Elements and Performance Criteria
- Arrange the settlement
- 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
- Determine contingency strategies for settlements where contractual obligations remain unfulfilled
- 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
- Complete transaction
- 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
- Implement post-transaction procedures, as appropriate
- 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