Step 5 – Settlement

Once you, as lender, approve the Certification as to Title and transfer the settlement funds to our solicitor’s trust account within the PEXA workspace we:

1. set the settlement date;
2. finalise the Sources and Destinations tabs within the Settlement page;
3. create the Mortgage in the Documents tab in the workspace;
4. Edit the lodgement instructions to trigger verification of the documents and confirm the fees for registration and lodgement.

The Sources and Destinations tabs include Establishment Fee, Brokerage Fee, any prepaid interest and the Surplus amount to the Borrower.

The Financial Settlement Statement (Sources and Destinations) must have been approved by:

1. the Borrower’s and Guarantor’s solicitors;
2. our lender client;
3. the Partner and Counter signing Partner.

Once the disbursement of funds from our Trust Account has been approved by the Counter signing Partner and the Partner with carriage, the Partner with carriage signs off on the PEXA workspace and settlement occurs automaticaly.