on 23-10-2018 09:37 AM
I represent the Incoming Proprietor and I have entered details of the amount required on settlement.
Incoming Mortgagee uploaded source funds in excess of what is required.
Do I need to do anything or will the source funds automatically align with the total payments and adjustments close to settlement date?
on 23-10-2018 11:16 AM
Sometimes it depends on arrangements between borrower and lender as the incoming proprietor may be expecting extra funds at settlement. Whilst generally the banks reduce the funds, it may be advisable to ask the incoming proprietor what his/her understanding of their loan is. Especially with private lenders, we experienced extra funds at settlements that had to be collected and remitted to the incoming proprietor.
on 23-10-2018 12:45 PM
Thanks Graziela for pointing that out.
Actually my client has provided an authority for the bank to deposit surplus into their account.
I just sent a conversation to the bank to reduce the source funds to balance with the actual amount required on settlement. Waiting for their response/action.