Course Title: Finalise the conveyancing transaction

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: BUSM7920C

Course Title: Finalise the conveyancing transaction

School: 650T Vocational Business Education

Campus: City Campus

Program: C6164 - Advanced Diploma of Conveyancing

Course Contact: Callie Harvey

Course Contact Phone: +61 3 9925 5759

Course Contact Email: callie.harvey@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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

None

Course 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 relevant regulator for specific guidance on requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBCNV505 Finalise the conveyancing transaction

Element:

1 Arrange the settlement

Performance Criteria:

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

Element:

2 Determine contingency strategies for settlements where contractual obligations remain unfulfilled

Performance Criteria:

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

Element:

3 Complete transaction

Performance Criteria:

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

Element:

4 Implement post-transaction procedures, as appropriate

Performance Criteria:

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

Learning Outcomes



Details of Learning Activities

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.


Teaching Schedule

Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:
•Program overview and requirements
•MyRMIT/Blackboard
•Overview of assessment requirements
•Pre-Training Review including:◦Recognition of Prior Learning and Credit Transfers
◦Assessment of current skills and knowledge
•Competency/Grading Criteria
•Plagiarism
•Appeals
•Extensions
•Feedback
•Privacy
•Submission requirements
•Resubmission policy
•Where to get support
•Student responsibilities

Tuesday evenings

Class Topic

Assessments

Week 1 – 12 Feb

Introduction to conveyancing settlements

General discussion of assessments

Week 2 – 19 Feb

Negotiation part 1: Introduction and preparation

Assessment 1 to be available on Canvas

Week 3 – 26 Feb

Negotiation part 2: Tactics, making offers

 

Week 4 – 5 March

Negotiation part 3: Documenting the settlement & post settlement management

 

Week 5 – 12 March

Types of Dispute Resolution

 

Week 6 – 19 March

Advising clients about dispute resolution

 

Week 7 – 26 March

In class, practice dispute resolution

 

Week 8 – 2 April

Theory of Adjustments of outgoings

Assessment 1 due for submission on canvas.  Assessment 2 instructions to be available on Canvas.

Week 9 – 9 April

Adjustments practice - basics includes PEXA demonstration on date to be confirmed

 

Week 10 – 16 April

Adjustments practice

 

Feedback on assessment 1 due.

Mid-semester break

19 to 29 April (Easter holiday period)

 

Week 11- 30 April

Adjustments practice - extra

 

Week 12 – 7 May

Revision

 

Week 13 – 14 May

Revision

 

Week 14 – 21 May

In class test on adjustment of outgoings

Assessment 2, in class test, adjustment statement and letter of advice.

Week 15 – 28 May

No further classes

 

Week 16 - 4 June

Any re-submissions of Assessment 2

Re-submissions due assessment 2

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence
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.

Knowledge Evidence
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 Conditions
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
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.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
 


Assessment Tasks

This course is comprised of two competencies that are co-delivered and co-assessed (delivered and assessed together).

BSBCNV505 Finalise Conveyancing Transactions

FNSSORG601 Negotiate Goals and Manage Disputes

Task 1 – In class Assessment - Week 8

For this Assessment Task you will be asked to draft a letter of advice to settle a dispute relating to a conveyancing settlement and to demonstrate negotiation including alternate dispute techniques to resolve the dispute..

Task 2 - In - class assessment - Week 14

For this assessment task, you will asked to prepare a statement of adjustments and a settlement statement. You also be required to provide a supporting letter of advice explaining the settlement arrangements.

You must successfully complete all assessments to be deemed competent.

Grading will be applied once you have been deemed competent for both competencies.

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS 

Other Information

 

Submission Requirements

 

You should:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

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.

More Information:  https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

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.

More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

Adjustments to Assessment

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

Marking Guide (Competency):

 

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

 

 

Marking Guide (Grading)

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 
       

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview:  Access Course Overview

Course Overview: Access Course Overview