A wee bit confused as to where the PEXA fee of $110.55 goes on the adjustment figures?

[Nikki01]

So, it has been more than several months since our firm went to electronic conveyancing. One thing that has confused me and some others is "Where does the PEXA fee go when doing settlement adjustment figures?" 

Need some clarification please. 

Thanks

Nikki Hatzimeletiou

[Karolidis_and_Co · Accepted solution]

Hi Nikki

My  understanding is that the PEXA fee of $110.55 does not go on the actual adjustments page but instead becomes:

1. A cheque disbursement (reducing funds for vendor) if you are acting for the vendor; OR

2. A disbursement on the settlement statement for the purchaser (similar to solicitor fees) increasing the amount required to be provided by the purchaser/incoming mortgagee.

Regards

Nick

[Yvette · Accepted solution]

My understandng is, if you are for the vendor then the fee will come out of your proceeds of sale; if you are for the purchaser then you need to add this on after what is due to the vendor on settlement.  I hope that makes sense.

[GlendaPaton]

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@Yvette wrote:

My understandng is, if you are for the vendor then the fee will come out of your proceeds of sale; if you are for the purchaser then you need to add this on after what is due to the vendor on settlement.  I hope that makes sense.

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That was my understanding too, but as this is only my 2nd PEXA transaction Im not sure either - the first one I was acting for the Vendor and the $110.50 PEXA fee was automatically deducted and clearly stated there, I didn't have to do a thing, but this one, is different, I cant see it automatically there - the only difference is that the first one I had no discharging bank involved.

[Nikki01]

Thank you everyone. Your comments were extremely helpful.

Cheers

Nikki