Settlement funds direct to Pexa account

Hi,

We’re about to settle on a property and the solicitor doing the conveyancing for us has sent me details of a Pexa account to transfer the settlement balance into.

Is this normal or should it be transferred to their trust account?

Is there any way of checking this Pexa account is related to my settlement or am I being overly cautious?

Thanks,
Sam.

 

sounds like they don't have a trust account

 

Thanks Terry. So is this a usual occurrence?

 

This may help:

PEXA (Property Exchange Australia) Australia’s online property exchange.

 

Thanks, I’m familiar with the Pexa platform - I guess what I should have asked is whether any buyers have directly deposited funds into Pexa. I thought the usual process would be to transfer to solicitor and they transfer to Pexa. Just wanted to know if it is normal for the buyer to directly deposit settlement finds into a Pexa account

 

I did say it may help lol

Sorry I can't help anymore.

 

It wouldn't be usual, but does happen

 

It's either the bank you are using dont have a funds to conpleted account or your solicitor font have a trust account.

Therefore this is the next best option, which is normal.

 

We used PEXA for a purchase earlier this year. All funds pulled from our bank account at settlement. I did not transfer anything to another account other than I paid the tax man for stamp duty myself.

 

thanks for the feedback!