Enhanced Settlement Summary
South Australians have been settling the bulk of their files using the new Enhanced Settlement Summary for over a month now.
I wanted to call out a few things to make sure that we are all getting the most out of the changes and are all comfortable with what to do.
What are the transfer indicators and why are they important?
The transfer indicators are at the top of the ESS:-
They give everyone certainty about who needs to do what, when. Also, the Vendor side can now also can choose who is looking after the Vendor Surplus.
Clicking the Ready for Shortfall Button when you act for Purchaser and IM is providing Full Proceeds
- Very Important to advise that you have finalised your lines and are now waiting on the IM.
- FI Process built around completing tasks once its clicked.
- Workspace tasks for FI to complete does not trigger until button clicked.
- Current usage of the Ready for Shortfall button in SA is sitting very low.
- Phase 2 coming, which will create additional functionality.
(i.e. more automation on entering funds on the basis of the complete ESS) - Using conversations creates uncertainty about what to do, and is time consuming at scale. Please avoid duplicating the information in a conversation.
Enhanced Settlement Summary FAQs
- How do I advise the incoming bank how much I require without the “Total Funds Required to Settle” field?
- Complete your Purchaser’s Destinations
- Have the matter stamped (now even more important to have the matter stamped early)
- The amount will automatically populate for you.
- Why can’t I see the “Ready for Shortfall" Button?
- Stamp duty has not yet been verified?
- The incoming mortgagee has not indicated that they are providing shortfall?
- The loan funds are higher than what is required (rectified in release 13)
- It is already balanced (rectified in release 13)
- How to I deal with the Registration Fees for other documents belonging to the Vendor?
- Include them on the Adjustment Statement. Then your statement will align with who is paying for what at settlement.
- If its not on the statement, deduct it from the “Balance due to Vendor from Purchaser”
Important updates coming as a result of pilot feedback
- The ability to mark the workspace as not involving a sale or purchase – hence turning off the ESS in the workspace. (Useful for Related Party transfers etc.)
- More popups for a limited time, to guide you through what to do and when.
- Signing popups for all parties when trying to sign unbalanced to ESS. (to warn when sources and destinations are accidentally balanced)
- “Ready for shortfall” button to display, even if the loan funds are higher than what’s required, or is already balanced.
- We are building reporting for all practitioners, so that they can see the number of workspaces each of the indicators are used, to help refine your processes.
Overwhelmingly, the feedback on the new summary has been very positive. We have plenty of enhancements coming to further refine the process and make your lives easier.
Please reach out to the SA Team if you want to discuss.