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The Enhanced Settlement Summary and dealing with LTO registration fees in South Australia

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mkelly Star Employee
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mkelly

The Enhanced Settlement Summary and dealing with LTO registration fees in South Australia

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on ‎28-09-2020 01:38 PM - last edited on ‎01-10-2020 11:40 AM by Moderator Aoife Moderator

With the Enhanced Settlement Summary going live on the 12 October 2020, practitioners will be required to enter the "Balance Due to Vendor by Purchaser" amount  to the Workspace.  This should be the same as the amount on the adjustment statement, and the total amount of the Vendor's destination line items.

 

For this amount to reflect correctly in the Workspace and show that the vendor has no unallocated funds, it will need to take in to account any additional registration fee amounts for auxiliary documents (TA, AD, DE etc.)

 

The easiest way for this, is to include credits on the adjustment statement for these documents, just as you would with the Discharge of Mortgage.  If you do not include the credits for these amounts, you will need to manually deduct them from your adjustment statement amount before typing it in to the summary.  This is because the lodgement fees are all grouped together in one line under the purchasers destinations, just as they are in the current system and not allocated to the Vendor. 

Please reach out to the SA Team if you want to discuss the new Enhanced Settlement Summary and the many other benefits that it includes for South Australians. 

 

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