Release 7.1 has brought about the end of several nuances, Yay! In particular, the end of Nominations when there is a discharging mortgagee!! Then there's a new box titled FUNDS CONFIRMATION on the Settlement Summary Tab, Now the Incoming Mortgagee can confirm if they hold Client Authority to provide shortfall without us having to send a conversation. It's all there for us to see as soon as we open the FSS. But it's this surprising little gem is in the FSS Funds Confirmation box that I think many practitioners will embrace; it's where we can confirm the TOTAL FUNDS REQUIRED TO SETTLE without having to send a conversation. It's prudent to note that the "TOTAL FUNDS REQUIRED TO SETTLE" is NOT the "Balance due to the Vendor at Settlement" How to calculate the total funds required to settle figure: Easy! It's the SUM of the adjusted balance due to the Vendor (from Statement of Adjustments), all registration fees, stamp duty, the PEXA fee, and your professional fees (if payment is required at settlement). In other words; it's the total cost to the Purchaser. It's important to note the difference as the incoming mortgagee will rely on this figure to populate the source funds. In the example below the sum of Total Funds Required to Settle is $2,105,959.59
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