BSBCNV505 - Finalise the conveyancing transaction
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Finalise the conveyancing transaction (BSBCNV505)
Added on 2022-01-21
BSBCNV505 - Finalise the conveyancing transaction
Finalise the conveyancing transaction (BSBCNV505)
Added on 2022-01-21
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NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 1
BSBCNV505 Finalise the conveyancing transaction
Student Workbook
melbourne sydney brisbane adelaide tasmania
Phone: (03) 9584 0900
www.nbi.com.au
RTO#21476
National Business
Institute of
Australia
2/27 Grange Road. Cheltenham Vic 3192 www.nbi.com.au (03) 9584 0900
BSBCNV505 Finalise the conveyancing transaction
Student Workbook
melbourne sydney brisbane adelaide tasmania
Phone: (03) 9584 0900
www.nbi.com.au
RTO#21476
National Business
Institute of
Australia
2/27 Grange Road. Cheltenham Vic 3192 www.nbi.com.au (03) 9584 0900
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 2
BSBCNV505 Finalise the conveyancing transaction
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
Assessment Requirements:
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
12, 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 e.g. w1, w2 etc, and
the final assessment questions by numeral only. Please take the time to read the “Important Instructions”
sent in your course commencement email.
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
Conveyance Works, 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
Download and read fully the current Sale of Land Act
Materials and Resources:
NBIA Student Workbook
Any appropriate technology and software, as required.
Go to the State Revenue Office site ( www.sro.vic.gov.au) and download all relevant forms to
conveyancing for your state.
BSBCNV505 Finalise the conveyancing transaction
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
Assessment Requirements:
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
12, 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 e.g. w1, w2 etc, and
the final assessment questions by numeral only. Please take the time to read the “Important Instructions”
sent in your course commencement email.
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
Conveyance Works, 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
Download and read fully the current Sale of Land Act
Materials and Resources:
NBIA Student Workbook
Any appropriate technology and software, as required.
Go to the State Revenue Office site ( www.sro.vic.gov.au) and download all relevant forms to
conveyancing for your state.
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 3
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
There are a number of different sources, including:
banks;
building societies;
credit unions;
mortgage originators;
private finance;
finance companies;
lawyers;
brokers.
Identify parties, properties and interests accurately and verify with client
If a customer is not identified correctly they may gain access to information that they are not entitled
to access. This has the potential to cause serious legal and public relations problems for your
organisation. It can also cause serious damage to your reputation as a customer service officer.
Therefore, prior to attending to your customer's request or enquiry you must verify their identity and
most importantly their right to sell. There are a number of ways to do this including:
Asking your client to confirm their personal details, for example, their date of birth and then
comparing their response against records on the customer database
Asking your customer to provide an identification document
Checking your customer's signature against records on the ID they have shown you
It is necessary to note the full identity of the purchaser, including the purchaser's date of birth. First, the
purchaser's full name may not appear in the contract because the purchaser's middle name (if any) may
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
There are a number of different sources, including:
banks;
building societies;
credit unions;
mortgage originators;
private finance;
finance companies;
lawyers;
brokers.
Identify parties, properties and interests accurately and verify with client
If a customer is not identified correctly they may gain access to information that they are not entitled
to access. This has the potential to cause serious legal and public relations problems for your
organisation. It can also cause serious damage to your reputation as a customer service officer.
Therefore, prior to attending to your customer's request or enquiry you must verify their identity and
most importantly their right to sell. There are a number of ways to do this including:
Asking your client to confirm their personal details, for example, their date of birth and then
comparing their response against records on the customer database
Asking your customer to provide an identification document
Checking your customer's signature against records on the ID they have shown you
It is necessary to note the full identity of the purchaser, including the purchaser's date of birth. First, the
purchaser's full name may not appear in the contract because the purchaser's middle name (if any) may
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 4
have been left out. The purchaser's full and correct name should ordinarily appear on the contract
prepared on behalf of the purchaser by the purchaser's lawyer or agent. The exact spelling of the
purchaser's name should also be noted as relying on what is recorded in the contract may not be
conclusive. The two aspects that should also be checked are mental capacity, and the purchaser is not a
minor.
The purchaser's address should also be carefully noted for the purposes of correctly addressing
correspondence. A copy of an electoral roll is a handy reference.
