Application
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.
Elements and Performance Criteria
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 |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.3, 1.4, 2.1, 3.3 | Interprets and analyses a range of information relevant to key steps within a process |
Writing | 1.3, 1.4, 2.2, 2.3, 3.1, 4.1, 4.7, 4.8 | Prepares correspondence for a range of audiences and completes forms accurately using correct language, concepts and terminology |
Oral Communication | 1.4, 2.2, 2.3, 3.1, 4.1 | Participates effectively in verbal exchanges using questioning and active listening to determine and confirm requirements and instructions |
Numeracy | 1.4, 1.5, 3.1, 4.2, 4.6, 4.7 | Performs mathematical calculations to check accuracy and completeness of numerical and financial data Gathers, interprets, analyses, consolidates and records financial information |
Navigate the world of work | 1.6, 2.3, 3.1, 4.9 | Takes full responsibility for ensuring that all documentation and processes comply with legislative and practice requirements |
Interact with others | 1.4, 1.6, 2.1-2.3, 3.1, 4.1, 4.3, 4.7 | Selects and uses appropriate conventions and protocols to gain and provide information for the conveyancing transaction Collaborates with others to achieve required outcomes playing an active role in negotiating agreement |
Get the work done | 1.1-1.7, 3.1-3.5, 4.1-4.9 | Plans, organises, and implements tasks for effective and efficient outcomes, and in accordance with statutory and organisational requirements Uses problem solving processes to identify and analyse conveyancing issues Anticipates potential problems and implements contingency plans, if required Uses the main features and functions of digital tools to complete work tasks and to access information |
Sectors
Conveyancing