on 17-07-2019 05:00 PM
I was wondering how will PEXA deduct the Transfer transaction service fee of $114.07 if we act for the proprietor on title. They keep saying to me that it will be deducted from our Trust Account and not from our Practice Account. This is really confusing as we were told by our Principal that PEXA does not have authority to deduct funds especially from Trust Account as they are not authorised persons.
Can someone please provide me with some clarity, I am just new to the PEXA platform. We were told by PEXA people to put the service fees in our trust account and to date the money is still sitting there. This is in the case of a refinance. It's so confusing. Do we need to ensure that there is enough money in trust to pay for this PEXA service fee.
PEXA still needs to get back to me about this issue and it has been an ongoing issue. I will have my first PEXA settlement and do not want to be embarrassed by asking my client to pay for this fee after the electronic settlement.
Any assistance/solution to this query will be highly appreciated. Thank you in advance.
on 17-07-2019 09:46 PM
Generally the PEXA fee needs to be paid at settlement subject to some exceptions (such as applications by surviving proprietor).
As such, the PEXA fee needs to be accounted for in settlement amounts (mostly payable by the vendor for the vendor fee and purchaser for the purchaser PEXA fee).
Hope this helps.
on 18-07-2019 04:36 PM
Thanks for your query earlier, I understand the guys have spoken to you about how the fees will populate once the documents have been prepared.
If you have any further questions please don't hesitate to call your PEXA Direct Specialist or the Support crew.