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SOURCE ACCOUNT FOR VENDOR

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  • SOURCE ACCOUNT FOR VENDOR

SOURCE ACCOUNT FOR VENDOR

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Essen
Essen
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on ‎09-10-2017 11:34 AM

on ‎09-10-2017 11:34 AM

SOURCE ACCOUNT FOR VENDOR

 think that PEXA should allow the person acting for the proprietor who is coming off the property to also add funds into the source account  (I have a matter where there is a shortfall for settlement and we need the monies held by the agent as a deposit to be added for settlement)  I was going to open a source account so that the agent could deposit the funds but was told I could not do this as I acted for the Vendor, unless I had a trust account.   It does happen there is a shortfall and you should be able to have your client or, if there is a deposit, the agent add funds into the source account so settlement can proceed.
 
Can this be looked at?
 
Sonja
 
Essen Conveyancing

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  • Financial Settlement
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Ames
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on ‎28-05-2018 12:13 PM

on ‎28-05-2018 12:13 PM

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Re: SOURCE ACCOUNT FOR VENDOR

There’s certainly work going on in the background on this. However, with expanding the PEXA Source Account to other roles, the biggest road blocker is that the account currently used for Purchaser side transactions is only set up for that specific and limited purpose, so it’s not as simple as just technically enabling the same account for the Vendor side. The operational changes and considerations to make this change happen are more significant than the work required to actually build the feature into the platform. At this stage we are not ready to commence build work until all operational matters are resolved and we will provide updates here when there is something more substantial to report back with.

 

We do understand that this is a significant pain point for a segment of the industry. Whilst we have not scheduled this change yet for a future release, there are existing funding options for PEXA transactions which can be used today:

 

  • Funds can be provided via a registered trust account for all practitioner roles
  • Where a practitioner does not operate a trust account, funds can be provided by the PEXA Source Account in the incoming proprietor role
  • Purchaser funds can be provided by the incoming mortgagee if it holds authority to debit the purchaser’s account
  • In certain circumstance, funds can be provided by a bank in the source funder role 

 

Ames

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DougPun
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on ‎20-10-2017 08:38 AM

on ‎20-10-2017 08:38 AM

Re: SOURCE ACCOUNT FOR VENDOR

Hi Sonja,

 

This is similar Pauline's suggestion for updating the PEXA source account to allow funds to provided for a PEXA settlement for roles other than the Incoming Proprietor. 

We are looking into a change to allow you to provide source funds when the Proprietor on Title requires additional funds to cover a shortfall.

 

We'll keep you posted on when we get this scheduled into a release.

 

Thanks,

Doug

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Gibbslawyers
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on ‎29-11-2017 11:42 AM

on ‎29-11-2017 11:42 AM

Re: SOURCE ACCOUNT FOR VENDOR

Does anyone know if changes have been made yet to allow source funds to be provided when the Proprietor on Title requires additional funds to cover a shortfall (i.e. balance deposit monies held by the agent).

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DougPun
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on ‎04-12-2017 05:31 PM

on ‎04-12-2017 05:31 PM

Re: SOURCE ACCOUNT FOR VENDOR

Hi @Gibbslawyers,

 

If you're referring to allowing funds to be sourced from the PEXA Source Account, then that has not yet been implemented.  

Once we've scheduled it into a release, we'll be able to come back to you with dates.

 

Thanks,

Doug

 

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Gibbslawyers
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on ‎05-12-2017 09:52 AM

on ‎05-12-2017 09:52 AM

Re: SOURCE ACCOUNT FOR VENDOR

Ok thank you Doug for your reply.   Hopefully this will be sooner rather than later. 

 

Regards

 

Theresa

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cpodosky
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on ‎07-12-2017 06:11 PM

on ‎07-12-2017 06:11 PM

Re: SOURCE ACCOUNT FOR VENDOR

Hi Doug

 

When do you think the Source Account for Vendor may be released? December 2017 or February 2018?

Thanks

Kate

 

 

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AandTLegal
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on ‎19-04-2018 12:43 PM

on ‎19-04-2018 12:43 PM

Re: SOURCE ACCOUNT FOR VENDOR

Hi Doug Do we have access as vendor to a source fund?  I have deposit with agent that needs to be used to pay down mortgage - I have no other way of getting those funds to the bank on settlement with PEXA as I do not have a trust account and cannot obtain early release of those funds.

regards

Nicole 

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clovelly
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on ‎15-05-2018 03:49 PM

on ‎15-05-2018 03:49 PM

Re: SOURCE ACCOUNT FOR VENDOR

I also need this this facility for the proprietor on title to create a source account so that the real estate can transfer the balance of deposit at settlement.  The bank is requiring the balance of the deposit to complete settlement.  The incoming proprietary has stated that they can't create a source account because they have a trust account and are reluctant to create a new trust account record for a remote real estate agent. 

 

If we all need to be using the PEXA system this year it needs to accommodate the real world problems we face.

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mhouse
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on ‎24-05-2018 09:06 PM

on ‎24-05-2018 09:06 PM

Re: SOURCE ACCOUNT FOR VENDOR

Has this been implemented now? Please provide information on how to make this occur. Given the latest update in the thread was December, can  I assume it has now been implemented?

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AandTLegal
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on ‎25-05-2018 08:32 AM

on ‎25-05-2018 08:32 AM

Re: SOURCE ACCOUNT FOR VENDOR

hi there - no vendor source accounts as yet and i have had no indication of when it was coming.

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