The lender accepts the certification as to title by transferring the settlement funds into the Bransgroves Lawyers solicitors’ trust account. Any prepaid interest is deducted from the principal and retained by the lender (it never leaves the lender’s bank account).
Settlement occurs through PEXA in a virtual settlement room. The solicitor for each party to the transaction: the lender, the borrower, the outgoing mortgagee, the vendor etc., programs what they will be giving and what they expect to receive from settlement. When these align the settlement occurs automatically.
Registration occurs simultaneously with the release of funds. All funds are disbursed through the PEXA platform (traversing the