Settlement Statement Process

Finalise the Sale - Settlement Statement Process

We'll be looking at finalising the sale below. The steps we'll be going through are primarily used by offices that use Rex Trust. If you don't have Trust, you can still use the steps listed, you just won't be able to create the Settlement Statement.

The process is split into several steps:

• Complete the Offer
• Complete the Commission Worksheet
• Create Invoice for Commission
• Create the Settlement Statement
• Pay the Invoice from Trust

Complete the Contract

Make sure all information is entered into the Offer correctly from the Legal tab.  If you've already completed this, move onto the next step.

1. Go to the Listing
2. Hover over the Offer
3. Click the Drop Down button
4. Choose Edit
5. Make sure details are filled in correctly
6. Click Save
7. Hover over the Contract again
8. Click the Drop Down button
9. Choose Change Status
10. Change the status to Exchanged if you haven't already
11. Change the status to Completed
12. Verify the dates and click Save

Commission Worksheet

Next up, we need to complete the Commission Worksheet. If you've already completed this, move onto the next step.

1. Go into Finance Mode
2. Go into the Commission Tab
3. Click + Create a commission worksheet
4. Fill out the info in the Commission Worksheet
5. Click Save

Create an Invoice for Commission

We'll need to create an invoice for the commission so that we can show that money is owing on the Settlement Statement. If you don't have Trust, you can still do this, but you could only use it for invoicing purposes. 

1. Go into the Invoice & Payments tab
2. Click + Add New Invoice
3. Choose Custom Invoice
4. Enter the Vendor into Invoice to
5. Fill out the rest of the info for the invoice
6. Click on Click to add an item
7. Enter the details for commission
8. Click Save

Create the Settlement Statement

Once you've entered the invoice, we can now create the Settlement Statement for the Vendor's solicitor. This will show the total held in Trust and what is owing. As mentioned above, this will only work if you have Rex Trust. 

We have a default Statement you can use, but you can build your own.

1. Click on Merge > Send Letter
2. Choose the vendor as the contact you're sending to
3. At the bottom, click Use Template
4. Find Account Sale / Settlement Statement
5. Click Add Template
6. Click Send
7. Click Download Letter
8. Save the file to your computer and print off

Pay the Invoice from Trust

Finally, you can pay the invoice if you have funds in Trust.

1. Go into the Trust tab
2. Click Pay Invoice
3. Choose the custom invoice for the commission
4. Fill out the rest of the information
5. Click on Save
6. Print the Payment

Mark the Listing as Sold

Some office s are different and do this after the Contract is unconditional - so if you haven't marked as sold, you need to;

1. Click on More > Mark as Sold/Withdrawn
2. Choose Sold
3. Enter information on the sale
4. Click on Save