on 09-10-2017 11:34 AM
Solved! Go to Solution.
on 28-05-2018 12:13 PMSolution
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:
on 20-10-2017 08:38 AM
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.
on 29-11-2017 11:42 AM
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).
on 04-12-2017 05:31 PM
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.
on 07-12-2017 06:11 PM
When do you think the Source Account for Vendor may be released? December 2017 or February 2018?
on 19-04-2018 12:43 PM
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.
on 15-05-2018 03:49 PM
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.
on 24-05-2018 09:06 PM
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?