Whether the Purchaser wishes to include Another Person in the Transfer – In land transactions it is not
unusual for a purchaser to attend an auction or upon an estate agent and sign a contract of sale, then later
decide, before settlement, that the purchaser's partner or spouse or a relative or friend is to be included
in the transfer of land.
Or, alternatively, more than one purchaser who has signed a contract may not wish to appear on the
transfer of land. The prudent conveyancer should, as a matter of course, enquire of each purchaser's
intentions in this regard. Including another person after a settlement, possibly attracts additional stamp
duty.
It is quite usual for a purchaser who, at the time of purchase, has it in mind to include another person,
such as a friend or partner or spouse or another person entirely, to sign the contract with the additional
words "and/or nominee".
Most "standard form" contracts have a nomination procedure contained within their general terms,
requiring a purchaser wishing to nominate to advise the vendor of the nomination 14 days prior to
settlement. Sometimes the nomination requirement is formally set out as a special condition in the
contract and it is always a good idea to confirm with the noted nominee that they know about the
nomination.
You must also similarly ensure the property and goods that are the subject of the conveyance.
have been left out. The purchaser's full and correct name should ordinarily appear on the contract
prepared on behalf of the purchaser by the purchaser's lawyer or agent. The exact spelling of the
purchaser's name should also be noted as relying on what is recorded in the contract may not be
conclusive. The two aspects that should also be checked are mental capacity, and the purchaser is not a
minor.
The purchaser's address should also be carefully noted for the purposes of correctly addressing
correspondence. A copy of an electoral roll is a handy reference.
Whether the Purchaser wishes to include Another Person in the Transfer – In land transactions it is not
unusual for a purchaser to attend an auction or upon an estate agent and sign a contract of sale, then later
decide, before settlement, that the purchaser's partner or spouse or a relative or friend is to be included
in the transfer of land.
Or, alternatively, more than one purchaser who has signed a contract may not wish to appear on the
transfer of land. The prudent conveyancer should, as a matter of course, enquire of each purchaser's
intentions in this regard. Including another person after a settlement, possibly attracts additional stamp
duty.
It is quite usual for a purchaser who, at the time of purchase, has it in mind to include another person,
such as a friend or partner or spouse or another person entirely, to sign the contract with the additional
words "and/or nominee".
Most "standard form" contracts have a nomination procedure contained within their general terms,
requiring a purchaser wishing to nominate to advise the vendor of the nomination 14 days prior to
settlement. Sometimes the nomination requirement is formally set out as a special condition in the
contract and it is always a good idea to confirm with the noted nominee that they know about the
nomination.
You must also similarly ensure the property and goods that are the subject of the conveyance.
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 5
Identify and conduct searches
The actual process of legal research defines and encapsulates the strategies necessary for either the
student or the practitioner to gain access to the law required for a particular case and to assess the
reliability of any given source. King George III once said that a lawyer is not a person who knows the
law, but one who knows where to find it.
The classification of legal resources as primary and secondary is well established. Primary law consists
of the law itself, that is, legislation and case law; secondary law consists of law texts and commentaries
on the law including law journals.
Primary sources
In simple terms, the primary sources comprise the authorised records of the law as it is and has been
made by those empowered to do so. Earlier chapters have identified those law makers as the parliaments
and their duly delegated subordinates, and the courts. It is to these primary sources that reference first
needs to be made in the quest for the applicable law.
These sources disclose the law itself, not simply an opinion about or description of it. However, it must
be remembered that a great deal of the material appearing in judgments is simply descriptive, perhaps
persuasive, generally useful but not law in the strict sense of the word. As discussed earlier, the 'law' in
a judgment is confined to the ratio decidendi.
Secondary sources
The secondary sources of law consist of other materials which do not in themselves have the binding
effect of law but which explain and elucidate the primary sources. For that very reason it is clear that
they cannot carry the authority of a primary source. In some cases, however, they may be very persuasive.
The materials include those familiar to disciplines other than law: textbooks, dictionaries, encyclopedias,
journals, periodicals and loose-leaf services in particular. As the status of the general work or of the
particular author varies, so does the force of the authority. Not only may the material be persuasive, it
will usually help the lawyer in focusing analysis on the most important primary sources and in
understanding them.
Statutory research
The process of legal research has as its object the discernment of those primary sources of law which
relate to the given problem. It has already been noted that the primary sources comprise legislation and
the common law as enunciated in reported judicial decisions. Clearly only a small part of each will be
necessary for an individual dilemma. Within the area of statute law the researcher will seek out first the
relevant Act or Acts and second the applicable sections within them. That task is usually more readily
accomplished than the quest for the germane case law.
