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Settlement Room FAQ

Financials

 
If settlement funds are unconfirmed will settlement be called off automatically?
No, unconfirming financials has no impact on the status of the settlement booking. If the Incoming Mortgagee needs to rebook the settlement because of funding, you will be notified. If you need to call off a settlement (on the day of settlement) you will need to contact the relevant SAI Global Property booking line. Back to top.
 
If the settlement has fallen over and settlement has been rescheduled for the following day, do you have to re-enter the cheques even if are staying the same?
If the settlement has been rebooked, the financials will become unconfirmed and you will need to reallocate and confirm the cheques again. Back to top.
 
Your cheque direction cut-off time says 10am on day of settlement. Is that AEDT or local time for each state?
The cut-off time to submit cheques electronically is 10:00am your local time on the day of settlement.  Back to top.
 
Is there a way of printing the cheques you have inputted in Settlement Room? And do we have to provide an original cheque direction to the Incoming Mortgagee on settlement?
To print a copy of the cheque directions, navigate to the “Actions” button and print a Settlement Summary. The summary will give all the details that have been entered into Settlement Room, including cheques. Each Incoming Mortgagee will have different requirements for providing original cheque directions at settlement, so please be guided by their current processes. Back to top.
 
Will it become a requirement to enter cheque directions online rather than faxing or emailing them through?
It is not a requirement; it is SAI Global Property’s preference because it provides a greater level of accuracy. What is entered in Settlement Room is exactly what is printed on the cheques, leaving no opportunity for errors to be made. It also means that you have all the information in one place for history sake. Again it is not compulsory; it is a free system to give you the opportunity of doing things electronically rather than manually. If the other party is using the system, it reduces the amount of rekeying in the financials to submit information which reduces the potential errors that can occur throughout the process. Back to top.
 
If we do not fill out the financial section, will the settlement still be booked and proceed? For example, if we fax cheque directions through?
Yes, settlement will still proceed. Cheques can be loaded through Settlement Room or manually by SAI Global Property. Back to top.
 
Will the bank provide the payee details required to be drawn on the cheques for the payout?
Yes, our Financial Institutions will enter the payee details exactly as they require, as well as the payment amounts. Back to top.
 
How do I know if the bank has a shortfall?
The funds available (which you can access on the financials page in Settlement Room) will show as equity applied in the funds available for settlement. Prior to, or on the morning of settlement, the Financial Institution will check the client’s account to ensure the funds are available, and update the equity approved amount. Any cheque requests that rely on equity being used are submitted to the bank on confirmation and if there is a shortfall the bank or SAI Global Property will advise of an issue. Back to top.
 
In a purchase settlement, I've had trouble confirming the incoming bank's cheque directions if the funds required exceed the amount provided by the bank - even though there may be an authority for equity held by the bank.
If there are insufficient funds available from the Incoming Mortgagee, then you will need to contact them directly to resolve the shortfall. Please do not confirm any cheques in Settlement Room if you do not have the full amount to cover all the cheques you require. Once the shortfall is resolved, the Incoming Mortgagee will update the funds appearing in Settlement Room and you can proceed with entering cheques online. Back to top.
 
What happens if the discharging bank does not give a payout until after 10am?
If you are participating in a four-party Settlement Room transaction and the Outgoing Mortgagee provides a late payout figure, this will prevent the Purchaser’s Representative from submitting cheques electronically and the cheque directions will have to be sent to SAI Global Property for manual processing. Back to top.
 
How do you know how many free bank cheques the purchaser’s bank will allow and what if you have to pay for extra?
Settlement Room does not hold information regarding bank cheque fees so you’ll have to find that information out directly from the financial institution. Each bank will have its own rules on bank cheque fees. You do not need to allow for bank cheque fees within Settlement Room. Back to top.
 
If the Bank changes the funds available after confirmation of financials is an email alert sent?
Yes, if the bank changes the funds available, the financials will become unconfirmed in Settlement Room and you will be notified via email. Back to top.
 
What happens if the discharging bank is accepting all proceeds at settlement, not just the payout figure?
You need to add another cheque to the bank in order to align the Balance to Vendor amount with the total Vendor Payment Directions. We are looking at adding a merge cheque function within Settlement Room in the future. Back to top.
 
How do we amend the cheque split manually after the cut-off time?
After 10:00am local time, electronic amendments to the cheque splits will not be accepted. You will be able to amend what is on the screen and you will receive on-screen prompts to help you through the process. After 10:00am you can amend the on-screen cheque directions and produce the Settlement Summary. The summary will represent your amended directions. You can then send this to SAI Global Property for manual cheque entry. Back to top.
 
Is it necessary to submit Financials as a Vendor Representative?
In a two party scenario where the Vendor Representative is only collaborating with the Outgoing Mortgagee, the financials don’t necessarily need to be confirmed. However if you do you can produce the Settlement Summary and provide that to the Purchaser Representative to form your cheque directions. Back to top.
 
If a client needs to bring a cheque over and above the funds available for settlement, does that need to be outlined on the payment directions in allocated funds?
Yes, you can place that information in the "PR to Provide" column for your records. However, you can choose not to enter that cheque and just enter the cheques you want your bank to print. Back to top.
 
How do we contact the bank in the event of additional funds from a client’s account that aren’t showing on the financials tab?
You will have to call the bank directly to see why there is a shortfall. They will be able to rectify and once they fix it on their system, you will see the changes in Settlement Room. Back to top.
 
Does the balance to vendor have to add up to what is being given to the bank at settlement i.e. should you include your own fees?
The Balance to Vendor is the amount of money to be paid (to the Vendor) at settlement. It is the purchase price, less any deposit paid, plus adjustments and GST (if applicable). Back to top.
 
If my funds available don’t match what I thought was available, how do I 'escalate the file'?
If there are insufficient funds in Settlement Room, you will need to call the respective Financial Institution directly to escalate and resolve the discrepancy. Back to top.
 
If a Purchaser Representative is providing funds/cheques for settlement but cannot physically attend settlement, can the funds be transferred from a trust account of the purchasers solicitor to Settlement Room for settlement?
Settlement Room does not replace the need for a manual settlement and does not integrate into your trust accounts. You will still need to attend settlement to present any additional cheques. Back to top.

Download all Financials FAQs here.
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