Finalise the conveyancing transaction Evidence Guide

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Evidence Guide: FNSCNV505A - 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

FNSCNV505A - Finalise the conveyancing transaction

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

Arrange and attend settlement (if required)

All parties to the transaction are identified and all relevant actions are taken to ensure that they are ready to complete the transaction
Transaction requirements are fulfilled accurately and completely
Information relevant to preparation of settlement statements is identified and collated, and statements are prepared and reconciled
Funds pertaining to the completion of the transaction are identified and relevant parties advised
Funds required for the completion of the transaction are received within the required timeframe
Documents are stamped correctly in accordance with legislative, regulatory and the practice's requirements

All parties to the transaction are identified and all relevant actions are taken to ensure that they are ready to complete the transaction

Completed
Date:

Teacher:

Evidence:

Transaction requirements are fulfilled accurately and completely

Completed
Date:

Teacher:

Evidence:

Information relevant to preparation of settlement statements is identified and collated, and statements are prepared and reconciled

Completed
Date:

Teacher:

Evidence:

Funds pertaining to the completion of the transaction are identified and relevant parties advised

Completed
Date:

Teacher:

Evidence:

Funds required for the completion of the transaction are received within the required timeframe

Completed
Date:

Teacher:

Evidence:

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

Unfulfilled contractual obligations are identified and possible contingencies are assessed
A range of contingency strategies and options are identified and evaluated and articulated to the client
Appropriate strategies and options are determined in consultation with client and in accordance with practice policy and procedures and with legislative, regulatory and professional requirements

Unfulfilled contractual obligations are identified and possible contingencies are assessed

Completed
Date:

Teacher:

Evidence:

A range of contingency strategies and options are identified and evaluated and articulated to the client

Completed
Date:

Teacher:

Evidence:

Appropriate strategies and options are determined 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

Transaction arrangements are confirmed with all relevant parties, and conditions for the finalisation of the transaction, including compliance with special conditions, are met
Final searches and inspections are arranged and performed where required
Transaction documents are examined for accuracy and completion
Transaction is completed with all relevant parties
Stamped documents are lodged for registration

Transaction arrangements are confirmed with all relevant parties, and conditions for the finalisation of the transaction, including compliance with special conditions, are met

Completed
Date:

Teacher:

Evidence:

Final searches and inspections are arranged and performed where required

Completed
Date:

Teacher:

Evidence:

Transaction documents are examined for accuracy and completion

Completed
Date:

Teacher:

Evidence:

Transaction is completed with all relevant parties

Completed
Date:

Teacher:

Evidence:

Stamped documents are lodged for registration

Completed
Date:

Teacher:

Evidence:

Implement post-transaction procedures, as appropriate

All relevant parties, including rating and other authorities are advised of transaction completion
Outstanding payments are made
Outstanding matters are monitored and concluded promptly
Registration change on title is confirmed, if applicable
Documents are returned to client and third parties
Funds are received and disbursed as authorised
Invoices are prepared and despatched to clients and other parties
Financial, business and client records are updated
File is closed and archived according to legislative, regulatory and practice requirements

All relevant parties, including rating and other authorities are advised of transaction completion

Completed
Date:

Teacher:

Evidence:

Outstanding payments are made

Completed
Date:

Teacher:

Evidence:

Outstanding matters are monitored and concluded promptly

Completed
Date:

Teacher:

Evidence:

Registration change on title is confirmed, if applicable

Completed
Date:

Teacher:

Evidence:

Documents are returned to client and third parties

Completed
Date:

Teacher:

Evidence:

Funds are received and disbursed as authorised

Completed
Date:

Teacher:

Evidence:

Invoices are prepared and despatched to clients and other parties

Completed
Date:

Teacher:

Evidence:

Financial, business and client records are updated

Completed
Date:

Teacher:

Evidence:

File is closed and archived according to legislative, regulatory and practice requirements

Completed
Date:

Teacher:

Evidence:

Assessed

Teacher: ___________________________ Date: _

Signature: ________________________________________________

Comments:

Instructions to Assessors

Evidence Guide


The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit	Evidence of the ability to: apply applicable legislative requirements to settlement transactions identify the roles of relevant parties in a settlement apply all relevant practice policies and procedures arrange and attend settlement in accordance with instructions determine contingency strategies for settlement where contractual obligations remain unfulfilled complete settlement transaction meeting practice, legislative and client requirements implement post-transaction procedures as appropriate.
Context of and specific resources for assessment	Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a workplace or a closely simulated work environment access to and use of a range of common office equipment, technology, software and consumables suitable assessment records showing the completion of a settlement transaction.
Method of assessment	A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity, which combines the elements of competency for the unit, or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills which may include formal examinations setting and reviewing workplace projects and business simulations or scenarios evaluating samples of work accessing and validating third party reports.
Guidance information for assessment

