When you commit to invest in a MyBrix property, the funds are reserved and put on hold, reducing your available balance. You can cancel the investment before settlement, releasing the funds back into your wallet.
At this stage, the funds that you invested are transferred out of your wallet. This is where the investment is finalised.
conveyancers trust account is used to finalise the property purchase and ensure everything is done according to legal requirements. The moment the settlement is complete is the moment you officially hold Brix in the property. These brix will appear in your MyBrix wallet.
MyBrix puts a strong focus on trust and transparency, that’s why the flow of money process is one that is important for investors to understand. In this blog this process is broken down so you can see where your money goes from the time it enters your account to the moment you settle on Brix.
1. Your MyBrix Wallet: The First Step
Part of the account creation process is completing a Know Your Customer (KYC) check and creating a inquire, once this is completed successfully MyBrix automatically creates a digital MyBrix wallet for you. This wallet is what you use to deposit funds, buy Brix, see the Brix you own, this is where you manage your investments.
Depositing Funds
Now that you have a wallet, it’s time to add some funds to it. This is a secure process which takes a few minutes. You transfer the funds using the information on the deposit page, once you transfer your funds from your bank, they appear in your MyBrix wallet within minutes. MyBrix does not hold these funds, they go straight from your bank account into your MyBrix wallet.
2. Making an Investment: Holding Funds for a Property
When you decide to invest in a property listed on MyBrix, the funds from your wallet are put on hold. This means that the amount you’ve committed to invest is reserved specifically for that property. While the money is on hold, it’s set aside from your available balance, so you can’t use it for other investments until the process is completed. However, you can still see both your total balance and the amount that’s available for other opportunities.
If you change your mind, you have the option to cancel your investment before it’s settled, and the funds will be released from hold back into your available balance. Your money remains fully within your control.
3.Settlement: Completing the Investment
Once the property settlement is ready to go through, the MyBrix system automatically triggers a counter sell order for the Brix (the unit of ownership in the property). This is where your reserved funds are used to purchase your share of the property.
At this stage, the funds are transferred out of your wallet and into the settlement process. This is where the investment is finalised.
4. Conveyancer wallet: Finalising Investment
Your funds move from your wallet to a licensed and registered conveyancers’ wallet, this is a special MyBrix account used to manage the legal and financial transfer of property. This wallet also know as the conveyancers trust account is used to finalise the property purchase and ensure everything is done according to legal requirements.
The moment the settlement is complete is the moment you officially hold Brix in the property. These Brix will appear in your MyBrix wallet.
Where Your Money Flows: A Summary
Managing Your Investment
Throughout this process, MyBrix ensures that you can track your investment every step of the way. You can always see your wallet balance, your available funds, and the amount held for investments. This gives you complete transparency over where your money is and how it’s being used.
Additionally, if for any reason a transaction is cancelled before it’s settled, your funds are released from the hold and return to your available wallet balance. This gives you flexibility, ensuring you have control over your investments at all times.
Confidence in the MyBrix Process
We have designed the flow of money in a secure and legal way to give investors peace of mind. Your funds are secure and moved securely thought the settlement process which is backed by legal protection at every stage. Whether you’re investing in a home, a development, or any other property project, you can trust that your money is handled with care and transparency.
IMPORTANT INFORMATION
MyBrix does not provide any financial, Tax or other advice, you must obtain your own independent financial, legal and tax advice regarding the appropriateness of using any MyBrix Services, having regard to your personal objectives, financial situation and needs. You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented in this blog, any and all information presented in this blog is provided for information only and any action you take as a result is at your own risk.
MyBrix is an innovative solution for property finance that breaks free from outdated traditions. Here are some typically questions. property owners have, see our Frequently Asked Questions (FAQ) page for more details.
MyBrix does not provide any financial or other advice, you must obtain your own independent financial, legal and tax advice regarding the appropriateness of using any MyBrix Services, having regard to your personal objectives, financial situation and needs.
Copyright © 2024 MyBrix. * Depending on the investment strategy deployed by the investor.
