Updated Joint Retainers in RealtiWeb
We've updated the joint retainers in RealtiWeb Ontario to further automate the document generation process.
For purchases involving multiple buyers, a signing line for each buyer will appear on the joint retainer form. If the firm is also acting for one or more mortgage lender(s) providing purchase financing, the joint retainer form will also automatically identify the potential conflict between the buyers and the mortgage lender in the joint retainer to be signed by the purchasers.
If the mortgage lender is not a "lending client" as defined by the Rules of Professional Conduct, a separate joint retainer form for execution by the private lender is also available.
For sales files, a similar joint retainer that sets out signing lines for each seller is also available. If the law firm is acting for the both the buyer and the seller, a conflict acknowledgement form is available in RealtiWeb.
In circumstances where the law firm has a continuing relationship with one of the clients involved in a joint retainer and intends to continue acting for that client if a conflict develops, a specific joint retainer form that identifies the firm's regular client is also available.
These new forms are called:
Joint Retainer/Acknowledgment of Conflict
Joint Retainer/Acknowledgment of Conflict - Continuing Relationship
Joint Retainer/Acknowledgment of Conflict - Private Lender