In the Australian context, statutes are enacted and published at both federal and State levels. Indexes are
available for both, and the statutes are published year by year and occasionally consolidated into
alphabetical reprints. Locating the statute does not complete the hunt. It is then necessary to discover
whether the statute has been affected by amendment, or even repeal, since the date on the volume you
have before you.
Cumulative supplements are published to help in this. Where there is no reference to the Act about which
you are enquiring then there has been no change up to the date of the cumulative supplement. For
amendments after the date of the cumulative supplement it is necessary to check more contemporary
sources - in particular the loose-leaf publications of statutes for the current year. Publication procedures
in all States are not identical and care must be taken to ensure that the legislation used is current.
In critically important areas of Australian law - such as income taxation and company law - the legislation
Identify and conduct searches
The actual process of legal research defines and encapsulates the strategies necessary for either the
student or the practitioner to gain access to the law required for a particular case and to assess the
reliability of any given source. King George III once said that a lawyer is not a person who knows the
law, but one who knows where to find it.
The classification of legal resources as primary and secondary is well established. Primary law consists
of the law itself, that is, legislation and case law; secondary law consists of law texts and commentaries
on the law including law journals.
Primary sources
In simple terms, the primary sources comprise the authorised records of the law as it is and has been
made by those empowered to do so. Earlier chapters have identified those law makers as the parliaments
and their duly delegated subordinates, and the courts. It is to these primary sources that reference first
needs to be made in the quest for the applicable law.
These sources disclose the law itself, not simply an opinion about or description of it. However, it must
be remembered that a great deal of the material appearing in judgments is simply descriptive, perhaps
persuasive, generally useful but not law in the strict sense of the word. As discussed earlier, the 'law' in
a judgment is confined to the ratio decidendi.
Secondary sources
The secondary sources of law consist of other materials which do not in themselves have the binding
effect of law but which explain and elucidate the primary sources. For that very reason it is clear that
they cannot carry the authority of a primary source. In some cases, however, they may be very persuasive.
The materials include those familiar to disciplines other than law: textbooks, dictionaries, encyclopedias,
journals, periodicals and loose-leaf services in particular. As the status of the general work or of the
particular author varies, so does the force of the authority. Not only may the material be persuasive, it
will usually help the lawyer in focusing analysis on the most important primary sources and in
understanding them.
Statutory research
The process of legal research has as its object the discernment of those primary sources of law which
relate to the given problem. It has already been noted that the primary sources comprise legislation and
the common law as enunciated in reported judicial decisions. Clearly only a small part of each will be
necessary for an individual dilemma. Within the area of statute law the researcher will seek out first the
relevant Act or Acts and second the applicable sections within them. That task is usually more readily
accomplished than the quest for the germane case law.
In the Australian context, statutes are enacted and published at both federal and State levels. Indexes are
available for both, and the statutes are published year by year and occasionally consolidated into
alphabetical reprints. Locating the statute does not complete the hunt. It is then necessary to discover
whether the statute has been affected by amendment, or even repeal, since the date on the volume you
have before you.
Cumulative supplements are published to help in this. Where there is no reference to the Act about which
you are enquiring then there has been no change up to the date of the cumulative supplement. For
amendments after the date of the cumulative supplement it is necessary to check more contemporary
sources - in particular the loose-leaf publications of statutes for the current year. Publication procedures
in all States are not identical and care must be taken to ensure that the legislation used is current.
In critically important areas of Australian law - such as income taxation and company law - the legislation
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 6
is likely to change several times within anyone year. It is in this area that the benefits of electronic law
materials are most valuable.
There exists in Australia, in addition to the enormous volume of statutory law, an overabundance of what
is known as subordinate legislation. Each parliament has power to delegate the law-making facility to
bureaucratic and other authorities. It is a power freely exercised, often with regrettable results. One
suspects that if all such delegated legislation were to be examined and cross-referenced the absurdity of
the excessive use of law-making powers in Australia would become evident. However, the student must
persevere. Tables of statutory rules, regulations and by-laws are published and must, where necessary,
be referred to.
Case law research
The rudimentary beginnings of the reporting of English cases observed earlier belied the growth and
acceleration which lay before them. Even until comparatively recent times it was remarkable for a
judgment to be reported.
