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Can settlement funds be deducted directly from the client's bank account or do they have to be in the solicitor's trust account? Please help asap for a settlement early next week!
Go to Solution.
As a general rule, Source funds can come from 3 different Sources:
* A Financial Institution's loan funds; and/or
* If that Financial Institution has authority from the client they can provide funds out of the client's account; and/or
* The Solicitor/Conveyancer's Trust Account/Source Account
So if there is no Financial Institution involved the source funds can only be provided via the Solicitor/Conveyancer's Trust Account/Source Account
I hope this helps.
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