When the house is SOLD, how is the money allocated?[conv/bank?]

Hello,

I can't answer this for a friend... even though I did some googling as I still haven't sold one yet.

He and his partner want to use some of their money for 'other stuff'[dunno] after their house is sold.

So how is the money allocated. by the bank? conveyancer? the seller?

Unsure of their scenario but for eg. let's say
200k mortgage
300k house value
150k want to use for other stuff

Any help greatly appreciated
 
At settlement the conveyancer will transfer all money owing to the bank first (holders of the house title), then the remainder will t/f into your nominated bank account, or can be held by the conveyancer in their trust fund, to be later t/f to you.

In this scenario the remainder is 100K, not 150K. The bank will not hand over the title without recieving the full amount owing.
 
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