2 weeks ago
Hi, we are acting for the vendor in a sale of a property and the purchaser is obtaining vendor finance for part of the sale price.
At the moment, we have started the PEXA workspace and have invited the discharging mortgagee and the purchaser's solicitor.
Do we have to set up a new workspace for the vendor finance mortgage? Or can we use the same workspace as the above.
Hi, I am in the same situation, acting for a vendor providing vendor finance. I believe you would use the same workspace as you are acting for the vendor as incoming mortgagee. Hopefully someone can confirm this for us.
Also, I would like to know what happens at settlement regarding the CT - does a CT get issued in the name of the purchaser and sent to the vendor's legal rep? If not, what does happen?
You are right @PrueHUTCHINSON you can use the same workspace to represent the same party, in this case the Vendor (PoT) and the Incoming Mortagee. CT will be issued to the Incoming Mortgagee via their Representative.
Please feel free to direct message me if you'd like to talk through any further aspects of these settlements.