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Just need a clarification on the Financial Settlement Schedule.
Say the total due to vendor per adjustment is $100,000.00
Vendor's Destination Line Items exceeds this amount - say $150,000.00
Purchaser Destination Line Items is $10,000.00 (inc PEXA fees, stamp duty, transfer fees, professional fees)
Vendor is providing source funds of $50,000.00
Would the total funds required to settle be:
$160,000.00 (being Vendor's Destination Line Items + Purchaser Destination Line Items) OR also matches the total Destination Funds
$110,000.00 (being total due to Vendor per adjustment + Purchaser Destination Line Items) - because the total required to settle from the purchaser's end should only this amount?
Also, what happens if there are destination funds required to balance (from incoming mortgagee)?
that would be $110,000 as in your second example.
That way, the TFRS can be calculated before all of the Vendor's destination line items are entered. The Vendor would later provide sources to cover the difference between the balance due to Vendor and their actual destination line items.