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 specialized knowledge, systematic approaches and strong organisational skills to prepare and process transactions efficiently
Assessment Requirements: BSBCNV505 Finalise the Conveyancing Transaction
This unit may be assessed in the workplace or in a simulated environment. To be deemed competent for this unit, you need to successfully complete all assessment criteria and submit all q+a in the workbook, any research required, answer tutorial questions successfully, be involved and proactive in any role plays, and have all the elements and competencies in the unit that require observation be completed by your peers or the assessor. After taking all of these aspects into consideration and receiving evidence you have met the ‘evidence guide’ requirements stated above, the assessor will judge as to whether you are to be deemed competent or not yet competent. If you are deemed NYC, you may be given additional work or time, to complete the required criteria.
The signed and completed assessment sheet listing the elements and competencies (at the end of this workbook) will be evidence this has occurred. People with disabilities may use assistive technologies to demonstrate interview skills and /or receive and respond to oral and or written questioning. All assessments will be completed at the offices of NBiA or via distance learning.
Each unit workbook has formative and summative questions and assignments that must be completed satisfactorily and submitted for the candidate to be assessed as competent.
Your submission
All workbook questions and answers must be completed and returned in hard copy to NBIA as one unit with all pages numbered in a legible and acceptable form, preferably typed-Times New Roman font size 11, all questions and answers written and numbered, with correct punctuation, spelling, not bound or stapled and of a standard reflective of the level of the qualification being studied.
Questions throughout the workbook will be designated with a ‘W’ and then a numeral eg w1,w2 etc, and the final assessment questions by numeral only. Please take the time to re read the “Important Instructions” sent in your course commencement email.
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Resources required for assessment:
Assessment of this unit of competence requires access to appropriate technology and software and use of the preferred resources –
Conveyancing Victoria: Simon Libbis : Hybrid Publishers
ConveyanceWorks, All You Need to Know About Conveyancing in Vic: S. Libbis & R.Cocks.
Fundamentals of Business Law ML Barron McGraw Hill
Australian Business Law Latimer CCH
Additionally Voumard Sale of Land
CCH Victorian Conveyancing Law and Practice Volume
the 1958 Property Law Act
Also go to Consumer Affairs Vic website, and source the “Guide for Conveyancers” as a reference text.
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 Conveyancing is the transfer of interests or estates in land from one legal entity to another. The agreement to transfer the estate or interest is contained in a contractual document. This is the source document containing the agreement between the parties to the conveyancing transaction. The instructions to the Registrar of Titles to effect the relevant change in the Register are contained in approved forms.
Components
The usual conveyance has four basic components:
1. Title and goods
2. Non-title restrictions and charges
3. Contractual documents
4. Title documents. settlement. stamping. lodging and registration
The Participants
There are a number of players in a conveyancing transaction:
- Vendor
- Purchaser
- Representatives
- Lawyers
- Conveyancers
- Estate agents
- Lenders
1.2 Fulfill transaction requirements accurately and completely including consideration of any relevant electronic requirements
Identify information required including title; planning; building; health and safety; financial and bankruptcy; assets; intellectual property; trademarks; ASIC; company, business name; franchising, liquor licensing and other statutory licences and permits, PPS, etc.
The items will vary depending on:
1. the type of business being purchased and whether it is a:
a. retail business
b. wholesaling business
c. importing business
d. manufacturing business
e. service business
f. a business that requires licensing e.g. security services, food retailing, liquor sales
g. franchise
2. property details:
a. will it be a leasehold
b. will it be a freehold
3. entity being used:
a. operating under the ownership of the purchaser
b. operating under a new partnership
c. taking over the present owners business structure in total
d. taking over the present owners business structure but vendor does not transfer the business’ liabilities.
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Assessment Plan
The Purpose of this assessment is to determine the competency of the above named student for the unit BSBCNV505 Finalise the conveyancing transaction
Learner characteristics-application
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 specialized knowledge, systematic approaches and strong organisational skills to prepare and
process transactions efficiently.
The Foundation skills addressed in this unit include:
Reading
Interprets and analyses a range of information relevant to key steps within a process. Q15
Writing
Prepares correspondence for a range of audiences and completes forms accurately using correct language, concepts and terminology CS
Oral communication
Participates effectively in verbal exchanges using questioning and active listening to determine and confirm requirements and instructions RP, CS
Numeracy
Performs mathematical calculations to check accuracy and completeness of numerical and financial data Gathers, interprets, analyses, consolidates and records financial information
CS Q57
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