Bob and Mary have been approved by Bank X to purchase a home which was arranged by their broker Ginnie Smith. Answer the following questions in relation to the settlement process for the clients loan facility.

1. Provide two examples of different pre-settlement conditions required by lenders and explain why they may be required before settlement takes place.

2. Why would consent of a prior mortgagee on a second mortgage security be required prior to settlement?

3. Prior to settlement, highlight some documents required by the lender and why they are needed.

4. List different parties involved in the settlement process and explain the role of at least four of them.
5. Give at least two examples of issues that can occur at settlement and briefly explain why they impact the parties involved.

6. In your own words describe why the following legislation would need to be considered in relation to the settlement process for a consumer mortgage.

7. Explain the process of registering security documentation.

1000 words

National Consumer Protection Act 2009 Real Property General Conditions Australian Privacy Act 1988 National Consumer Protection Act 2009 Real Property General Conditions Australian Privacy Act 1988