How to Settle a Sale and move money held in trust to Sellers account

How to Settle a Sale and move money held in trust to Sellers account

This article will explain the process to settle a property and then disburse trust monies. Once settlement has occurred, the money held in trust should be transferred to the seller as it is no longer being held on behalf of the buyer

Settle the Sale

  1. Find the property using the Quick Search bar
  2. Move the property status to Settled on the progress bar by clicking on Settled
  1. The edit contract screen will appear, fill in the mandatory fields and Save Contract

Disperse the Funds

Now go into the Trust Accounts tab on that listing and if you still have funds in the trust account that relate to this contract, they will need to be dispersed
There are 2 scenarios:
1. If you only hold funds from the buyer on this listing you probably only have an account open for the Buyer This money will need to be transferred into an account for the seller. You will see the following warning message
  1. First you will need to follow the steps to open an account for the seller and then you can transfer the funds across
  2. Now you can transfer the funds to the seller's account by using the transfer fund button and fill in the date and details
2. If you are holding both a sales deposit and unspent VPA you might have 2 accounts open; for both the Buyer and Seller. In this case you can simply transfer the funds into the seller's account using the Transfer Funds button
  1. Now the funds are sitting in the correct account, you can use the spend funds button to disburse payments to the Seller if you have holding more that you are owed and then another Spend Funds to disburse payment to your company for commission/marketing etc.
Info
If your auditor requires a printed summary of the transactions for this property in the sales folder, you can do this by click on the More Actions>Print Summary or Print Summary - All Accounts