Coming Soon! Teranet Undertakings Solution
What is Teranet Undertakings Solution?
We have introduced a new product called Teranet Undertakings Solution which is currently in pilot. This automated and digitized platform manages all mortgage discharge undertakings with little-to-no post-closing labour for all transaction types including sales, purchases and mortgage files.
Teranet Undertakings Solution monitors PINS you upload and notifies all parties when a charge/mortgage is discharged. If the system detects that a mortgage has not been discharged within 90 days, it automatically emails/faxes the lender (on sale and mortgage files) and the seller lawyer (on purchase files), following up for the discharge to be registered. Emails/faxes are resent automatically every 7 days thereafter until registered.
Once the discharge of charge is registered, the Teranet Undertakings Solution platform creates a Notice of Fulfillment and automatically notifies all parties with the discharge of charge instrument number and date of instrument that was registered in the Ontario Land Registry.
Key Features
- PIN Monitoring: Submit PINS where you have received or provided an undertaking for monitoring
- Automated Notifications: Send and receive notifications and Notice of Fulfillment after a discharge is registered
- Send Reminders to Lenders: Platform sends automated reminders to lenders
- Manage Undertakings: Manage all undertakings on one consolidated dashboard with the ability to manually update undertaking status if required
- Customized Templates: Notifications are prepopulated with matter details and firm branding
Key Benefits
Reduce Undertaking Follow-Up Costs
- System updates undertakings automatically when discharges are registered
- Reminders automatically sent for undertakings that have not been fulfilled
Disbursable Fee
- Teranet fees are an excepted disbursement under Law Society of Ontario regulations
Faster Closure of Undertakings
- Automatic detection of registered discharges means lawyers and clients are notified the day following registration
- Tracking and proactive reminders reduce waiting periods, ensuring undertakings are fulfilled promptly and files can move forward without unnecessary hold-ups
Proof of Compliance with Law Society of Ontario Regulations:
- System generates reports for fulfilled and unfulfilled undertakings and shows history of all communication and follow ups
- Download Notice of Fulfillment showing registration details
How can I sign up?
The pilot for Teranet Undertakings Solution is closed to new applicants, however if you are interested in receiving updates about this solution and when it will be available, please complete the form below.