Where do surplus settlement funds go if the vendor’s account details are incorrect? In this case vendor has provided account details for an account that was to be closed on settlement (they did not know the account would be closed - it was an offset). Bendigo & Adelaide Bank are saying money should have gone to solicitor, solicitor doesn’t have the money and have spoken to PEXA who are saying funds are being held by the bank. It appears to be going around in circles. The matter is urgent as vendor is buying another property with settlement in 2 days and requires money to facilitate the purchase.
... View more