Assume you have been provided with the contract and all the searches from the agent and they are on the file. Assume it is a standard AICSA contract. The details above match the contract provisions. The contract is subject to the special condition “subject to finance” of the purchasers obtaining finance for $400,000 which is subsequently approved.
Assume the searches confirm the above amounts for rates and taxes provided.
- Identify and list all parties to the transaction including who would need to be registered for PEXA for the transaction to occur electronically.
- Complete an Authority to Act
- There are two dealings registered on the title;
- Provide examples of correspondence you would have with the registered entities in the lead up to settlement.
- Assume the day before settlement you find out the Mortgagee is not ready to book and has advised you of a likely delay, provide an example of your response and determine possible contingencies that may be put in place in the event of a delay.
- Prepare and sign the LTO forms the Vendor is responsible for.
- In your capacity as Purchaser’s Conveyancer;
- Create a checklist to aid in file management and organisation
- Prepare your initial letter to your client outlining relevant transaction information, enclosing information regarding the Verification of Identity Procedure you will be required to undertake and instructions for the fulfilment of contractual conditions (including special conditions)
- Prepare and sign the LTO forms you are responsible for preparing and create an email or letter to the Vendor’s Conveyancer attaching the document and providing instructions
- Your client has instructed you to lodge a Priority Notice on their behalf. List the documents in order of their priority and the Registered entity corresponding to the document.
- a. You act for the Purchaser and it is a settlement that is mandated to be settled via PEXA, however, you find out that Angus Conveyancing Services are not registered for PEXA. Provide an example of your correspondence to Angus Conveyancing.
- You act for the Vendor and you instruct an agent to attend settlement on your behalf. Prepare the settlement instructions for the settlement agent.
- a. List the prescribed searches required to be retained on file and the length of time they are valid according to best practice.
- List all the parties that will be required to attend settlement
- Describe two events that may cause settlement delay and a contingency plan a conveyancer may enact.
- Settlement is now completed provide examples of correspondence of the following tasks on behalf of the Vendor;
- Post settlement notifications and payments
- Describe your file closing procedure and list documentation you would archive according to legislative, regulatory and practice requirements.
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