Required Skills and Knowledge

Required skills

analytical, evaluative and deductive reasoning skills relevant to identifying all aspects of a settlement transaction

communication skills to:

determine and confirm client requirements, using questioning and active listening as required

liaise with others in a business environment, share information, listen and understand

use language and concepts appropriate to cultural differences

obtain and clarify instructions from others

gathering, recording and consolidating accurate settlement and financial information

IT skills for accessing and using appropriate software such as spreadsheets and databases and using internet information

literacy skills to read and interpret documentation from a variety of sources

negotiating with a range of people in diverse situations

numeracy skills to accurately analyse, record and store data in accordance with organisational requirements

organisational skills, including the ability to plan and sequence work

problem solving skills to address settlement issues that may arise

Required knowledge

file reconciliation procedures

formal and informal industry code of practice governing settlement procedures

practice policy and procedures in relation to transaction settlement and client management

process monitoring procedures where actions are delayed, extended or rescheduled

regulations and procedures of relevant government agencies

relevant financial procedures

relevant legislation, regulations and common law relevant to settlement transactions

Range Statement


The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.
Transactions may include:	a range of dealings in real estate, business or personal property.
Transactions to be finalised include, but are not limited to, the application of laws concerning the following:	associations banking bankruptcy bills of sale building regulations and house contracts caveats and warrants commercial tenancies contract dealing with interests in land deceased estates easements and restrictive covenants fences food and health foreign investment guarantee provisions guardianship heritage land acquisition land division landlords and tenants limitation of actions local government local, Commonwealth and State or Territory government taxes minors mortgage financing old system land planning powers of attorney privacy property inspections and searching rates and taxes real estate agents real estate taxes registration of dealings with land regulation of conveyancers roads sale of goods stamp duty strata and community titles and owner's corportaions trusts workers lines.
Information requirements include, but are not limited to:	searching stamping and registration.
Documentation may include:	documents dealing with real or personal property electronic documents or messages interview records legal, government, professional and other documents meeting notes minutes official, general and other correspondence records of telephone conversations reference to all instructions, evidence and information gathered or considered reports, correspondence and advice from other professionals or third parties the basis on which decisions were determined.
Stamped correctly should allow consideration of the following:	heads of duty major heads of duty and main instruments liable as follows: agreement for the sale or conveyance of any property agreement or memorandum of an agreement not otherwise specifically charged conveyances of any property declaration of trust deed not otherwise charged leases loan security policies of insurance. Rulings Stamping avoidance or evasion of duty duty imposed generally on original instruments not copies effect of failure to duly stamp an instrument effect of late stamping an instrument how stamp duty is paid instruments stamped after first execution interim stamping meaning of 'assessment' meaning of 'first execution' meaning of ad valorem duty and nominal duty meaning of minimum duty payable refunds of duty remedies where commissioner incorrectly assesses duty rights of appeal stamp duty requisitions time at which liabilities to pay duty arises waiver of fines when the liability for stamp duty is determined who is liable to pay stamp duty.
Contingency strategies may include:	ceasing services declining service delaying the initiation of action or service referral to other professionals or third parties requesting further information and evidence.
Practice policy and procedures may include:	clerical and administrative procedures client management practices and principles disputes and complaints resolution procedures IT systems management and supervisory practices professional codes of practice professional development requirements.
Relevant parties may include:	accounting and taxation: accountants auditors liquidators tax consultants legal: attorneys barristers and solicitors mediators and tribunals staff from legal offices trustees real estate: auctioneers owner's corporation managers and secretaries landlords and tenants managing agents or staff real estate agents or staff strata and community managers valuers building and construction: architects building inspectors engineers professional associations surveyors, quantity surveyors and planning consultants business or commercial: company directors and managers joint venturers other conveyancers and their staff financial institutions: finance brokers and providers financial advisers and consultants insurance brokers and providers loss adjusters and assessors government departments and agencies: consumer protection authorities land titles offices licensing authorities municipal offices rating authorities town planners beneficiaries licensees mortgagees and encumbrances nominees timber pest inspectors.
Funds, fees, deductions and disbursements include, but are not limited to:	client's fees Commonwealth, State and Territory taxes conveyancer's fees payments to third parties as directed by client rates and taxes real estate agent commission.

NTISthis.com

Evidence Guide: FNSCNV505A - Finalise the conveyancing transaction

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

FNSCNV505A - Finalise the conveyancing transaction

Arrange and attend settlement (if required)

Determine contingency strategies for settlements where contractual obligations remain unfulfilled

Complete transaction

Implement post-transaction procedures, as appropriate

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

Instructions to Assessors

Teacher: ___________________________ Date: _