Accounting for Late Interest in Purchase & Sale Files (MB)
Late Interest in a Sale File
In the Trust Statement, find the next available blank line under the Received section and choose either Late Interest Received or Late Interest Calculation. Enter the amount of the late interest received.
Calculating Late Interest in Purchase Files
Late interest in Purchase files is similarly calculated from the Financial screen and under Trust Statement tab.
The Balance Due on Closing is the amount required to close the transaction. If you send the Cash to Mortgage to the other side lawyer, check the box next to the Apply Balance Required to Close box and enter the Amount Paid on Possession, which is the amount sent to the vendor’s lawyer on possession date.
In the Balance Due box, select the date that the balance due will be paid. The Days field automatically adjusts based on the Balance Due date. In the Rate box, enter the late closing interest rate as per the Trust Letter. The late closing interest and the amount that needs to be delivered to the vendor’s lawyer calculates automatically based on the information entered. This will populate into the relevant letter to the other side lawyer.
Billing, Accounting Integrations, Admin Functions & Reports
File Creation, Document Creation, and other general topics
Province-specific information for AB clients
Province-specific information for BC clients
Province-specific information for MB clients
Province-specific information for ON clients
Province-specific information for NS clients
Province-specific information for SK clients
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