Working in a Purchase File (SK)

Working in a Purchase File (SK)

Creating a Purchase File

To get started, select Create a New File from the main screen, then select Purchase from the dropdown, enter File #, and select Responsible Lawyer from the selector icon. 

  1. If the land in question is bare land or farmland, select Yes for Is this Vacant land?
  2. Similarly, mark Yes or No for Is this a new home purchased from a builder?
  3. For Purchaser(s) to use Property Address on Closing, select Yes if the mailing address is the same as the property being purchased. For farmland, vacant land, or if the purchaser address is not the same as the property address, select No.
  4. Add Property Address of property being purchased: If farmland is involved, leave this section blank. This section is for the civic address of the property being purchased.
Next, enter the purchaser’s mailing address, and select the Other Side’s lawyer by clicking on the selector icon. If you are importing from the ISC, Parcel information and Reference Land Description will auto-populate.

You may now enter the Possession Date, Contract Date, and the Contract Price. Enter the Deposit and select who is holding it using the dropdown. Select Continue. You will now be taken to the Basic Screen.

Note: In general, most of the required information is entered during the file opening process; however, please check details and enter missing information such as selecting the Firm Contact and Other Side's Lawyer.

Designate Parcels: Purchased only, Purchased & Mortgaged, Mortgaged only

Civic details are the same as those of Mortgage and Sale Files. However, the Parcel section is slightly different in a Purchase File, as the user has the option of selecting what happens to each parcel.


Information related to each Parcel is pulled directly from the ISC during Title Search Import. Reference Land Description comes in from Title Import; however, it needs to be adjusted according to how your firm prefers the description to be shown.

The Title Numbers populate horizontally for each parcel (i.e., when there is more than one title for a parcel, such as tenants in common). New Title Values are added beneath each title number, and the New Parcel Value calculates the total of all new title values.


When you open a Purchase File, all fields called Parcel will default to Purchased. When adding a mortgage, it will default to Both. You can use the dropdown to select Mortgaged, Purchased, or Both to reflect the information from Agreement/Mortgage Instructions. Letters and documents will correctly identify the relevant Reference Land Description.

The Tax letters correctly identify land belonging to each Municipality, creating one letter for each municipality, in which the relevant land is listed.

Calculating Late Interest on Purchase File

Interest is calculated using the Financial button in the Purchaser’s Final Adjustments.


Enter the Amount Paid on Possession, which is the amount sent to the vendor's lawyer on possession date (Cash to Mortgage). If nothing has been sent on possession date, enter 0.00 in this field.
 
In the Balance Due box, enter the date that the balance due will be paid. In the Rate box, enter the late closing interest rate as per the Trust Letter.

The Days box automatically inserts how many days interest is calculated, based on the Balance Due date selected. The late closing interest is calculated, along with the amount that needs to be delivered to the vendor’s lawyer. This will auto-populate into the relevant letter(s).


Cash to Mortgage

The Amount Paid on Possession (Cash to Mortgage) is an automatic calculation of the Cash to Close from the Statement of Adjustments from Other Side (which is shown as Balance Due on Closing), minus the Mortgage Advance.
If your firm sends a different amount, manually change the Amount Paid on Possession.

The Cash to Close under the Statement of Adjustments populates into the Balance Due to Close box, where late interest is calculated. It should be the same as the Balance to Close from the Other Side's Lawyer for all calculations to work properly.

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      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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