Course Title: Finalise the conveyancing transaction
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: BUSM7920C
Course Title: Finalise the conveyancing transaction
School: 650T Vocational Business Education
Campus: City Campus
Program: C5337 - Diploma of Conveyancing
Course Contact: Robert Sheen
Course Contact Phone: +61 3 9925 5759
Course Contact Email: firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Building 80, Level 5, Room 18
445 Swanston Street Melbourne
Nominal Hours: 30
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
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 relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
BSBCNV505 Finalise the conveyancing transaction
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
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom-based activities.
The self-paced activities will be delivered through various technology platforms and may include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom-based activities will include group discussions, group problem-solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Prior to training commencement a program level induction session will be conducted that comprises the following:
•Program overview and requirements
•Overview of assessment requirements
•Pre-Training Review including:◦Recognition of Prior Learning and Credit Transfers
◦Assessment of current skills and knowledge
•Where to get support
Full details of the teaching schedule for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" (attached).
Please note that this teaching schedule is subject to change.
Full details of resources required for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" referred to earlier.
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Evidence of the ability to:
- arrange and attend or electronically attend settlement in accordance with all instructions and requirements including:
- adjustments of relevant outgoings and other fees
- confirmation of final payments
- checking documents for accuracy
- complete settlement transaction that meets:
- agency or practice organisational policies and procedures
- legislative requirements of settlement transactions
- client requirements
- monitor progress where actions are delayed, extended or rescheduled and determine contingency strategies for settlement where contractual obligations remain unfulfilled
- implement post-transaction procedures as appropriate
- communicate effectively with a range of personnel.
To complete the unit requirements safely and effectively, you must:
- identify the roles of relevant parties in a settlement
- describe file reconciliation procedures and other financial procedures relevant to settlement transactions
- describe the key features of:
- formal and informal industry codes of practice governing settlement procedures
- legislation, regulations and common law relevant to settlement transactions
- outline practice, policy and procedures in relation to transaction settlement and client management
- explain monitoring procedures and possible solutions where actions are delayed, extended or rescheduled
- identify and describe key regulations and procedures of relevant government agencies relating to settlement transactions.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the conveyancing field of work and include access to:
- common office equipment, technology, software and consumables
- suitable records showing the completion of a settlement transaction.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed.
Full details of the assessment(s) for this unit may be found in the "Course and Program Guide Summary - Semester 1, 2017" referred to earlier.
•Ensure that you submit assessments on or before the due date.
•Always retain a copy of your assessment tasks (both hard copy and soft copy).
•Use a cover sheet that includes a declaration and statement of authorship when you submit work for assessment at RMIT University. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you must declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on Blackboard.
•Include a footer (appearing on each page of your assessment) with your name, student number, assessment title, course code, course title and page numbers. For example, Kelly Hervey, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. For more Information go to: http://www.rmit.edu.au/students/assessment/extension
The application form may be obtained from: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for Special Consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. For more Information go to: http://www.rmit.edu.au/browse;ID=g43abm17hc9w (unresolved)
The application form may be obtained from: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VE Programs):
You must satisfactorily complete all assessment tasks in order to achieve competency.
If an assessment task is assessed as not yet satisfactory, you will be allowed one resubmission opportunity only. Your teacher will provide feedback detailing what you need to do in order to satisfactorily complete that task, and will set a new deadline for the resubmission within the current semester.
If your resubmission is deemed to be not yet satisfactory then you must apply in writing to your Program Manager outlining the steps you will take to demonstrate competence in that course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as practical.
If your resubmission is deemed satisfactory then you may still achieve competency for the course, provided that all other assessment tasks are satisfactorily completed. Further, if this satisfactory resubmission is of a task that contributes to the overall grading of this course, then it shall only be entitled to receive a score that equates to 50% of the total marks allocated for that task.
Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which an adjustment to the assessment arrangements might be granted please access the following website: http://rmit.edu.au/browse;ID=7usdbki1fjf31
Marking Guide (Competency)
You must demonstrate through your performance in the Course Assessment Tasks that you have all the required skills and knowledge as specified in the unit of competency (course) you are studying.
Your submitted assessments are the evidence used to determine if you have met all critical aspects of the assessments, and if any critical aspects have not been met, then you cannot be deemed competent in this course.
On each assessment task you will receive feedback against the competency requirements for that task, and the outcome of the task will be recorded as either satisfactory (all requirements have been met) or not yet satisfactory (one or more requirements has not yet been met).
Only when all assessment tasks have been assessed as satisfactory will you be deemed competent in this course.
Marking Guide (Grading)
This course is graded. However, only after achieving competency in this course will you receive a grade corresponding to your level of performance in the course.
The reported Final Grade will be one of the following:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent (all assessment tasks submitted)
DNS Did Not Submit (one or more assessment tasks not submitted)
Further details regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview