Navigating the Issues Screen (BC)
The Issues screen is the management hub of your transaction. It consists of five tabs: Issues List, Undertaking Letter, Checklist, Inquiry Status, and Report.
Issues List
The Issues List tab allows you to manually add/manage existing issues and charges either registered on title or raised in the Contract of Purchase and Sale. There are three types of issues:
Issues WorkBench
Issues WorkBench for Mortgages only
After importing an existing Mortgage from the Title Search, the Issues WorkBench will open. All of the yellow highlighted fields should be completed. The Payout Statement Date and Payout Date automatically generates the Closing Date on file. To add the Mortgage Lender, click on the ellipsis button to open your firm’s list of possible lenders. This is the same list that is accessed from the Mortgage button when adding a lender to a new mortgage.
To add (or see) the breakdown of the Payout Amount ($), click the chevron.
If the breakdown is blank, enter the Principal Amount ($) and add in the applicable fees. After adding a fee name and amount, use the radio buttons to add or deduct from the Principal Amount ($). The Payout Amount ($) will update as fees are added or deducted from the Principal Amount ($).
Issues WorkBench for Other Financial Charges
These work similarly to mortgages, as described previously. Here are a few quick tips for adding other financial charges that are on a title:
- The Description section has to be completed for it to appear correctly in documents.
- Click the checkbox beside Adjust/Pay in the Action List (in the list of items on the left). This will allow for calculation of Per Diem and other amounts.
- Click the chevron beside Payout Details to enter in the payout amount and payout dates.
- Click the chevron beside Letter Payout Info to add (or select) payee information from the Mortgage button or manually add it.
Issues WorkBench for Non-Financial Charges
To deal with non-financial issues:
- Complete the Description section for the issue to properly appear in your documents.
- If you are only including the issue in the Undertaking Letter, select the appropriate letter from the Undertaking Letter Quick Action dropdown.
- Alternatively, use the checkbox beside the Undertaking Letter in the Action List (on the left side) to draft a more complex Undertaking Letter.
- The rest of the options in the Action List will enable you to add a clause pertaining to the issue in the relevant document. For example, checking off Reporting Letter will add the issue to your Reporting Letter and open the screen where you can change the defaults.
Undertaking Letter tab
The purpose of this tab is to help organize and assemble all the undertaking information in one place. Items can be added or deleted quickly without having to generate or download the undertaking letter. It is highly recommended that all details on this screen be addressed to provide an up-to-date, concise overview of the entire deal. This tab can be accessed on the Issues screen.
Note: In sale files, the tab is named Response to Undertaking Letter.
Each section of the Undertaking Letter tab can be completed either within this screen or from the Issues WorkBench for each item in the Issues List tab. The idea is to update the fields as data become available, and once you are ready to create the letter, just click the button (this is opposed to other systems where data are collected and recorded elsewhere, and then added to the undertaking letter after the document is generated).
This screen also contains a verification section to keep track of completed undertakings with two levels of control: Received and Resolved checkboxes. These can be controlled and monitored on the screen itself or tracked using the Reports function. Note that these checkboxes allow for tracking the post-closing status of all undertakings in the Reports tab and on-screen.
In a Purchase file, the Undertaking Letter tab is split into the following components:
- Enclosures
- Buyer’s Undertakings
- Vendor’s Undertakings
- To Do - Buyer’s Lawyer to Resolve (not undertakings)
- To Do - Vendor’s Lawyer to Resolve (not undertakings)
- Other Matters
Please refer to the Create an Undertaking Letter article for additional guidance.
Checklist, Inquiry Status, and Report
The Checklist, Inquiry Status, and Report tabs appear when applicable. These enable you to manage issues as described below:
- Checklist: View items added to the standard Checklist
- Inquiry Status: Manage non-title inquires, such as a tax search
- Report: View the added text to the Standard Reporting Letters
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