Settlement completes the handover of the property. To complete a settlement in PEXA Projects, the settlement time and date need to be agreed upon by both parties, and the relevant documents signed and lodged by all parties.
Proprietors on Title who know their settlement date in advance can add it when creating a project in PEXA Projects, otherwise it can be added at later time. Typically, the settlement date is specified in the contract.
Log in to PEXA Projects as Proprietor on Title and select the Project to propose a settlement date and time.
On the Navigation menu, click Propose Settlement Date.
Select the Workspaces for which you want to propose a settlement date and then specify a New settlement date, Time, and Reason for the settlement. Note: Only active Workspaces appear here. Tip: You can use the Search filter to filter Workspaces that appear.
Click Propose Settlement Date to send the proposal to the Participants in the Workspace.
If you need to change the settlement date and time, open the Workspace Summary from PEXA Projects and then enter the new settlement date under Settlements.
MOT - Accepting the Settlement Date
If settlement date and time has been proposed by the Proprietor on Title in PEXA Projects, then the Mortgagee on Title can accept the settlement date and time in the PEXA Projects in bulk.
Log in to the PEXA Projects.
Click on Accept Settlement on the left hand panel.
Select the checkboxes for the Workspaces to accept the settlement date & time.
Click Accept Settlement Date.
The Project dashboard Summary tab will display the Settlement Date column
POT & MOT - Bulk Upload of Financial Settlement Statement
The financial settlement data needs to be entered by both parties. PEXA Project provides a platform to let you view the financial settlement data. To enter or edit the settlement data, including amounts and settlement date, you need to deep-link into the PEXA Platform and enter the lines items for the Financial Settlement Schedule (FSS).
On the side navigation menu in PEXA Projects, select Manage Workspaces>Bulk Upload Financials.
Choose to upload your own spreadsheet or click Download a sample template with your Project's information here to use the Project template.
Click Select a File and browse for your saved financial spreadsheet from your local computer.
Map the data on the right column to the left column in both the Destination and Sources tab.
Review the financial lines that have been uploaded. If there are any errors, it will be highlighted in red and they must be corrected before proceeding to save changes.
Click to Update Workspaces, Save Draft or Export.
POT & MOT - Manage Locked Accounts
Locked Accounts are accounts that are added to a project for use with destination line items. If locked Account(s) are added to a project, at settlement funds can only be disbursed to the locked account.
Panel firms and Proprietor on Title may wish to create locked accounts to reduce the risk of having funds transferred into the incorrect account. To ensure the account details are correct and checked, locked accounts must be approved by another PEXA user after they are added.
Log in to PEXA Projects
On the side navigation menu, click on Manage Financial Accounts.
Select YES to Do you wish to restrict account(s) this project can disburse to?
Click Add account(s) for the project.
Enter the account type and information and the destination category to which you want to apply it to, click ADD ACCOUNT to save.
The account appear in the locked accounts list, awaiting approval. You can create more accounts, and/or delete unapproved accounts.