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Evidence Guide: BSBCNV505 - Finalise the conveyancing transaction

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBCNV505 - Finalise the conveyancing transaction

What evidence can you provide to prove your understanding of each of the following citeria?

Arrange the settlement

  1. Identify all parties to the transaction and take all relevant actions to ensure they are ready to complete the transaction
  2. Fulfil transaction requirements accurately and completely including consideration of any relevant electronic requirements
  3. Identify and collate information relevant to preparation of settlement statements and prepare and reconcile statements
  4. Identify funds pertaining to the completion of the transaction and advise relevant parties
  5. Receive funds required for the completion of the transaction within the required timeframe
  6. Attend the settlement if required
  7. Ensure documents are stamped correctly in accordance with legislative, regulatory and the practice’s requirements
Identify all parties to the transaction and take all relevant actions to ensure they are ready to complete the transaction

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Fulfil transaction requirements accurately and completely including consideration of any relevant electronic requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and collate information relevant to preparation of settlement statements and prepare and reconcile statements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify funds pertaining to the completion of the transaction and advise relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Attend the settlement if required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine contingency strategies for settlements where contractual obligations remain unfulfilled

  1. Identify unfulfilled contractual obligations and assess possible contingencies
  2. Identify a range of contingency strategies and options and evaluate and articulate these to the client
  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
Identify unfulfilled contractual obligations and assess possible contingencies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete transaction

  1. Confirm transaction arrangements with all relevant parties and ensure conditions for the finalisation of the transaction, including compliance with special conditions are met
  2. Arrange and perform final searches and inspections where required
  3. Examine transaction documents for accuracy and completion
  4. Complete transaction with all relevant parties
  5. Lodge stamped documents for registration
Confirm transaction arrangements with all relevant parties and ensure conditions for the finalisation of the transaction, including compliance with special conditions are met

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange and perform final searches and inspections where required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine transaction documents for accuracy and completion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete transaction with all relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Lodge stamped documents for registration

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement post-transaction procedures, as appropriate

  1. Advise all relevant parties, including rating and other authorities of transaction completion
  2. Make outstanding payments
  3. Monitor and conclude outstanding matters promptly
  4. Confirm registration change on title, if applicable
  5. Return documents to client and third parties
  6. Receive and disburse funds as authorised
  7. Prepare and dispatch invoices to client and other parties
  8. Update financial, business and client records
  9. Close and archive file according to legislative, regulatory and practice requirements
Advise all relevant parties, including rating and other authorities of transaction completion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make outstanding payments

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and conclude outstanding matters promptly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Confirm registration change on title, if applicable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Return documents to client and third parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Receive and disburse funds as authorised

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and dispatch invoices to client and other parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update financial, business and client records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Close and archive file according to legislative, regulatory and practice requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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