No Trust or Source Account - Purchaser wanting to pay cash

[ComsetLegal]

Hi, 

Is it possible for me to act for the purchaser of a property, where they wish to pay "cash" (IE no mortgage) if I do not have a Trust Account and are in Vic where we are not permitted to have a Source Account.

Are banks willing to be a party to the transaction to supply funds from the purchaser's accounts.

Thank you

[MeganTenn]

Hi @ComsetLegal,

It is possible, however the funds will need to be provided by another practitioner who runs their own Trust Account.  You might have another firm that you have a good relationship with or reach out to an agent who will allow you to use their Trust Account (usually for a fee).  You can then invite them into the PEXA workspace in the same role as you and they will be able to add the Source funds.

They don't need to represent a party or create a document, but they will need to accept the settlement date and time and sign off on the Source funds and settlement schedule.

Hope this helps!