SOURCE ACCOUNT FOR VENDOR

[TJ]

Just confirming that the Source Account may only be used by Subscribers representing a purchaser.

This has been outlined in PEXA's Service Charter (see section 2.4) and reiterated in the form generated in the Workspace when creating a source line item. Should members need to provide source funds in any other role, they will need to explore other options (for example, using a statutory trust account, having a client pay down their loan prior to settlement, etc).

[NatalieT]

Hi,

Looked through this topic and seems still no solution. Could please anyone advise how they deal with situation when you need to have deposit from agent added to the settlement source funds when representing vendor ,as short in funds for settlement. No operating trust account available. Thank you. 

[AandTLegal]

Hi Natalie

You need to get the purchasers conveyancer to agree to open a source account for the deposit and they are then in control of release of those funds on settlement

Cheers Nicole 

[NatalieT]

Thank you for your responce. Tried and purchaser solicitor not agree. Anything else can be done? Thank you.