on 08-04-2019 01:51 PM
I am a small conveyancer and in the process of replacing a long time conveyancer. My question is, can I use the source fund occassionally even if I have a trust account? Obviously with a new employee, I dont really want to add them as a signatory to my trust account until I am confident of them - but I do need them to be able to sign off on settlements if I am not available. (Mainly if I go on holidays) Can this be set up?
Just trying to work out how I can work it all with a new employee, obviously must trust account can have a lot of other money in there and I am not keen to have employees be open to all of those funds?
Look forward to opinions,
on 08-04-2019 05:23 PM
Hello @VanessaTait No you cannot use a PEXA source account if you currently have a trust account. If you go on holidays and you cannot sign off on settlements while holidaying, you might want to organise another registered firm to settle those matters for you. Some firms workout settlements so they dont settle while their signer is away.
on 09-04-2019 09:30 AM
Further to the above, just wanted to note that quite a few people sign off whilst on holidays (I believe someone even signed off during a cruise!)
Just remember to bring your PEXA USB (alternative you can of course appoint another firm or settlement provider such as GlobalX, Infotrack, etc)
on 09-04-2019 09:45 AM
Thanks. I am just juggling new staff and working out how to do it when on holidays.
on 09-04-2019 09:46 AM
Yes I will probably go down that path when I need to. New staff is never easy.