Unit of competency Outline

Date retreived
22/07/2026 10:37 AM AWST

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Finalise the conveyancing transaction

Finalise the conveyancing transaction

Unit of competency
National Code
BSBCNV512
State Code
OCG22
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
19/10/2020
View on TGA
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
090901 - Business And Commercial Law
Original Release Date
16/03/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to complete conveyancing transactions and verify that all matters relating to arranging settlement, determining contingency strategies, completing transactions, and implementing post-transaction procedures and using Electronic Lodgement Network Operators (ELNOs), where required. The unit applies to individuals who use specialised knowledge, systematic approaches and strong organisational skills to prepare and process conveyancing transactions efficiently.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Arrange 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 and confirm completeness
  • 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 Ensure funds required for the completion of the transaction are received within the required timeframe
  • 1.6 Arrange settlement with all relevant parties and invite participants to an Electronic Network Operator’s settlement space, where required
  • 1.7 Attend the settlement, where required
  • 1.8 Confirm documents are stamped and relevant duty is paid according to legislative, regulatory and the practice’s requirements
2. Determine contingency strategies
  • 2.1 Identify unfulfilled contractual obligations and assess possible contingencies
  • 2.2 Identify and evaluate a range of contingency strategies and options and articulate these to the client
  • 2.3 Determine strategies and options in consultation with client and according to practice policies and procedures, and legislative, regulatory, contractual and professional requirements
3. Complete transaction
  • 3.1 Confirm transaction arrangements with all relevant parties and verify conditions for the finalisation of the transaction
  • 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 according to legislative and practice requirements
4. Implement post-transaction procedures
  • 4.1 Advise all relevant parties of transaction completion
  • 4.2 Make outstanding payments
  • 4.3 Monitor and conclude outstanding matters
  • 4.4 Confirm registration change on title, where required
  • 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, contractual and practice requirements
No information
No information
Replaces
State Code National Code Title Type
AUL38 BSBCNV505 Finalise the conveyancing transaction Unit of competency
State Code National Code Title Type
BFT8 BSB60220 Advanced Diploma of Conveyancing Qualification
BGO7 LGA50120 Diploma of Local Government Qualification