Different stages of Discharge Solution

The diagram below shows you the different stage of management of Discharge and establishes the parallel between the functions related to the management of the Discharge solution on Assyst Real Estate and those used by financial institutions.

         ASSYST REAL ESTATE                      FINANCIAL INSTITUTION                

(1)     Payout Request sent with Assyst Real Estate

•The Legal Counsel completes the information in Legal Description, Current Registered Owner(s) and Interest to be discharged sections on Assyst Real Estate.

•The Legal Counsel sends the Payout Request to the Lender on Assyst Real Estate.

•If there is more than one Payout Request for the same file, the Legal counsel can be bundling it depending on certain conditions.

(2)     Payout request received by the Lender

•The Lender received the Payout request.

•The Lender selects the file and takes note of the information it contains.

•If no file match to the information received, the Lender clicks the button No File Found. The Legal Counsel received a note on this issue in the Note section on Assyst Real Estate. He may resubmit a new amended Payout Request for the same file.

(3)     Certified Payout Statement sent to the Legal Counsel

•If a file matches the information received, the Lender look at the information it contains and completes the Reimbursement Details section. The Lender sends the Certified Payout Statement to the Legal Counsel by clicking the Send Certified Payout Statement button.

•If the Payout Request were bundled, only one Certified Payout Statement will be sent to the Legal Counsel.

•The Certified Payout Statement is send to the Legal Counsel on Assyst Real Estate, in the Documents section

(4)     Certified Payout Statement received on Assyt Real Estate

•The Legal Counsel received the Certified Payout Statement in his Documents section. When the period of validity of the Certified Payout Statement has expired, the Legal Counsel must make a new request.

(5)     Reimbursement information sent to the Lender

•The Legal Counsel sends to the Lender information about the reimbursement and  shall pay the same way it did before.

(6)     Reimbursement information received by the Lender

•The Lender checks the information relating to the reimbursement and validates the amount received.

(7)     Authorization to Discharge sent by the Lender

•The Lender must, within 2 working days of confirmation of payment, sent the Authorization to Discharge to the Legal Counsel.

(8)     Authorization to Discharge received on Assyst Real Estate

•The Legal Counsel received the Authorization to Discharge and the Resolution Document. He is informed by a message in his Note section on Assyst Real Estate.

(9)     Discharge Registered

•The Legal Counsel prepares the Discharge (partial or total), and the document is signed by the authorized person.

•He sends the Discharge electronically to the Land Register via Assyst Real Estate for registration purpose.

(10)   Discharge Registered

•The Legal Counsel selects the Discharge Registered status and the information relating to the discharge registration is send to the Lender.

•End of process.