SureFund: A tool of the times

How this new tool helps real estate lawyers meet key challenges in their practice

SureFund: A tool of the times

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Time and time again, Dil Grewal, Senior Vice President, Registry and Property Solutions at Teranet, has heard real estate law firms say they are under pressure to do more with less, as clients continue to expect more in terms of service.

Lawyers and clerks have shared countless tales of frustration with long delays and processing errors when dealing with the preparation of cheques and bank drafts, as well as the manual pick-up and delivery of these — not to mention the time required to complete  the  activities, Grewal  notes  —  and  the  COVID-19  pandemic  added  physical  risks  and  challenges  with  in-person  activities  on  day  of  closing.  Specifically,  Teranet  was  hearing:  What  else  can  you  do  for  me  when  it  comes  to  making  things  easier  with  this  still very labour-intensive process? This was a need  in  their  customer  base  which  they  very  much wanted to address.

“There’s no question that the past year and a half has driven more law firms to adopt remote-friendly technologies, but there was still a gap — the need for a secure, streamlined funds management solution.” Dilprit Grewal, Senior Vice President, Registry and Property Solutions, Teranet

“There’s no question that the past year and a  half  has  driven  more  law  firms  to  adopt  remote-friendly  technologies,  but  there  was  still  a  gap  —  the  need  for  a  secure,  stream-lined  funds  management  solution,”  Grewal says.  “SureFund  offers  a  way  to  solve  these  problems  by  delivering  a  more  efficient  and  secure way to enhance productivity and deliver increased client satisfaction.”

The  Teranet  team  designed  an  intuitive  solution  that  leverages  a  modernized  user  interface  to  make  the  learning  curve  very  short and ensures ongoing ease of use because “we  wanted  law  firms  to  feel  confident  using  SureFund  from  Day  1,  so  their  time  and  energy  can  be  spent  on  delivering  quality  service to their clients, rather than being frustrated by trying to figure out how to use a new system,” Grewal says.

The  ability  to  easily  collaborate  with  other  lawyers on transactions is a key advantage of SureFund, and a feature that Teranet is proud of,  Grewal  says.  Customers  reported  poor  communication, missed calls, unread emails, and constant follow-ups with other law firms as  some  of  the  main  hindrances  to  productivity.  Not  only  did  these  issues  slow  them down,  but  they  also  lead  to  errors,  re-work  and  client  confusion.  But  with  SureFund,  shared  details  and  the  status  of  deals  “are  at  everyone’s fingertips.”

“Lawyers will always be on the same page as to where things stand,” Grewal says. “SureFund provides  significant  efficiencies  and  reduces  uncertainty for everyone involved.”

With no indication of the world “going back” to how it was pre-pandemic, the demand for remote or virtual closings will only continue to rise — and the real estate market shows no sign of slowing down either. SureFund’s web-based platform creates opportunity for real estate lawyers to attract clients from anywhere in Ontario and is the kind of solution that puts the lawyer at the forefront — the mark of a modern office that’s committed to providing solutions to clients’ ever-evolving concerns. In an environment where more attention than ever is being paid to things like practice management, incorporating solutions that allow for greater efficiency and a superior customer experience is critical to staying ahead of the curve.

“Teranet has always had the tools customers need when they need them,” Grewal says. “SureFund is a secure, intuitive, collaborative solution that helps our client base meet the challenges of today’s real estate practice head on.”

SureFund™ is currently in the pilot phase and available in Ontario.

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