.7 Ensure documents are stamped correctly in accordance with legislative, regulatory and the practice’s requirements

2 Determine contingency strategies for settlements where contractual obligations remain unfulfilled

2.1 Identify unfulfilled contractual obligations and assess possible contingencies

2.2 Identify a range of contingency strategies and options and evaluate and articulate these to the client

2.3 Determine appropriate strategies and options in consultation with client and in accordance with practice policy and procedures, and with legislative, regulatory and professional requirements

3 Complete transaction

3.1 Confirm transaction arrangements with all relevant parties and ensure conditions for the finalisation of the transaction, including compliance with special conditions are met

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

4 Implement post-transaction procedures, as appropriate

4.1 Advise all relevant parties, including rating and other authorities of transaction completion

4.2 Make outstanding payments

4.3 Monitor and conclude outstanding matters promptly

4.4 Confirm registration change on title, if applicable

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 and practice requirements

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify all parties to the transaction and take all relevant actions to ensure they are ready to complete the transaction 
Fulfil transaction requirements accurately and completely including consideration of any relevant electronic requirements 
Identify and collate information relevant to preparation of settlement statements and prepare and reconcile statements 
Identify funds pertaining to the completion of the transaction and advise relevant parties 
Receive funds required for the completion of the transaction within the required timeframe 
Attend the settlement if required 
Ensure documents are stamped correctly in accordance with legislative, regulatory and the practice’s requirements 
Identify unfulfilled contractual obligations and assess possible contingencies 
Identify a range of contingency strategies and options and evaluate and articulate these to the client 
Determine appropriate strategies and options in consultation with client and in accordance with practice policy and procedures, and with legislative, regulatory and professional requirements 
Confirm transaction arrangements with all relevant parties and ensure conditions for the finalisation of the transaction, including compliance with special conditions are met 
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 
Advise all relevant parties, including rating and other authorities of transaction completion 
Make outstanding payments 
Monitor and conclude outstanding matters promptly 
Confirm registration change on title, if applicable 
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 and practice requirements 

Forms

Assessment Cover Sheet

BSBCNV505 - Finalise the conveyancing transaction
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:


Assessment Record Sheet

BSBCNV505 - Finalise the conveyancing transaction

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: