Task 23: Preparing the loan for settlement Although a broker does not participate in the settlement process, they still need to remain in touch with all the stakeholders until the loan settles. Before the loan can settle the borrower needs to adhere to pre-settlement conditions. Task 23: Question 1 In the pre-settlement phase, there are items that need to be checked and satisfied. (a) Building insurance (b) Independent legal advice. Why are these two pre-settlement conditions required? Explain the importance of each of item. (40 words) Student response to Task 23: Question 1 (a) Answer here (b) Answer here