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How to instruct the broker

Instructing Broker Playbook

Step 1: Review the deal and signed commitment (MA)
  1. Go to the deal, review the file in MA
  2. Open the signed commitment and ensure the commitment is fully signed and dated.
  3. Review the Action Items List (pages 1 and 2). Align it with the new commitment
Step 2: Cross-Reference Documents records (HS)
  1. Check for any missing documents such as:
    • ILR information
    • IDs
    • Utility bills
    • Tax bills
  2. When reviewing documents, verify:
    • Borrower’s correct name
    • Property address
    • Document dates
    • Expiration dates on IDs
Step 3: ILR Verification on LSO Website
  1. The lawyer contact will be associated to the deal.
  2. Search ILR in the LSO (Law Society of Ontario) website:
    • Ensure the lawyer is Real Estate Insured.
    • Check for any Practice Restrictions, Regulatory Proceedings, or Regulatory History.
  3. If the lawyer has regulatory history, proceedings, or restrictions, a new ILR is required.
Step 4: Email Broker/Contact Person (HS)
  1. Use the “Instructed - Broker” email template.
  2. Update/amend action items as required with outstanding conditions.
  3. If certain documents are required before instructing the lawyers, highlight them in bold (e.g., missing retainer, bank statements for shortfalls, etc.).
Step 5: Generate Tasks (HS)
  1. On the deal, set tasks/reminders for yourself, including:
    • Request lenders
    • Transmittal required?
Step 6: Update missing conditions (MA)
  1. Add any outstanding documents missing from the broker.
  2. Add documents missing from the lawyers, such as:
    • Discharge or information statements
    • Postponement letters
    • Tax certificates

Following this structured process ensures all broker instructions are efficiently managed and documented before proceeding with the legal stage.