Unit of competency Outline
Date retreived
22/07/2026 10:20 PM AWST
22/07/2026 10:20 PM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Finalise the conveyancing transaction
Finalise the conveyancing transaction
Unit of competency
National Code
FNSCNV505A
FNSCNV505A
State Code
D4078
D4078
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
31/07/2014
Field of Education
090901 - Business And Commercial Law
Original Release Date
31/07/2014
Nominal Hours
40
Description
This unit describes the performance outcomes, skills and knowledge required to complete conveyancing transactions and ensure that all matters relating to the transaction are completed.It encompasses arranging and attending settlement, determining contingency strategies for settlements where contractual obligations remain unfulfilled, completing transactions and implementing post-transaction procedures, as appropriate.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
Notes
Elements and Performance Criteria
1. Arrange and attend settlement (if required)
- 1.1. All parties to the transaction are identified and all relevant actions are taken to ensure that they are ready to complete the transaction
- 1.2. Transaction requirements are fulfilled accurately and completely
- 1.3. Information relevant to preparation of settlement statements is identified and collated, and statements are prepared and reconciled
- 1.4. Funds pertaining to the completion of the transaction are identified and relevant parties advised
- 1.5. Funds required for the completion of the transaction are received within the required timeframe
- 1.6. 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. Unfulfilled contractual obligations are identified and possible contingencies are assessed
- 2.2. A range of contingency strategies and options are identified and evaluated and articulated to the client
- 2.3. 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
3. Complete transaction
- 3.1. Transaction arrangements are confirmed with all relevant parties, and conditions for the finalisation of the transaction, including compliance with special conditions, are met
- 3.2. Final searches and inspections are arranged and performed where required
- 3.3. Transaction documents are examined for accuracy and completion
- 3.4. Transaction is completed with all relevant parties
- 3.5. Stamped documents are lodged for registration
4. Implement post-transaction procedures, as appropriate
- 4.1. All relevant parties, including rating and other authorities are advised of transaction completion
- 4.2. Outstanding payments are made
- 4.3. Outstanding matters are monitored and concluded promptly
- 4.4. Registration change on title is confirmed, if applicable
- 4.5. Documents are returned to client and third parties
- 4.6. Funds are received and disbursed as authorised
- 4.7. Invoices are prepared and despatched to clients and other parties
- 4.8. Financial, business and client records are updated
- 4.9. File is closed and archived according to legislative, regulatory and practice requirements
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.
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.
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
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
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| C9651 | FNSCONV504B | Finalise conveyancing transactions | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUL38 | BSBCNV505 | Finalise the conveyancing transaction | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D717 | FNS50411 | Diploma of Conveyancing | Qualification |
| D726 | FNS60311 | Advanced Diploma of Conveyancing | Qualification |
| S720 | FNS50410 | Diploma of Conveyancing | Qualification |