Settlement Fund

[claireliu]

Hi, 

Could the settlement fund be paid directly to PEXA source account instead to the buyer's lawyer trust account? 

And, if buyer of property determine to terminate the contract, how could buyer get the settlement fund back? 

Thank you

Claire 

[IsaacK]

Hi @claireliu 

I assume you are asking whether or not funds from one workspace can have a destination line item set for another workspace that is settling on a different day with the PEXA Source Account. I also assume this is because you do not have a statutory trust account, or have a statutory trust account with a Financial Institution that is not currently integrated with PEXA, and thus use the PEXA Source Account to contribute funds to a Financial Settlement.

This is indeed possible as the PEXA Source Account generates a unique electronic account (BSB and Account number). However please keep in mind that this movement of funds is still subject to normal bank processing times, and thus you should ensure enough time is left between matters/workspaces to ensure funds are received into the desired workspace in time for settlement.

Please see the below 2 links for FAQ's on the PEXA Source Account along with Critical Information which talks towards times

https://community.pexa.com.au/t5/Transacting-in-PEXA/Source-Account-FAQs/ba-p/187 

https://community.pexa.com.au/t5/Ask-the-PEXA-Community/PEXA-Source-Account-Critical-Information/m-p...

Regards,

Isaac