2.2 - Calculators and Discharge of Mortgage

Calculators

Now to the Statements Tab – the first Icon is Calculators, this is not linked to files and therefore will not affect or update files.

There are five items in the dropdown

The Length calculator always rounds Chains and Rods to whole numbers when converting to imperial measures.
The Area Calculator rounds Acres and Rods to whole numbers when converting to imperial measures.
The Date area is used to calculate for example finance to be approved 45 days after the date of the contract.

You enter the Start Date, then in the difference panel add 45 days, then hit calculate, this will bring up the stop date. You can put in the reverse also, with a Start Date and End Date to bring up the number of days in between.
For Penalty Interest, enter the Due Settlement Date, then the Actual Date, check the % of interest rate enter the balance outstanding, press Calculate, then print the page for your file. If the Actual Date changes, re-enter the information and re-print with the new Penalty Interest being charged – note, the adjustment date changing automatically adjusts the Rates information, but does not automatically calculate and adjust the Penalty interest. The Fees Calculator area is for estimating costs, fees, duty etc., for clients. Please note this is a print only screen, the information is not saved in SettsPlus. If you wish to record the information, then print, save or email a quote, go to the Details Tab, then select Quotes, this is covered fully in Topic 5.3

Discharge of Mortgage

When the Payout is available from the Bank, enter details in the Contract Details screen and this will then update in the Sellers Statement. If the discharging Bank does not pay the Landgate Registration Fee, enter the $160.00 in this field. Should there be another party/lawyer acting for the Bank at settlement, type their details in the Mortgage Agent area. Enter the Lawyers fees for acting on behalf of the Bank in the Statements, Extra Charges screen.

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