Course Title: Finalise the conveyancing transaction
Part B: Course Detail
Teaching Period: Term2 2021
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: Theresa Lyford
Course Contact Phone: +61 3 9925 5444
Course Contact Email: theresa.lyford@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Trish Barcatta
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
This semester we will be learning remotely through Collaborate Ultra Sessions.
A range of learning activities are planned for this course including self-paced and discussion 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 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.
This course will be delivered via our existing learning management system, Canvas. This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.
Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes. These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.
This course guide contains information that describes course aspects that don’t change and are locked in well ahead of the semester. Any information that differs due to changes of delivery is a consequence of COVID-19. Your course coordinator will advise you as to the correct details via Canvas.
Teaching Schedule
This course is comprised of two co-delivered and co-assessed competencies:
BSBCNV505 Finalise Conveyancing Transaction (BUSM7920C)
FNSORG601 Negotiate Goals and Manage Disputes (GEDU6066C)
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
- Program overview and requirements
- MyRMIT/Canvas
- 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
The Teaching Schedule for this course is as follows.
Please note that this schedule is subject to change.
Course Schedule: Instructions and Property Law, Semester 2, 2021 | ||
Week |
Topic |
Assessment |
|
Week 1 |
Introduction to the Conveyancing program and orientation |
|
|
Week 2 |
Negotiation part 1: Introduction and Preparation |
|
|
Week 3 |
Negotiation part 2: Tactics, making offers | |
|
Week 4 |
Negotiation part 3: Documenting the settlement & post settlement management. Discussion of assessment 1 requirements |
|
|
Week 5 |
Types of Dispute Resolution |
|
|
Week 6 |
Advising clients bout dispute resolution |
|
|
Week 7 |
Breach of contract and remedies |
Assessment 1 due |
|
Week 8 |
Theory of adjustments of outgoings Discussion of assessment 2 requirements |
|
Semester break August 30th - September 5th (inclusive) | ||
|
Week 9 |
Adjustments practice - basics includes PEXA demonstration on date to be confirmed |
|
|
Week 10 |
Adjustments practice |
Assessment 2 due |
Week 11 |
Discussion of Assessment 3 requirements - examine contract of sale and vendor statement |
|
|
Week 12 |
Adjustments practice - extra |
|
|
Week 13 |
Revision |
|
Week 14 |
In class Assessment - Assessment Task 3 on adjustments of outgoings and letter of advice |
Assessment 3 due in class |
|
Week 15 |
Resubmissions |
|
|
Week 16 |
Resubmissions |
|
|
Week 17 |
Grade Entry |
|
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT website's Online Learning Hub.
The online learning materials listed 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.
Assessment Tasks
In order to achieve competency in this unit, you must satisfactorily complete the criteria for each of the three assessments in this course.
Assessment Task 1:Assignment
Due: 11:59PM Sunday of Week 7
This assessment will allow you to demonstrate your knowledge on negotiation processes and strategies; to assess your understanding of dispute management, risk management and contract law; and to assess your understanding of consumer rights and guarantees under Australian Consumer Law. .
Assessment Task 2: Practical Assignment
Due: In-class during Week 10
This practical assessment will allow you to demonstrate your ability to take instructions from a potential client in order to initiate a real estate, business or personal conveyancing transaction. Assessment Task 3: Practical Assignment
Due: In-class during Week 14
This practical assessment will allow you to demonstrate your ability 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
Assessment Matrix
The assessment matrix that maps all the assessments 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.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview