Once you have received the property and other closing documents, notify the lawyer immediately of any breaches. If there is none, sign the deed/transfer for completeness and release and advise the other lawyer with the means you know how to obtain. If you need to leave a message, you need to follow the message in a timely manner to make sure your message has been received. You are not allowed to release funds until all documents submitted to the DRA are registered or until the deadline set in the DRA has elapsed. A fiduciary closing procedure is recommended as part of the electronic registration process, as purchase funds, keys and offline securities documents cannot be moved electronically between the parties. The DRA is a standardized form of agreement that governs relations between the parties until all documents and funds are exchanged and electronic registration has been completed. The DRA is an agreement between the parties to the transaction. Please note that the DRA establishes strict trust conditions that only apply to the closing procedure. Guideline 4 – Electronic Closures and DRA Electronic Registration and LAWPRO Position on Memory Claims The authorization process is conducted in two phases: Phase 1 is for all Teraview account holders who are lawyers, who register documents (whether in private practice or government) and law firms, as well as all account holders who employ lawyers in their own homes.
It will begin on January 15, 2008 and continue until March 31, 2008 included. Phase 2 will be for all other account holders and will run from April 1, 2008 to the end of summer 2008 (exact date to be announced). Account holders are not prohibited at this stage from submitting their applications in Phase 1, but they are reminded that the majority of account holders are classified as Category 1 and that so many registration points will be very busy during Phase 1. To avoid line-ups, it is recommended that these candidates wait until phase 2. Any account holder who must register in Phase 1 and who did not obtain the Director`s authorization before March 31, 2008 does not have access to the electronic land registry system for the purposes of document registration and no lawyers may sign the necessary legislative declarations for the registration of certain electronic documents. The account is „unlocked“ to access a pure search base. In Phase 2, any account holder who must log in during this period and who has not received authorization before the end of Phase 2 will also be „switched“ to access to the search.