Course Title: Finalise the conveyancing transaction

Part B: Course Detail

Teaching Period: Term1 2020

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

Trish Barcatta

trish.barcatta@rmit.edu.au

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

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 thought 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 discussion, 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

The following courses are are delivered together under the unit title Negotiate and Finalise Transactions:

  • BSBCNV505/BUSM7920C Finalise Conveyancing Transaction
  • FNSORG601/GEDU6066C Negotiate Goals and Manage Disputes

(Please note that this schedule is subject to change)

Course Schedule:  Negotiate and Finalise Transactions, Semester 1, 2020

Week

Topic

Assessment

Week 1

February 10

Introduction to conveyancing settlements

General discussion of assessments

Week 2

February 17

Negotiation part 1: Introduction and preparation

 

Week 3

February 24

Negotiation part 2: Tactics, making offers

 

Week 4

March 2

Negotiation part 3: Documenting the settlement & post settlement management

Assessment 1 to be available on Canvas

Week 5

March 9

Types of Dispute Resolution

 

Week 6

March 16

Advising clients about dispute resolution

 

Week 7

March 23

In class, practice dispute resolution

 

Week 8

March 30

Theory of Adjustments of outgoings

 

Week 9 

April 6

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

 

Mid-Semester Break

Week 10

April 20

Adjustments practice

Assessment 1 due for submission on canvas 

Week 11

April 27

Adjustments practice

 

Week 12

May 4

Adjustments practice - extra

Release of documents for Assessment 2

Week 13

May 11

Revision

Feedback on assessment 1 due.

Week 14

May 18

Revision

 

Week 15

May 25

In class test on adjustment of outgoings

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

Week 16

June 1

Resubmissions

 

Week 17

June 8

Grade Entry 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the 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 including the self - paced activities in the workbooks.  


Learning Resources

Prescribed Texts


References


Other Resources

Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas. 

The online learning materials listed may include: 

  • Course outlines
  • Power point Presentations
  • Supporting Reading material
  • Industry relevant articles
  • Activities


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

There are two assessment tasks that you need to complete satisfactorily in order to be deemed competent in the co-delivered courses BUSM7920C Finalise Conveyancing Transaction and GEDU6066C Negotiate Goals and Manage Disputes.

Assessment 1: Memorandum of Advice

Due: Tuesday, 21 April 2020

Summary and Purpose: The purpose of this assessment is to demonstrate that you are working to industry standards in providing advice on a conveyancing contract of sale of land and how to negotiate to achieve a resolution of a dispute which develops between the parties.

Assessment Instructions: This assessment task involves writing a memorandum of advice to your clients in accordance with the instructions outline on Canvas. 

Assessment 2: In-Class Test

Due: Tuesday, 26 May 2020

Summary and Purpose: The purpose of this assessment is to demonstrate that you are working to industry standards in providing the Statement of Adjustments and Settlement Statement to your clients and explaining the adjustments in a manner your clients can understand.

Assessment Instructions: This assessment task involves preparing a Statement of Adjustments and Settlement Statement in a supervised In Class test using your laptop computer, but with no access to the internet and any online programs (e.g. the one you may use at work). In effect, we want you to work out the adjustments manually to show how you understand the apportionment of outgoings. 

You are permitted to use a numeric calculator.  You will be provided with a Vendor’s Section 32 Statement with the statutory and Owners Corporation certificates and you can take the amounts in the Certificates as being correct and current. 

In addition, you will be asked to do a letter of advice to your purchaser clients explaining in plain English the adjustments of council, water, Land Tax (if any), Owners Corporation fees and titles office fees.  Also, you will outline to your purchaser clients the electronic settlement procedure


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas.

 

Other Information

Submission Requirements

  • 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

 

Resubmissions (VET Programs)

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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.

 

Penalties for Late Submission 

Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).

 

Extensions, Special Consideration and Adjustment to Assessments

 

Extensions:

Extensions are available for unforeseen circumstances of a short-term nature.

An application form must be submitted to the school at least one working day before the due date of the assessment.

Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)

 

Special consideration:

Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.

An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date

For more information, see the Special Consideration page of the RMIT website.

 

Adjustments to Assessment:

RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.

 

Changes to the Assessment Scheme

Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.

 

Feedback

You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.

 

Academic Integrity and Misconduct

Students demonstrate academic integrity in their assessment practices by:

  • engaging with assessment activities in an honest way;
  • providing accountability for the authorship and originality of work submitted;
  • acknowledging the work of others and the re-use of original work.

Academic misconduct is addressed in accordance with the Student conduct policy

Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.

For further information see the Academic Integrity website.

 

Review and Appeal

A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.

 

Grade Criteria

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

The following grades are available for this course.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent

DNS - Did Not Submit for assessment

 

Course Overview: Access Course Overview