- May 25, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Process of Settling First Home
I am currently in the process of settling my first ever home, and have already paid the initial 10% of the deposit. The contract is now unconditional, the mortgage agreement has been signed, but I am unsure about the next steps. I have reached out to my conveyancer and lender for clarification, but they seem nonchalant about it and are using terms like “nominated account for contribution funds” and “nominated account for shortfall,” which are unclear to me.
## Confusion Over Deposit Allocation
My main concern is where the next 10% of my 20% deposit should go. The initial 10% was transferred to the REA’s trust account, but I am unsure about the next steps. Will the additional 10% be held in my offset account, with the lender transferring it to the vendor? Or does the conveyancer need to open a pexa trust account where I need to deposit the remaining 10%?
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The conveyancer will tell you where the next 10% plus any other costs go. They will give you a final statement a few days before settlement
Shortfall account is your conveyancer’s trust account. They’ll send you the details and the amount needed a day or two before settlement and then you transfer them the other 10%.