18-04-2018 12:33 PM - edited 18-04-2018 12:34 PM
Hi can you please answer this as i beleive that the Purchaser's solicitor should load all council and water cheques into the destination tab (as they are the responsible subsriber) when you attempt to load these in. I note that council and water rates does fall under a vendor destination and if thats ultimately the case it should be said that the Vendor's solicitor is the responsible suscriber. I have just seen a lot of arguments around this and i am hoping there is a rule or answer out there for this.
on 19-04-2018 04:02 PM
I believe the vendor's representative add the council/water rates, etc. as it reduces the amount payable to the vendor.
The vendor destination items should add up to the "balance due to vendor", similar to the vendor representative advising that the breakdown of cheques are e.g. $100 water, $200 council, $remaining vendor amount = total balance due to vendor in statement of adjustments.
on 19-04-2018 05:19 PM
I have what I hope will be good news for you.
In short, when we asked our members who (Purchaser or Vendors representative) ought be assigned to enter a given line item, we were unable to obtain any consistency.
So, coming this week end, April 22, a new capability will be introduced into the Settlement Schedule Adjustments screen which will enable you to re-assign a line item from Vendor to Purchaser.
We will be keen to hear your feedback on the new functionality.
Please do let me @GeorgePolus know your experience with the new feature.
on 19-04-2018 05:23 PM
Thanks for the reply. The update sounds interesting.
It does however raise the question that if we can re-assign, does this not mean that the line items should be correctly raised as either vendor or purchaser line items. My understanding is that vendor destination items are those that are effectively a breakdown of the amounts owed (balance of purchase price + adjustments) and therefore should they not be treated as vendor items?
Does the update also allow vice-versa i.e. purchaser to vendor or just the way stated i.e. vendor to purchaser..?
on 17-10-2018 12:06 PM
Has there been any progress on this from PEXA - appears that some representatives are still suggesting purchaser's should load council rates, etc.
We still believe the better approach is for the vendor to load these payments as they come from the balance due at settlement to the vendor, can anyone else please confirm their view?
on 17-10-2018 03:51 PM
Agreed. The Vendor should load the Council rates, water rates and strata levies - as would normally be done in a paper settlement as part of the Vendor's cheque details.
on 25-10-2018 12:07 PM
We agree...vendor should enter this information re council, water, strata etc. The distributions of these adjustments are part of the total funds paid to the vendor.
There needs to be better and clearer rules in place to which party within the PEXA transaction is responsible for what.