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?
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