Statement of Adjustments
(attached)
Your law firm's Statement of Account
(attached)
Signed mortgage, mortgage standard terms and mortgage disclosure statement
Real Property Report and Stamp of Municipal Compliance
Signed Order and Direction to Pay.
You have reviewed the file which has provided you with the following information:
Per Assignment #2:-
- Sellers are Manesha Kaur and Katsuaki Watanabe
- Sellers' lawyer is: Robinson LLP.
Property Tax Certificate dated
14TH October 2022
hows the annual property taxes of $2,500.00
have been levied
by the local authority for the current year and were due 30th June. There is a nil balance on the Tax Account showing that this year's property taxes have been paid by the Seller and that
no arrears of taxes are showing.
Ensure that you use the decimal tab for the Statement of Trust Funds Received & Disbursed.
Mortgage Funds were received on the Closing Date
Cash Shortfall was received in the amount of
$222,313.60
from the Buyers on
20th October 2022
Cash to Close was paid to Seller's law firm on the Closing Date
Your firm's Statement of Account was paid on:1st November 2022
- Any 'Balance Due to Client' (per your Statement of Receipts and Disbursements which you will be drafting in this assignment) is to be delivered to buyers by cheque with the Reporting letter on the
second day
following Closing. Your reporting letter and cheque will be dated accordingly.
TASK:
Please prepare the following documents using the attached templates:
- Reporting Letter (35 marks)
- Statement of Receipts and Disbursements (15 marks)
RUBRIC for marking:-
The marking rubric is:-
a) -2 marks for numerical errors in numbers given to you in the assignment scenario as well as for errors of fundamental concept.
b) -2 marks for every error/omission of information provided to you in the fact scenario and also for entering the wrong month/wrong date. A repeated error will incur a maximum deduction of 5 pts.
c) -5 marks for deleting areas of the precedent which should not be deleted (other than selecting an alternate narrative). e.g. paragraph entirely missing. -2 marks for selecting incorrect precedent narrative.
d) -1 (per word) or leaving in any precedent prompt e.g. '[ ]' or italics. Also for any other form of error not covered by the above;
d) -.25 for tabulating/formatting errors.
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(50 marks – 10% of course grade)
Case Scenario:
This is a continuation of the file you worked on, in Assignment 2. As you may recall, you are employed as a legal assistant at the law firm of Burton Vance Carling LLP and you are working on a file supervised by Eleanor Mary Vance. You act for thebuyer
. Burton Vance Carling LLP's contact information is as follows:332 - 6 Avenue SE, Calgary, AB T2G 4S6,Tel: (403) 410-1791,Fax: (403) 410-1570.
The file has a number of documents on it and those relevant to this assignment are listed below.
- Statement of Adjustments(attached)
- Your law firm's Statement of Account(attached)
- Signed mortgage, mortgage standard terms and mortgage disclosure statement
- Real Property Report and Stamp of Municipal Compliance
- Signed Order and Direction to Pay.
You have reviewed the file which has provided you with the following information:
Per Assignment #2:-
- Sellers are Manesha Kaur and Katsuaki Watanabe
- Sellers' lawyer is: Robinson LLP.
Property Tax Certificate dated
14TH October 2022
hows the annual property taxes of $2,500.00have been leviedby the local authority for the current year and were due 30th June. There is a nil balance on the Tax Account showing that this year's property taxes have been paid by the Seller and that
no arrears of taxes are showing.
- Ensure that you use the decimal tab for the Statement of Trust Funds Received & Disbursed.
- Mortgage Funds were received on the Closing Date
- Cash Shortfall was received in the amount of$222,313.60from the Buyers on20th October 2022
- Cash to Close was paid to Seller's law firm on the Closing Date
- Your firm's Statement of Account was paid on:1st November 2022
- Any 'Balance Due to Client' (per your Statement of Receipts and Disbursements which you will be drafting in this assignment) is to be delivered to buyers by cheque with the Reporting letter on the
second day
following Closing. Your reporting letter and cheque will be dated accordingly.
TASK:Please prepare the following documents using the attached templates:
- Reporting Letter (35 marks)
- Statement of Receipts and Disbursements (15 marks)
RUBRIC for marking:-
The marking rubric is:-
a) -2 marks for numerical errors in numbers given to you in the assignment scenario as well as for errors of fundamental concept.
b) -2 marks for every error/omission of information provided to you in the fact scenario and also for entering the wrong month/wrong date. A repeated error will incur a maximum deduction of 5 pts.
c) -5 marks for deleting areas of the precedent which should not be deleted (other than selecting an alternate narrative). e.g. paragraph entirely missing. -2 marks for selecting incorrect precedent narrative.
d) -1 (per word) or leaving in any precedent prompt e.g. '[ ]' or italics. Also for any other form of error not covered by the above;
d) -.25 for tabulating/formatting errors.