Unit of competency Outline

Date retreived
22/07/2026 3:10 PM AWST

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Finalise the conveyancing transaction

Finalise the conveyancing transaction

Unit of competency
National Code
BSBCNV505
State Code
AUL38
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
090901 - Business And Commercial Law
Original Release Date
15/09/2015
Nominal Hours
40
Description
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.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4078 FNSCNV505A Finalise the conveyancing transaction Unit of competency
Replaced By
State Code National Code Title Type
OCG22 BSBCNV512 Finalise the conveyancing transaction Unit of competency
State Code National Code Title Type
AVV4 BSB52015 Diploma of Conveyancing Qualification
AVU5 BSB61115 Advanced Diploma of Conveyancing Qualification