23-02-2021 01:07 PM
For those of you who aren’t aware, PEXA has been working on an enhanced version of the financial settlement summary page, which we have called the Enhanced Settlement Summary (ESS). We are making these changes based on member feedback with a view to making the financial side of the settlement clearer and more transparent for all parties. We have had numerous WA practitioners test out this functionality on some of their workspaces over the last few months and to date the feedback has been very positive
It is important for you to note that this change is scheduled to be implemented for all WA workspaces in the not too distant future. To ensure a smooth transition, we want our members to be familiar & confident with the new process prior to the go live date. Therefore, we have already commenced activating a small portion of current WA workspaces with this Enhanced Settlement Summary view. So as of now, you will likely see that the ESS has been switched on in some of your current or upcoming files. We will look to increase the number of ESS activations as we get closer to the full roll out date. Just to note, we are only making changes to the FSS summary page itself, the source funds & Adjustments & Payments tabs, and inputting of your line items will still work the same way.
I have attached a help card which should assist you with the new process. We also have more information available on our Community Page, Property Exchange Australia Community - PEXA's Enhanced Settlement Summary - The e-conveyancing Comm...
The link to the webinar recording which contains further detail and a live demonstration of the new functionality can be found here:https://youtu.be/Z74IEEeBwG0
One of the key changes is the removal of the “Total Funds Required to Settle” field, as this will be determined based on figures entered into the system. In order to calculate this correctly, the “balance due to effect settlement” or “balance due to Vendor” figure needs to be entered in the workspace, as shown here
*I have used the same “balance due to effect settlement” in all of the below examples so that you can see how it works.
This figure can be entered by either the Buyers or Sellers agent, with the other party then required to . either signal their agreement with the amount or update it if need be.
Once the Buyers side has finished completing their line items, they will use this “Ready for Shortfall” button to indicate to the Incoming Mortgagee that the figures are complete. The Bank can then correctly update their figures with just the click of a button. This is for when the Incoming Mortgagee is providing the shortfall of funds needed for settlement on top of their loan proceeds.
Incoming Mortgagee View:-
We would love to hear your feedback on the ESS post settlement. To ensure all feedback is collated in the same place we have set up a specific category within the “feedback” tab on the right hand side of your screen.
Please feel free to reach out if you have any queries relating to this.