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Purchasers Equity in Sources tab

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  • Re: Purchasers Equity in Sources tab

Purchasers Equity in Sources tab

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SYNCPM
SYNCPM
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on ‎12-03-2019 08:58 PM

on ‎12-03-2019 08:58 PM

Purchasers Equity in Sources tab

When adding in Purchasers Equity as a source of funds, the only options I have is my trust account.  If the customer is holding these funds in their own bank account, why can't I have the option to key in the customers bank account details?

Is it because the mortgagee/bank holds authority on the customers account to draw shortfall funds from?  Please advise thanks.

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SYNCPM
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on ‎13-03-2019 11:54 AM

on ‎13-03-2019 11:54 AM

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Re: Purchasers Equity in Sources tab

Ok I have just confirmed with NAB if the mortgagee holds a customer authority for suplus or shortfall of funds, they will add the source of funds on their end.  

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FionaS
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on ‎13-03-2019 11:59 AM

on ‎13-03-2019 11:59 AM

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Re: Purchasers Equity in Sources tab

Yes, that's right.  If the mortgagee hold authority to deduct from a shortfall account, they can do that (same as in a paper settlement).  IF NOT, then it comes from your Trust Account.

 

Fiona

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DMc
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on ‎15-03-2019 05:55 PM

on ‎15-03-2019 05:55 PM

Solution

Re: Purchasers Equity in Sources tab

In response to the Opening Post, There are 3 Source fund options are available for Role of Incoming Proprietor (ie Subscriber PEXA integrated Trust Account, Incoming Lender, or also PEXA source Account) https://community.pexa.com.au/t5/Ask-the-PEXA-Community/PEXA-source-fund/m-p/6947

Make every day count, keep smiling! Smiley Very Happy

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  • 3 options for source funds on IP
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FionaS
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on ‎13-03-2019 11:43 AM

on ‎13-03-2019 11:43 AM

Re: Purchasers Equity in Sources tab

Hi

 

I believe you need to get the customer to transfer the funds to your Trust account (as clear funds before the date of settlement), and Pexa accesses your Trust Account - not the client's account.

 

Fiona.

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SYNCPM
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on ‎13-03-2019 11:50 AM

on ‎13-03-2019 11:50 AM

Re: Purchasers Equity in Sources tab

But if the mortgagee is holding authority for the shortfall of funds arent they supposed to add the source of funds to come from their account or customers account?

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SYNCPM
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on ‎13-03-2019 11:54 AM

on ‎13-03-2019 11:54 AM

Solution

Re: Purchasers Equity in Sources tab

Ok I have just confirmed with NAB if the mortgagee holds a customer authority for suplus or shortfall of funds, they will add the source of funds on their end.  

View solution in original post

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FionaS
FionaS
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on ‎13-03-2019 11:59 AM

on ‎13-03-2019 11:59 AM

Solution

Re: Purchasers Equity in Sources tab

Yes, that's right.  If the mortgagee hold authority to deduct from a shortfall account, they can do that (same as in a paper settlement).  IF NOT, then it comes from your Trust Account.

 

Fiona

View solution in original post

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DMc
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on ‎15-03-2019 05:55 PM

on ‎15-03-2019 05:55 PM

Solution

Re: Purchasers Equity in Sources tab

In response to the Opening Post, There are 3 Source fund options are available for Role of Incoming Proprietor (ie Subscriber PEXA integrated Trust Account, Incoming Lender, or also PEXA source Account) https://community.pexa.com.au/t5/Ask-the-PEXA-Community/PEXA-source-fund/m-p/6947

Make every day count, keep smiling! Smiley Very Happy

View solution in original post

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  • 3 options for source funds on IP
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