Reference no: EM133025601
BSBCNV601 Identify and conduct searches
This unit describes skills and knowledge required for conducting searches, analysing and evaluating all relevant conveyancing data for the transaction following confirmation of initial instructions from the client.
It applies to individuals who use research skills and systematic approaches to organise and collate complex documentation that meets compliance requirements
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, 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 and/or resubmit the assessment.
The signed and completed assessment summary sheet (at the end of this workbook) will be evidence this has occurred. People with disabilities may use assistive technologies to demonstrate any 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.
1 identify information needs
Identify sources of information relevant to the transaction
Examine documentation and titles to confirm facts relating to transactions
Define and confirm with client, searches to be performed prior to commencement
Identify and arrange required reports with the appropriate bodies to meet agreed timelines
Identify applicable fees, taxes, other expenses and rebates, and promptly and accurately advise client
2 Perform relevant document searches and investigations
Identify and conduct searches Why search the title?
Search
A search is conducted to establish:
• The current proprietor/s of the land
• Volume and Folio numbers
• Measurements of the land
• Encumbrances affecting the land
• Land contained in the title
• Connecting point and position of the land
Action
After searching title, you can advise your client:
• To measure the boundaries of the land
• To measure also from the connecting point to check the title relates to the correct land and is positioned appropriately
• About easements, there placement and effect
• About the registered proprietor / identity of vendor selling the land
• Ensure that any current mortgage is discharged
• Ensure any caveats are withdrawn
Often this means a Search of a Title, but can mean other Searches as well. If your Principal gives you a file and tells you to order a Search, just check that it is a Title Search you are meant to be ordering, and not an ASIC (Company) search or a Bankruptcy Search or something else.
Establish and record legal positions in accordance with the practice's policy and procedures
Obtain required third-party reports from the appropriate bodies
3 Evaluate issues arising with transactions
Identify, summarise and communicate legal issues and risks to client clearly and promptly and in accordance with relevant legislation, regulations and the practice's policy and procedures
Define and clarify client's rights within the transaction for the client
Establish desired outcomes and devise strategies to achieve them in consultation with client
Thoroughly assess implications for professional indemnity insurance and take appropriate action
4 Deal with third parties and other professionals
Identify relevant third parties and other professionals
Identify information to be obtained from or provided to third parties and other professionals
Conduct appropriate consultation with third parties and other professionals and obtain authorities
5 Present information relevant to transaction to client
Present documentation clearly and promptly and in accordance with relevant legislation and regulations and the practice's policy and procedures
Record and document information necessary for the transaction to proceed in a legally binding manner in client files
Advise client of the implications of all information received from or forwarded to relevant parties
Assessment:
Question 1. What is the process for taking on a new client in your organisation? What do they need to bring with them?
Question 2. How do the new privacy principles and identification requirements affect your industry?
Question 3. If there is uncertainty in the identity of your client or the property to be conveyed, what are your policies and procedures?
Question 4. What are the costs for a title search and who do you contact?
Question 5. What documents have to be prepared for the conversion of transfer of title and what are the associated costs?
Question 6. What are the current requirements for first home buyers and what benefits are they eligible for?
Question 7. In your own words explain the components of the Land Register Book.
Question 8. Explain the difference between a Register Search and a Final Search and what a search contains.
Question 9. From Q8, how does this differ to an Investigation of title?
Question 10. James would like to know where he can get a copy of the new property land title. Where could he obtain this? Write a letter responding to James giving him the appropriate advice.
Question 11. If you were acting for the purchaser of a sale of business, what do you need to be aware of and what would you look for in the items of the business?
Question 11A. what statement needs to be given with a sale of business?
Question 12. Name at least five other aspects that may not be recorded on title.
Question 13. If I sold my house, do I need to include the renovation that I completed eleven years ago, and the garage I built four years ago?
Question 14. Explain how you would:
- lodge a caveat
- remove a caveat
Question 15. After you and your client have agreed that you will be acting on their behalf, what are desired outcomes when are they established, and how do you achieve them?
Question 16. If you do not have PI and PL insurance, what could go wrong? And where would you go to get PI+PL?
Question 17. Refer to section 34 of the Sale of Land Act 1962 by going to the web site
Section 34 creates a right to rescind the contract where the dwelling being purchased is destroyed or is rendered unfit for habitation
Does section 34 apply to all properties? What procedure must a purchaser follow in order to avoid the contract?
Question 18. List at least five different professionals involved in the conveyance. Now see if you can put a name to each professional in that list that you either network with, or that you can rely on as a contact person you can seek advice from.
Question 19. How do you keep up with regulation and compliance changes? Is that CPD?
Question 20. Not so long ago you had to go into your capital city and enact the conveyance yourself in person. How has that changed?
Question 21. How does your organisation, make sure there are no errors made in your transactions?
Question 22. What is the difference between ‘new' and ‘old' residential premises? Include the aspect of renovations in your answer.
Question 23. Has the Sale of Land Act changed the legal position of purchasers of land from caveat emptor to caveat venditor by incorporating section 32?
Question 24. If a vendor has provided the required information to the purchaser pursuant to section 27 and 28 days have elapsed since the notice was delivered, can the deposit be released notwithstanding the purchaser has not authorised the release or objected.
Question 25. Sebastian has provided the required information to the purchaser, Patrick. Patrick objects to the release of the deposit on the ground, that he will not be satisfied until Sebastian provides evidence on bank letterhead that the amount required to be discharged is in fact that claimed by Sebastian. Can Sebastian do anything to force Patrick to release the deposit?
Question 26. What type of fees can Fee notices be used for?
Question 27. How was registration of a dealing effected under the Property Law Act?
Question 28. What are the criteria for concession eligibility?
Question 28a What is the value to which the exemption or concession (above) applies?
Question 29. Is GST payable on the rent received for a commercial property entered into after 1 July 2000, and who is responsible for payment?
Question 30. What fees are due, and what documents are required for a plan of subdivision?
Question 31. Where would you research the latest code of practice for Conveyancers.
Question 32. List and then explain the five ways a covenant can be removed and explain the difference between a covenant and a caveat.
Attachment:- Identify and conduct searches.rar