Is there any way in a non-transfer workspace, to change the responsible subscriber of the lodgement instructions to be a subscriber which is not a signatory to any documents created in the workspace. For example, a financial settlement whereby a caveator on title is lodging a withdrawal of caveat and being paid a sum of money by the proprietor on title (which is also a participant / subscriber in workspace). Because the responsible subscriber is only providing the source funds, they only authorise and sign the financial statement and not the lodging instructions, because the proprietor on title has not created any documents. Given that the payment of funds is conditional upon the withdrawals of caveats being lodged, shouldn't the proprietor on title be the responsible lodging party and sign the lodgement instructions?
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Pauline - I was about to enquire myself with PEXA about using PEXA Source account for private incoming mortgagees, given that trust accounting rules in Victoria provides that loan proceeds are not considered 'trust' funds and therefore cannot be held in our firm's trust account for the purposes of attending to any PEXA refinance or mortgage transaction involving a private lender. I was intending on using PEXA Source account, but if that cannot be used for private lenders, how are private lenders supposed to participate in PEXA transactions with a financial settlement? For the moment, I can do all transactions by paper, but what happens when all transactions must be electronic? Adam
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