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since ‎14-11-2017
‎06-08-2019
LodgeX
LodgeX
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About LodgeX

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Re: Funds required to settle amount

by LodgeX in Share your Experiences
‎30-07-2019 03:04 PM
‎30-07-2019 03:04 PM
I would send a conversation along these lines: "To clarify any confusion, we calculate that the amount required from the PURCHASER is $xxxx +PLUS  from the VENDOR $(deposit amount you have uploaded) = TOTAL amount required to settle being $xxxxx."    Ideally, the Incoming Mortgagee shouldn't be arguing with the Purchasers' representative as to funds required to settle. Good luck! ... View more

Re: Funds required to settle amount

by LodgeX in Share your Experiences
‎30-07-2019 02:51 PM
‎30-07-2019 02:51 PM
Thanks for your post. Are you making the deposit amount available at settlement? ie/ have you created a source line item for the deposit?  ... View more

Re: Funds required to settle amount

by LodgeX in Share your Experiences
‎19-04-2018 12:08 PM
8 Likes
‎19-04-2018 12:08 PM
8 Likes
Hi @marshalld, That's a great question!   Yes, the TOTAL FUNDS REQUIRED TO SETTLE will be the ultimate overall figure entered as source funds which, in turn, is equal to the Destinations total. The only time the Source funds amount will differ from TOTAL FUNDS REQUIRED TO SETTLE FIGURE is when the Vendor's representative adds to the source funds (i.e. they may want to bring in the deposit funds held in trust for example)   Hope this helps. Regards, Joelle ... View more

Funds required to settle amount

by LodgeX in Share your Experiences
‎10-02-2018 06:06 PM
10 Likes
‎10-02-2018 06:06 PM
10 Likes
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     ... View more
  • Tags:
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  • FSS
  • Total Amount Required to Settle
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  • FSS
  • funds required to settle
  • release 7.1

Re: Transfer Guidelines

by LodgeX in Help Centre
‎07-12-2017 10:29 AM
‎07-12-2017 10:29 AM
I just saw my last post (and my photo) from my PEXA Direct Specialist days ... cannot emphasize enough how the guidelines help to shape expectations.  ... View more

Re: Transfer Guidelines

by LodgeX in Help Centre
‎07-12-2017 10:25 AM
‎07-12-2017 10:25 AM
Yay @EmilyBilling ....there's a PDF version we can download. I have also bookmarked this page as its a great reference tool when we send conversations to the Mortgagee to poke them along. Thank you ... View more
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