Real Estate Payments

 

Lawyers can enter payments for the settlement of residential real estate closings in Ontario using the ‘fill in the blanks’ Real Estate Payments screen.

 

Payment instructions can be sent to the Bank 24 hours a day.  However, to ensure that funds are paid to your beneficiary on the intended value date, you must send your payment instructions to Scotiabank before 4:00pm EST on the value date.

 

 

Creating a Real Estate Payment

 

1.       From the Payments menu, select Real Estate Payments >> Create Payment to access the Create Real Estate Payment screen.

 

2.       From the drop down list, select the Debit Account you would like to make the payment from.

 

3.       The Value Date, which is the day that you want Teranet Enterprises Inc. to receive the closing funds, defaults to the current date.  Using the   button you can change the value date.  Payment instructions can be submitted to the Bank up to 30 days in advance.  Scotiabank will warehouse each payment and process for the appropriate value date.

 

4.       The Ordered by fields will automatically be populated based on the debit account you have selected.  However, you have the option of changing the information in these fields. 

 

5.       Enter the amount of the payment. 

 

6.       Enter the Closure System Deal Number for this closing funds transaction.  The Deal Number will be between 6 and 11 alphanumeric characters, beginning and ending with a letter, and must be obtained from Teranet’s Closure system.

 

7.       The beneficiary for all Real Estate Payments will be Teranet Enterprises Inc. This information cannot be modified.   

 

8.       You may enter optional information in the Additional Information field.

 

Note:  This field is for your internal use only.  Information that is entered will not be sent with the payment, but will be displayed on transaction reports. You may enter up to 140 characters.

 

9.       When you have finished entering the required information, click on the Save button at the top of the screen.

If all required information was entered correctly, the following message will appear: ‘Payment was successfully created’, along with a Reference Number.

 

10.   Click ‘OK’.  The Real Estate Payment screen will be refreshed. 

 

11.   You can repeat steps 1 to 8 to enter another payment

OR

Click on the Done button if you do not want to enter additional payments. 

 

12.   The payments you have entered will be listed on the bottom half of the Pending Real Estate Payments screen.  Check the status of the payments:

  • Payments in ‘Entered’ status must be approved by at least one authorized user before they can be submitted to the Bank for processing.
  • Payments in ‘Ready’ status are ready to be submitted to the Bank.

 

 

Invalid SWIFT Characters

 

Note:

The following characters should not be used when entering payment instructions:

&  * #   @   ; !   $   % ^   _   = <  >   { }   [   ]  \

These are invalid SWIFT characters and if they are entered, an error message will be returned.

 

 

Related Topics
Service Information - Real Estate Payments

Pending Real Estate Payments