Now it would seem more remarkable for a decision of a superior court not to be reported. The availability
of electronic law means that the researcher now has access to all superior court judgments soon after
their delivery. The profusion of reporting is largely the result of the many commercial reporting services
which now cover most important areas of legal activity. In this context a distinction must be drawn
between the authorised law reports and those which simply form part of the commercial services earlier
described.
Among the authorised reports in Australia are the Commonwealth Law Reports (CLR) which report
High Court decisions, the federal Law Reports (FLR) which encompass most other federal courts, and
the Federal Court Reports (FCR) which commenced in 1984 as the authorised reports of the Federal
Court itself. Each State produces an authorised series of law reports for the Supreme Court of that State.
In addition are the reports, myriad and growing apace, produced by various publishers dedicated to
particular areas of law.
References in textbooks, legal encyclopedias, case digests, current law publications, and - in current
times - computer databanks assist in the selection of judicial decisions most relevant to a given problem.
The decisions chosen for further study may either be binding or simply persuasive. The fact that a
decision is only persuasive - for instance, because it is not directly relevant - does not mean that it should
be cast aside. Many courts are open to well-researched persuasion. The very process of methodical
research may frequently suggest to the researcher lines of argument and strands of authority which
otherwise would have remained uncovered.
Electronic legal research
The greatest assistance to the legal researcher has been through the increased access and obvious benefits
of electronic legal research tools.
The once arduous task of legal research, which entailed manually searching primary resources such as
legislation and case law and their varying updating methods, is now assisted by the availability of
keyword searching and electronic updating methods. One particular example is to note up a case
electronically and now entails the click of a button rather than a laborious search through print updating
services.
The first and most important step in the electronic legal research process is to develop a legal research
strategy which you do by brainstorming your topic. There is usually not just one method of finding the
law on a particular topic; there is more likely a number of ways that electronic research can be
undertaken, and the path chosen will depend on the level of knowledge the researcher has acquired.
is likely to change several times within anyone year. It is in this area that the benefits of electronic law
materials are most valuable.
There exists in Australia, in addition to the enormous volume of statutory law, an overabundance of what
is known as subordinate legislation. Each parliament has power to delegate the law-making facility to
bureaucratic and other authorities. It is a power freely exercised, often with regrettable results. One
suspects that if all such delegated legislation were to be examined and cross-referenced the absurdity of
the excessive use of law-making powers in Australia would become evident. However, the student must
persevere. Tables of statutory rules, regulations and by-laws are published and must, where necessary,
be referred to.
Case law research
The rudimentary beginnings of the reporting of English cases observed earlier belied the growth and
acceleration which lay before them. Even until comparatively recent times it was remarkable for a
judgment to be reported.
Now it would seem more remarkable for a decision of a superior court not to be reported. The availability
of electronic law means that the researcher now has access to all superior court judgments soon after
their delivery. The profusion of reporting is largely the result of the many commercial reporting services
which now cover most important areas of legal activity. In this context a distinction must be drawn
between the authorised law reports and those which simply form part of the commercial services earlier
described.
Among the authorised reports in Australia are the Commonwealth Law Reports (CLR) which report
High Court decisions, the federal Law Reports (FLR) which encompass most other federal courts, and
the Federal Court Reports (FCR) which commenced in 1984 as the authorised reports of the Federal
Court itself. Each State produces an authorised series of law reports for the Supreme Court of that State.
In addition are the reports, myriad and growing apace, produced by various publishers dedicated to
particular areas of law.
References in textbooks, legal encyclopedias, case digests, current law publications, and - in current
times - computer databanks assist in the selection of judicial decisions most relevant to a given problem.
The decisions chosen for further study may either be binding or simply persuasive. The fact that a
decision is only persuasive - for instance, because it is not directly relevant - does not mean that it should
be cast aside. Many courts are open to well-researched persuasion. The very process of methodical
research may frequently suggest to the researcher lines of argument and strands of authority which
otherwise would have remained uncovered.
Electronic legal research
The greatest assistance to the legal researcher has been through the increased access and obvious benefits
of electronic legal research tools.
The once arduous task of legal research, which entailed manually searching primary resources such as
legislation and case law and their varying updating methods, is now assisted by the availability of
keyword searching and electronic updating methods. One particular example is to note up a case
electronically and now entails the click of a button rather than a laborious search through print updating
services.
