Using PEXA, Trust Accounts and Lawyers doing conveyancing

Member since 17 August 2024

mickchewMember17 August 2024 00:28:53

Just went through a minefield of the way property transactions are carried out in Melbourne and was wondering if anyone can provide any insights;

PEXA - seems to be the only way the settlement stage is carried out. Does anyone here have any experience using traditional methods?

Solicitor's Trust Accounts - It seems for any purchase the funds has to be transferred to the solicitor's trust account. I had the "audacity" to ask for audits and all of the ones I approach said no. There were 3 relatively recent cases of fraud which worries me to say the least. Does anyone know how the risk of fraud can me mitigated?

Auctions - Frankly I am quite appalled at the way auctions are carried out as there seems to be no "rules" and no oversight on what the agents are allowed or not allowed to do during these "events".

Solicitors/conveyancers - it seems that these "professionals" run checks on the contract and S32 docs but are reluctant to check the filled-in part pf the contract just prior to signing. Why?