Settlement Statement (WA)

For Western Australian Purchase and Sale matters, Smokeball provides a Settlement Statement layout that uses your entered adjustments together with data from your matter to automatically generate the following Settlement Statement precedents:

• In a Sale matter:
  • Settlement Statement to the Seller
  • Settlement Statement to Buyer’s Agent

  

• In a Purchase matter:
  • Settlement Statement to the Buyer

    

The Settlement Statement layout is divided into four sections:

• Statement Summary
• Expenses
• Miscellaneous Adjustments
• Time Related Adjustments

Statement Summary

The Statement Summary section provides a snapshot of the settlement figures.

The Sale Settlement Statement Summary displays:

• Settlement Date and Sale Price entered on the Conveyancing Details layout.
• Total Expenses consisting of Legal Fees, Selling Agent’s Fees, Mortgage Loan Payout and the selected Disbursements.
• Total Adjustments returning amount payable by the Seller for Miscellaneous and Time Related adjustments.
• Balance due to client after all expenses and adjustments have been accounted for. If the calculations result in the Seller needing to contribute further funds, the label will update to Balance due from client and show the amount required.

The Purchase Settlement Statement Summary displays:

• Settlement Date, Purchase Price and Deposit (when marked as Paid) entered on the Conveyancing Details layout.
• Total Expenses consisting of Legal Fees, Transfer Duty and the selected Disbursements.
• Total Adjustments returning amount payable by the Buyer for Miscellaneous and Time Related adjustments.
• Total Loan Amount returning the amount entered in the matter on the Incoming Mortgagee Contact under Mortgage Details:
  
• Balance due to effect settlement after all expenses, adjustments and incoming loan has been accounted for.

Expenses

Legal Fees

The Legal Fees amount is obtained from your matter, and it will check two places:

1. Time & Disbursements > Time & Fees
When fees are entered here and marked Billable, the amount inclusive of GST will be added together and returned in your Settlement Statement calculations.

2. Matter Details > Info > Matter Info > Billing Tab
When no fees are entered in Time & Disbursements, it will return the amount entered in the Fee/Estimate field in the Billing Tab under Matter Info.

Disbursements

The Disbursements section will display the disbursements you have entered in your matter under Time & Disbursements > Disbursements in a drop-down menu for your selection:

Select the Disbursements you would like to apply to the Settlement Statement. The Disbursements and the corresponding amounts inclusive of GST will appear in the Settlement Statement layout:

These disbursements will be added into your Settlement Statement calculations.

Selling Agent’s Fees and Mortgage Loan Payout (Sale Matter)

These amounts are entered on their corresponding Contact Cards in the matter:

Selling Agent’s Fees

Mortgage Loan Payout

Transfer Duty (Purchase Matter)

Transfer Duty is calculated on the Conveyancing Details layout. The Duty Payable is then displayed on the Settlement Statement layout and used in your Settlement Statement calculations:

Miscellaneous Adjustments

Miscellaneous Adjustments is designed for entering any adjustments that do not fall under Disbursements or Time Related Adjustments and can include other allowances, for example:

• Seller's Credit for Landgate Discharge of Mortgage Fee
• Property repairs

All three details (Title, Payable By and Amount) need to be completed to be calculated in the Settlement Statement.

The Landgate Discharge of Mortgage Fee allowance by the Seller is available for selection from the drop-down menu with its corresponding fee (fee effective 1 July 2025):

Time Related Adjustments

Time Related Adjustments cover any adjustments that need to be allowed for in effecting settlement. The most common adjustments are available for selection from the Type drop-down menu:

• Water Rates
• Water Usage
• Council Rates
• Strata Levies
• Strata Insurance
• Land Tax

Once the Type is selected and you Tab through to the Title, the Title will populate with a Default Title Description. You can change this Title by selecting the check box to the right of the Title field. Following are examples of the Default Title Description based on Type and other details entered in the matter:

The Title appears in the Settlement Statement precedents.

Entering adjustments

For each of the Payment Statuses, the following fields need to be completed:

Paid

Adjusted as Paid

Unpaid

Unpaid is entered the same as Adjusted as Paid except for Water Usage which can be displayed as an estimate when Start and End Dates are empty, for example:

Settlement Statement Precedents

Finding the Precedents

The Settlement Statement and the Settlement Statement to Buyer’s Agent in a Sale matter are found in the Conveyancing Precedent Profile under the Sale > Settlement folder:

The Settlement Statement in a Purchase matter is found in the Conveyancing Precedent Profile under the Purchase > Settlement folder:
 

Quick guide to Settlement Statement Precedents

• If a Financial Year has been entered for Council Rates, Land Tax, Strata Levies or Strata Insurance, it will display the period as a Financial Year e.g. 2024/2025.
• Water Rates, Council Rates, Strata Levies and Strata Insurance follow the same structure in each of the Settlement Statement precedents.

• Water Usage displays as an estimate. You can select the Override checkbox (to the right of the Title field) and change its wording. When an Amount is entered and Unpaid Payment Status is applied, it will appear as a Debit in the Seller’s Settlement Statement:

• Land Tax is displayed as applicable or not applicable, based on the data entered.
  • Not Applicable > When a Financial Year is entered and no Payment Status is applied, it will appear on the Settlement Statements as “Not Applicable”.
    
  • Applicable > When an Amount is entered, and a Paid/Adjusted as Paid Payment Status is applied, it will assume it is “Applicable” and display the calculations in the Settlement Statement precedents accordingly. For example when Paid and in a Sale Settlement Statement:
    

How the Precedents are displayed

Sale Settlement Statements

Using the following completed Settlement Statement layout as an example:

The Settlement Statement (Seller) will display as follows:

Using the same completed Settlement Statement layout above as an example, the Settlement Statement to Buyer’s Agent will display as follows:

Purchase Settlement Statement

Using the following completed Settlement Statement layout as an example: 

The Settlement Statement (Buyer) will display as follows:

Apply Your Own Letterhead to the Settlement Statements

The Settlement Statements have been designed so that you can link them to your own Letterhead Document Container. See here on how to link a document container to a precedent.