The first and most important step in the electronic legal research process is to develop a legal research
strategy which you do by brainstorming your topic. There is usually not just one method of finding the
law on a particular topic; there is more likely a number of ways that electronic research can be
undertaken, and the path chosen will depend on the level of knowledge the researcher has acquired.
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 7
Simply put, the five steps are:
1 Write down your topic.
2 Identify your search terms, the keywords and phrases.
3 Consider any alternative keywords or phrases that could be used. These
could be related terms or plural terms, spelling variations, broader terms to
expand your results or narrow terms to reduce your results.
4 Develop your search strategy by writing each word in a concept map or box, combine the words with
Boolean Operators such as AND & OR and truncate or wildcard your terms. Truncation varies in each
database but an asterisk usually identifies it.
5 Select appropriate resources to search. This will require searching one or more databases depending
on the subject coverage of the particular database chosen.
Simply put, the five steps are:
1 Write down your topic.
2 Identify your search terms, the keywords and phrases.
3 Consider any alternative keywords or phrases that could be used. These
could be related terms or plural terms, spelling variations, broader terms to
expand your results or narrow terms to reduce your results.
4 Develop your search strategy by writing each word in a concept map or box, combine the words with
Boolean Operators such as AND & OR and truncate or wildcard your terms. Truncation varies in each
database but an asterisk usually identifies it.
5 Select appropriate resources to search. This will require searching one or more databases depending
on the subject coverage of the particular database chosen.
NBIA V2 : 716 BSBCNV505 Fnsls Cnvy Transact NBIA- The Specialists in Learning and Development 8
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
Perform and obtain relevant searches and investigations, and record and communicate to clients
promptly
The Investigation of Title
This will be necessary whether the property is being purchased or it will be leased. Investigation of title
requires the following searches, often referred to as "statutory searches". The essential statutory searches
consist of:
(i) a title search - this search should reveal who is the registered proprietor, any mortgages and
other encumbrances such as caveats, any covenants (strictly called 'restrictive covenants') which are
promises to either do something or not to do something which touches and concems land, and any
easements. A title search at the commencement of a purchaser file may be obtained physically at the
Office of Titles (570 Bourke Street, Melbourne 3000, on the 10th floor) or obtained online through
Landata or online through a search provider such as Anstat. A title search in the form of a 'check search'
should be obtained just before settlement to check if any further encumbrances have been lodged; do not
settle if a new encumbrance such as a caveat lodged by a third party appears because the title received at
settlement will be defective, unless a withdrawal of caveat is provided at settlement by the vendor;
(ii) a Land Information Certificate - this is a certificate provided by a Municipal Council
governing the locality where the subject land exists. The Land Information Certificate reveals the
following information; current rates, whether rates have been paid, or how much of the rates have been
paid (if paid by installments), any arrears of rates, any interest Council Orders issued under the Local
Gov’t Act 1989 affecting the land.
(iii) a water certificate indicating quarterly drainage imposed on the land and annual charges.
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
Perform and obtain relevant searches and investigations, and record and communicate to clients
promptly
The Investigation of Title
This will be necessary whether the property is being purchased or it will be leased. Investigation of title
requires the following searches, often referred to as "statutory searches". The essential statutory searches
consist of:
(i) a title search - this search should reveal who is the registered proprietor, any mortgages and
other encumbrances such as caveats, any covenants (strictly called 'restrictive covenants') which are
promises to either do something or not to do something which touches and concems land, and any
easements. A title search at the commencement of a purchaser file may be obtained physically at the
Office of Titles (570 Bourke Street, Melbourne 3000, on the 10th floor) or obtained online through
Landata or online through a search provider such as Anstat. A title search in the form of a 'check search'
should be obtained just before settlement to check if any further encumbrances have been lodged; do not
settle if a new encumbrance such as a caveat lodged by a third party appears because the title received at
settlement will be defective, unless a withdrawal of caveat is provided at settlement by the vendor;
(ii) a Land Information Certificate - this is a certificate provided by a Municipal Council
governing the locality where the subject land exists. The Land Information Certificate reveals the
following information; current rates, whether rates have been paid, or how much of the rates have been
paid (if paid by installments), any arrears of rates, any interest Council Orders issued under the Local
Gov’t Act 1989 affecting the land.
(iii) a water certificate indicating quarterly drainage imposed on the land and annual charges.
End of preview
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