Navigating the Financial Screen (ON)

Navigating the Financial Screen (ON)

Here, you are able to review and modify the financial information related to the file under:
  1. Stmt of Adjustments
  2. Land Transfer Tax
  3. Account to Client
  4. Trust Statement
  5. Closing Funds Summary
At the top of the page for each screen, there is an ability create the relevant documents.

Statement of Adjustments

Consideration and Deposits come from information entered in Contract Details on the Basic screen. The consideration is calculated based on the contract price.

Click Add to add further required adjustments. Click the dropdown menu to show the list of possible adjustments to add.

As an example, if you select Property Taxes, you can complete the Tax Adjustment in the popup that appears.

Land Transfer Tax

This screen is intended for calculating the fees associated with the Land Transfer Tax (LTT), including any refund/rebate to which your clients are entitled. If your purchasing client qualifies for the LTT refund, please indicate he/she is entitled by checking the checkbox under Provincial LTT Rebate. If the property is in Toronto, then MLTT Rebate is shown as well.

If you are missing a client in the list of possible people entitled for a refund, click Edit Transferee(s) to add them. This is the same list that is available from the Basic Information screen.

The LTT is based on:
  1. Contract Price in the File Summary on Basic Information screen (and also found on the Contract Details screen)
  2. Rebate/Refunds clients are entitled to
  3. Depending on the location of the Subject Property, or other details:
    1. If your clients are subject to the Non-Resident Speculation Tax, please use the NRST checkbox.
    2. If the subject property is in Toronto, then Toronto’s Municipality Land Transfer Tax (MLTT) is added to the tax total.

If you click the checkbox next to the Consideration heading, this will show the full breakdown of the consideration being sent to Teraview®.

For the calculations of transactions involving properties with the value of consideration exceeds $400,000 (and the agreement of purchase and sale was entered into after November 14, 2016), the provided Declaration statements 9031, 9032, 9033 and 9038 are required to be completed, as applicable, directly in Teraview. These statements must also be completed in RealtiWeb on the Land Transfer Tax screen to ensure the correct calculation of LTT.

The LTT form for the transferee or agent/solicitor to sign the document are available from the Documents dropdown, near to the three-dots icon. The LTT form is not sent to Teraview and must be completed on their website.

Account to Client

The Account to Client screen is intended to show you what is being charged for fees and disbursements, and if applicable, how much of the account is being paid from the trust.

Note: The Firm Settings setup impacts this screen and what is shown.

Review the Auto Include? box in the Financial Functions box on the right of the screen. Anything already checked off is from your firm settings. If you check or uncheck an item, it will be added or removed from the Account to Client.

Note: Any changes here will only be for this file and will not impact other files.

If one of the accounting integrations is enabled for your firm, you will see an area for enabling the export along with the necessary fields. For more information, check out our Accounting Integration articles.

Trust Statement

The Trust Statement brings in data from several places in the RealtiWeb file. The Paid section is filled in from several locations. For example, the Balance Due on Closing is taken from the Statement of Adjustments screen, the Land Transfer Tax is from the Land Transfer Tax screen, and the Statement of Account is from the Account to Client screen. 

Meanwhile, the Received section completes any received amounts from the Mortgage Advance from the Mortgage Screen. Other items from previous screens can be included when applicable.

Any additional funds from the client will need to be entered manually here. To manually add other items, either type in the text box, click the database button for preset options, or click the pencil. The pencil will open the following screen and allow for manual entry.

Closing Funds Summary

The Balance Due on Closing is carried over from the Statement of Adjustments.

If there is a mortgage, then the mortgage amount will populate from the Mortgage Advance from the Mortgage screen.

The estimated fees, disbursements, etc., are inserted from the Account to Client screen.

Note: Amounts entered into the Closing Funds Summary will not go into any of the other screens.

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      Related Categories
      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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