PEXA’s Financial Settlement Schedule (FSS) is a collaborative tool that contains electronic financial transaction directions for all source and destination line items. All payments are disbursed automatically at settlement, so you’ll no longer spend time waiting for cheques to clear.
On this page, you’ll learn how to:
- Enter destination and source line items.
- Enter extra details.
- Verify and authorise the source funds.
- Sign the Financial Settlement Schedule (FSS).
- Access extra financial settlement options.
- Understand the settlement process.
Preparing the Financial Settlement Schedule
The Financial Settlement Schedule (FSS) is completed by each participant prior to finalising a transfer in PEXA. The FSS should be completed once the following has occurred:
- Relevant documents have been prepared; and
- All financial adjustments have been agreed between the parties.
To complete the Financial Settlement Schedule, please refer to the below instructions.
To enter in destination and source Line Items for the Incoming Proprietor and Proprietor on Title:
- Navigate to Settlement on the left hand navigation. The Financial Settlement Schedule screen displays. The Settlement Summary tab displays summary information about the financial Sources and Destinations.
- Click the Sources Tab and Destination Tab in turn to enter your financial line items. The Destination tab has been selected in the example below.
- Select Add Destination or Add Source from the right hand side (the screen above shows the Add Destination button because the Destination tab is selected).
- Enter your Destination Line Items and click
- The following table explains the field options that can be selected when creating Line Items in the financial Settlement Schedule.
Final Account Details (optional field) – for example, where a Financial Institution or practitioner is disbursing all funds to a single account they can then enter a ‘final’ account which shows the actual account that funds are to be disbursed to after settlement; (this would be a manual movement external to PEXA).
- Land Registry fees are automatically added as a Line Item in the Destination Funds. These are collected by PEXA on behalf of the Land Registry and then passed on to the Land Registry.
- Each participant is charged a PEXA fee which will automatically be entered as Line Items in the Destination Tab.
- Unpaid Stamp Duty is automatically entered as a Line Item in the Destination Tab.
- On Saving you will be taken back to the Sources or Destination tab in the Financial Settlement Schedule. Notice that the financial Line Item is now displayed. You can edit or remove a Line Item at any time before settlement.
- Editing or removing a Line Item will cause the FSS to become Unsigned (if it had previously been Signed). In this case, communicate via PEXA Conversations ASAP. PEXA will also send an email notification that the FSS has been Unsigned.
Underlying Account Details (source funds) and Final Account Details (destination funds)
These optional fields are relevant for practitioners representing financial institutions. Both are for informational purposes only and provide ability to include details which will appear on settlement reports.
This information does not drive any functionality in PEXA. It will appear in the financial Line Item details.
Underlying Account Details (optional field): For example, the source Financial Institution is providing loan funds and they want to record the actual loan account that the funds are coming from.
Final Account Details (optional field): For example, where a Financial Institution or practitioner is disbursing all funds to a single account they can then enter a ‘final’ account which shows the actual account that funds are to be disbursed to after settlement; (this would be a manual movement external to PEXA).
Continue to the next article to find out about Verifying and Authorising Source Funds.
Completing the Getting Started with PEXA program? See whats next.
Now that you'know how the Financial Settlement Schedule operates, learn about how you can verify and authorise funds for settlement in the article Verifying and Authorising Source Funds.