PEXA Source Account

[bahiaabood]

Are there legislative guidelines or trust requirements a Licences Conveyancer must follow and or abide by if they wish to use the PEXA Source Account

[MarianAbraham]

Thank you for your question @bahiaabood

PEXA offers a Source Account to some Subscribers, but it is important to note that this does not replace an eligible trust account.To help you understand the distinction, on this page we’ve listed the answers to some of the most frequently asked questions about the PEXA Source Account.

In addition to this, Section 2.4 of PEXA’s Service Charter provides guidelines on the use of the PEXA Source Account, including the regulatory requirements that a Subscriber has in respect of funds contributed to a Financial Settlement. 

Thank you,

Marian