Ethics and Client Cash Flow: Trust Account Management
Oct 21, 2014 | Article
Written by Candace Cooper
(The Commons Institute- Ethical Considerations in the Practice of Real Estate Law 2014)
The day of a real estate closing involves many moving parts, and the movement of closing funds is only one of many components of a closing. However, the movement of closing funds by a real estate lawyer through the firm's trust account is one of the riskiest obligations law firms face. To assist practitioners in determining what makes sense for his or her practice, this paper will examine the pros and cons of wire transfers, tips to confirm that a bank draft or certified cheque is legitimate, the Law Society of Upper Canada's (LSUC) requirements for the payment of land transfer tax and registration fees, and a review of LAWPRO's trust account coverage.
Read the full article Ethics_and_Client_Cash_Flow