We received a statement of "Adjustments and Payments" based on which we have transfer funds to the PEXA account. The vendor has a mortgage, however there is no mention at all of the vendor's lending institution or the amount they owe. The entire amount has been shown as payable to the vendor. However, there is a line that shows the amount the vendor has to pay against "Discharge of Mortgage Fees".
Could someone please advise how this works? Thanks.
It would be best to speak with your lawyer or conveyancer about this, but generally speaking, the vendor's representative and their bank will work together to arrange for the loan to be repaid and mortgage discharged at settlement.