We do not hold trust account and require deposit released for settlement due to shortage for mortgage discharge. Asked the Agent to transfer funds to PEXA under PEXA deposit slip that pruchaser's conveyancer created for us. Their answer: we are unable to transfer funds to a PEXA account. It is against the Estate Agent’s Act to do so, we can only transfer funds to a vendor’s account via a Section 27 or to a Legal Representative’s Trust Account as Stakeholder.
What's the solution then. Please anyone help. Thank you.