In this article
Background
We understand our most common Real Estate use case is using Legatics to manage the 'Enquiries on Title' process. However, since talking to more of our customers to understand how Legatics is being used, we have discovered that Lawyers are also using the platform to manage the Q&A process required to support the 'Certificate of Title' documentation.
This article outlines our findings about Real Estate transactions focusing on 'Certificate of Title'.
✍️ What does Certificate of Title mean?
A certificate of title (sometimes referred to as a report on title) is an official document that confirms ownership of a specific property to an entity.
A certificate of title contains identification information that allows people to see the details of the property or real estate and the individual who has the title.
Any encumbrances, liens or easements will be listed on the document. So for example, if the property / properties have been purchased with a mortgage, this will be listed and it’s likely that a mortgage statement will be attached.
Gathering all information required and producing a certificate of title document is important because it proves ownership of the property, and identifies any encumbrances or liens on the property.
Before purchasing a property or lending money against it, buyers and lenders will require a Certificate on Title.
💼 How is this process managed outside of Legatics?
To issue this certificate, a conveyancing solicitor thoroughly reviews the property and conducts a Q&A process with the seller. During this process, the seller confirms various information and statements about the property to ensure its accuracy.
Outside of Legatics, this process is managed in a similar way to the 'Enquiries on Title' process. Lawyers will work from a word table adding in their first round of questions and collating the answers from the seller, alongside any supporting documents.
Pain Points
Time-consuming: Setting up the table in word and managing all of the responses manually takes up a lot of time.
Collaboration - In Word and email, it is difficult to collate the answers, supporting evidence and status of each line item.
Version control - This is difficult to manage with documents being sent via email.
How can Legatics be used to manage this process?
💡Legatics can't be used to produce the Certificate of Title documentation itself. The below explains how the platform can be used to manage the Q&A process required to gather all of the supporting information and documentation in preparation.
List Template Creation: Users can create a list template with all the necessary columns and statuses for the Q&A process.
Data Import: Utilize Legatics' import tool, often through the Excel / Word import feature, to bring initial requests into Legatics.
Role Assignment: Users can assign roles and they can also use the status column to update items.
Collaboration and Permissions: Invite external and internal users to action items. directly within your deals using Legatics. Set permissions on lists, columns, and rows for controlled access.
Real-time Collaboration: All parties can log in to Legatics, respond to enquiries, raise further questions, upload supporting documents, and manage enquiry statuses.
Dashboard Usage: Utilise the dashboard to review the transaction's status.
📈 Key benefits of using Legatics
Time saved
Use templates to save time when setting up a list to manage the Q&A process.
Enable all parties to input directly, eliminating the need for a designated person for data entry.
Improved clarity
The list is updated in real time ensuring all parties have the latest information.
Version control
All versions are uploaded to Legatics, eliminating confusion from email exchanges.
Full audit trail for tracking document uploads, revisions, and contributors.
Collaboration
All parties can input directly into Legatics meaning that there is not an individual responsible for copying and pasting responses from emails received.
✏️ How can I get started?
We encourage you to set up a demo matter first and work with your Real Estate colleagues to create lists in Legatics and import data from your Word or Excel files.
Then you can turn those lists into templates so that you can use them again and again. This will help save you time when setting up new lists within new matters!
You're ready to create a live matter and start managing your Real Estate transactions in Legatics!
If you have any further questions, please get in touch with us at support@legatics.com