on 11-03-2017 07:08 PM
I was acting in a matter where the property was sold without the intervention of an agent. Neither myself or the other conveyancer held trust accounts and we had an issue with the deposit. The stakeholder who holds the deposit needs to ensure that funds are only released to the vendor with the authority of both parties or is otherwise not so easily released back to the purchaser once exchange has occurred. Has Pexa considered this to take on deposit funds pre-exchange where once exchange has taken place, release of funds can only be done with the authority of both parties?
on 14-03-2017 12:01 PM
Thanks for taking the time to write about deposit money. And yes, the discussion around taking and releasing deposits has come up before.
We currently do not provide a specific facility for taking and releasing deposit money within the PEXA system. Your scenario around no trust accounts to take the deposit does make this process difficult. I'll have a chat with the product owner who is responsible for this area and we'll investigate a little further for you.
On releasing the deposit, we have the real estate agent notifications that are sent on successful settlement. And we have some enhancements to this functionality planned in the not too distant future.
Please let me know if you have any further details, questions or comments.
on 29-03-2017 01:04 PM
Our work around when both firms use source accounts only is for the purchasers representative to create the source account & have the agent deposit funds into the source account. All other undertakings etc remain the same. The only issue is that the funds are required to be in the account three days prior to settlement, so you need to be super organised.