Deposit settlement fund in Solicitor's trust account?

Solicitor asked to deposit settlement fund into his trust account. I remember it was direct debited from my bank account in previous transactions.

But solicitor said PEXA ePlatform will require all fund pre deposited to his trust account.

As this is new to me. Could anyone please confirm that's the case. Sound like a little bit risky.

Thanks !

 

You can deposit it into the trust account or let the bank take it from your accountant at settlement, depending on a few things.

 

Solicitor's trust account sounds pretty normal to me

 

Thanks @Terry_w .

When using trust account, how could customer protect himself? You know what if the solicitor get my money and run away.

 

These accounts are guaranteed.

 

Not all banks have “electronic shortfall withdraw” capability, especially the second tier banks. If that’s the case, the only way PEXA can accept the shortfall amount is via a verified solicitor trust account.

 

BEWARE. There have been email scams where people who have accessed your email can wait for such an event. The old Microsoft Antivirus scam is often a culrit. They delete the real email from your solicitor and then then send FAKE details to you posing as your solicitor. Before sending ANY $$$ always phone the soliictors office and reconfirm their bank details. I recall one where the scammers even noted that the buyer was cautious and transsferred $1 as a test. So they actually put that in the solictors account. Then when the second sum went across they kept it.

Dani Venn from Masterchef had a well publicised case

 

I was given that option as well but I think reading the documents from my conveyancer, they charge me a $150 admin fee for using their trust account. Also PEXA settlement costs $114.07 compared to $85 for a paper settlement and with PEXA you are required to have your ID checked via VOI which costs another $59. Not sure if that is just my conveyancer's rules or if it applies to all PEXA settlements. But hence I didn't opt for this option.

 

My last purchase was through depositing settlement funds in my conveyancers trust account. Trust account funds are treated very seriously.