on 05-10-2018 09:37 AM
I act for the purchaser of a property. A different person acts for the same client in relation to a sale. The proceeds of the sale are to be used for the purchase. Both settlements are on the same day. I cannot link the workspaces as I am not a participant in the sale workspace. Your helpline advised that in the purchase workspace I should invite the conveyancer acting in relation to the sale as a particpant. When I asked what role they should be invited in, he said either proprietor on title or incoming proprietor. As I act for the incoming proprietor and someone else acts for the proprietor on title this is not appropriate. My question is should the conveyancer sale add a third party beneficiary to the sale workspace to allow the funds to be used for the purchase. If so who do they nominate as the third part beneficiary - this form or some other firm or person. I need to connect the two workspaces somehow.
on 08-10-2018 10:50 AM
One of the conditions for linking workspaces is that the Subscriber is a participant in both workspaces.
If the conveyancer acting in the sale directed funds to your trust account as a third party line item, there's no certainty that you would have funds in time for the purchase settlement.
Are there any Subscribers who participate in both workspaces?