Handle Construction Draw Mortgages in RealtiWeb Alberta

We’re starting April with new features for RealtiWeb in Alberta. Start handling construction draw mortgages, and add holdbacks to your trust statements in RealtiWeb Alberta.

Construction Draw Mortgages

When adding your mortgage to the RealtiWeb file identify it as a Construction Draw Mortgage using the new checkbox. This will show additional fields in the Mortgage Advance screen to enter the Draw Amount, Fee, and Fee Amount. RealtiWeb will calculate the Net Draw Received by subtracting the total fees from the Draw Amount, and will display the summary of the calculations.

We’ve added the following new documents to RealtiWeb Alberta’s standard list of documents to better accommodate the different line items necessary for when a construction draw mortgage is on a file.

• Closing Funds Summary - Construction Draw (separate versions for Purchase and Mortgage files)

• Trust Statement - Construction Draw

Handling Holdbacks in Trust

On the Trust Statement screen, RealtiWeb has Holdback as a new standard option in the Paid list. Select this option in the list and add details by editing the list item.

For further details on either of these changes, see the bulletin message available in RealtiWeb Alberta.