1.4 - Contract details, finance, mortgages, Encumbrances, Additional and Special Conditions

Contract Details

In Contract Details enter the Contract Date, the Possession Date and Adjustment Date.

The Settlement Date, Possession Date and the Adjustment Date may be amended at a later date, e.g. If there is a possession prior, then change Possession Date and Adjustment Date, leaving the Settlement Date as is. If the contract is unconditional, you can enter the Settlement Date when opening the file.

The Settlement Date will usually be confirmed when the finance approval or other conditions have been met.

If you enter a Settlement Date before the contract is unconditional, the letters to clients would show a confirmed settlement date and this can cause some confusion.

You Do not enter the Actual Settlement Date, this information automatically comes through when settlement has been booked in the Settlement Book. Enter the Sale Price, check if GST is applicable, if so, press F1 in the area beside the Sale Price for the GST. The “Goodwill Chattels” area is used for business settlements and not covered in this Video.

Enter the Deposit amount and the due date in the dropdown or tick the box if the deposit has been paid in full.

Please note: If you are holding the Deposit in Trust, enter the details in Statements, Extra Charges as a credit and take the deposit amount out of this screen.

If acting for Seller and Land Tax not being adjusted, tick the third box from the bottom.

There is an option to calculate either the First Title or Stewart Title Insurance on your Statement, when you select either Icon, the Insurance Fee will automatically populate in the Statements, Extra Charges screen.

Cancelling a file when it is not proceeding and is to be closed. Go to Contract Details and select the drop-down “Cancel Info.” Select the reason for not proceeding and the date the contract came to an end. Check there are no Funds held in Trust. Delete any File Agenda Items.

If the Contract is conditional on Finance approval, tick the “Subject to Finance” box. If the Bank is known, press F1 to select the Bank, then press Tab and the Banks information will populate. If there is a Broker, select the Broker Code to bring up the Broker details. Select the Due Date for finance, this will now come up as a Daily Agenda item from the date due. The Finance Amount can be added when the Banks approval has been received, as well as the Lenders Reference number and you can then add the “Approved” date of the finance and “Untick” the “Subject to Finance”. The Banks Reference number will come up in letters/faxes to the Bank.

A Statement to the Buyer can then be sent requesting additional funds if required.

Be wary of Ticking “Handing Over Full Funds” if the Bank is handing over less than full funds as this area will continue to show as supplying Full funds, thereby affecting your Statement.

Subject Sale

Should there be a Subject Sale, tick the box and enter the address of the subject sale and the Due Date for an Offer to be received. When the Subject Sale and the current file are both unconditional, link them together with the File Reference numbers and property details. The first couple of files linked like this may be a little difficult, make sure you have the purchase file balanced, then enter into both files the amount being transferred to the purchase file from the sale file (part or full funds). Your Sale file can then be balanced.

Mortgages

Press F1 in the Mortgagee #1 Code and select the Bank, then enter the Landgate Document number for the mortgage. The Banks Reference number does not currently populate in letters, but will do in the future.

Occasionally there is a Perth Agent acting for smaller Banks, this information can be added later. If the Banks do not provide the Discharge of Mortgage Registration Fee, this is the area to input the Fee.

Second mortgagees are added in the panel below.

Encumbrances Withdraw

Encumbrances that Remain - F1 will bring up the Encumbrances already entered to provide shortcuts for you. This means you only need to add a Document number or Plan number and not have to re-type information.

To add a new Encumbrance, go to Administration, Lookups, Title Encumbrances, press Add and enter the additional Encumbrances, then press OK.

Encumbrances Withdraw - The Mode Dropdown shows the type of Encumbrance you can select to be withdrawn. Enter the name of the party who must withdraw the Encumbrance and the Landgate Document Number. The amount due and the Party acting to withdraw the Encumbrance are entered at a later time.

Any Lawyers Fees, are entered in the “Statements” area, under “Extra Charges”.

Additional Property Usage

Select the dropdown and then select the correct use, this panel is critical as the Duty Rates are calculated from this field. The current owner may not be the owner at 30 June, check this as Land Tax may be applicable. The Buyer to occupy being ticked or unticked will affect the FHOG or Concessional Duty Rate.

Select whether a Termite Clearance is required and who is arranging it via the dropdown.

For the Local Authority, press F1 and type in the Council name, then select. The Rates Enquiry Fee for the Council you selected will now come up automatically in the Statements Screen.

If a Bunbury or Busselton contract, select either BWB or AQB for the correct information to be created in the Statements screens for Regional Water Rates.

Special Conditions

Enter the details and the date due, i.e, Timber Pest Report or Structural Report, Press F1 to select the details for the Special Condition. The Subject to Special must be ticked for this to become a File Agenda item. To Add a new Special Condition, Go to Administration, Lookup Lists, Special Conditions.

After entering the Due Date, select the “7” Days (or how many days you prefer) will bring up a Daily Agenda item 7 days prior to the due date you have entered.

When the Report is received, “untick” area to remove the item from the File Agenda.

Any Special Conditions not unticked, will the show the file as still being “Conditional” and can affect reports even if a property has settled.

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