AUTOMATING THE ROT
HUGE TIME SAVINGS
In response to requests from COMPLETIONmonitor clients, COMPLETIONmonitor now offers an automated Report on Title (ROT), saving solicitors significant amounts of time on the most time-consuming document in the conveyancing process. Here is why firms have asked for an ROT capability:
- 85% of the information required in a check-list could trigger predictive text and relevant paragraphs in a ROT (e.g. New Build, joint ownership capacity, LAS information, Title information, Leasehold information such as assignment provisions, etc). ROTs can take up to an hour to complete if done manually even if the firm has good templates.
- Firms find that they do not update their templates as frequently as needed when it comes to new areas of risk or emerging areas of concern, such as Green Deal advice, Solar Panels and more. Even if a lawyer builds a bespoke paragraph, it is not necessarily saved centrally or shared with other lawyers within the firm.
- The current process of drafting a ROT is inefficient as it involves a duplication of work — papers are received to raise enquiries with the vendor’s lawyers and then again to prepare the ROT.
- Due to the time it takes to prepare a manual ROT, lawyers often struggle to find the time to prepare this key document, which can result in a delay of the transaction.
Benefits of the COMPLETIONmonitor automated ROT:
- COMPLETIONmonitor’s ROT brings increased protection, consistency and efficiency to building the most important document in a purchase transaction.
- When working with COMPLETIONmonitor’s pre-completion checklist, it takes only3 extra minutes to generate a ROT. That’s a savings of at least 40 minutes per case.
- The combined pre-completion checklist and ROT questions take no more than 10 minutes to complete – a significant time savings.
- COMPLETIONmonitor will build the ROT at no extra charge on your prefered template.
- COMPLETIONmonitor can suggest relevant additional paragraphs.
To find out about the cost for the ROT feature please contact us.
FOR MORE INFORMATION
Please contact us.