Main Menu Commands

These commands are on the menu bar at the top of settlement statement screens 1 through 8.

File  -  New, Open, Close, Delete, Print, Export, Exit

Edit  -  Cut, Copy, Paste, Delete

View  -  (Settlement Statement screens 1 through 8)

Options  -  This File, Default Template, Workstation, Site

Window  -  Status, Disbursements, Funds In, 1099-S, Memos,

Lookup, Edit Check, POC

Help  -  Help here (F1), Contents, Search, About


Template Options

Default Template Name

The Default Template Name box selects a default template for new files.  When you create a new file, data is copied from the default template to the new file.

(see:  New File)

Signature Location

HUD-1 signatures are located on page 2  or  page 3,  or  no signature lines.  If there are more signatures than will fit on page 2, then they are printed on page 3.  If there are page 3 clauses, then the signatures are always on page 3.

Combine Checks

Documents to Print

Settlement Address

HUD-1 Footnotes, pp. 1 & 2

HUD-1 Certification text

HUD-1 page 3 Intro

HUD-1 page 3 Clauses

Tax-ID Certification text


File Options

Signature Location

HUD-1 signature lines are located on page 2  or  page 3,  or  no signature lines.  If there are more signatures than will fit on page 2, then they are printed on page 3.  If there are page 3 clauses, then the signatures are also on page 3.

HUD-1 Footnotes, pp. 1 & 2

HUD-1 Certification text

HUD-1 page 3 Intro

HUD-1 page 3 Clauses

Tax-ID Certification text


HUD Certification text

Enter text to be printed above signature blocks on the HUD-1.  A perjury warning or other notice may be printed at the bottom of the signature page in fine print.


Footnotes on HUD page 1 & 2
Footnotes on HUD pages 1 & 2

Enter text to be printed at the bottom of page 1 or 2 of the HUD-1 settlement statement.

Information entered here may be referenced by entering suitable text in one or more of the HUD line entries on the same page.  This is suggested in case there is not enough room on a HUD line entry to enter everything needed there.


HUD Page 3 Introductory text

Enter text to be printed beginning the optional third page of a settlement statement.

Entering text here does not force a third page to be printed.  However, if a third page is printed, this text is printed at the top of that page.


HUD Page 3 Clauses

Enter settlement statement page 3 text, if any.  This text prints after the page 3 introduction, and before the signature certification text.

Settlement statement page 3 is always printed if Page 3 Clauses are present here.

If page 3 is printed, then signatures will also be on page 3.


Tax-ID Certification
Tax-ID Certification text

Location of Tax-ID Certification text

Seller's tax-ID certification can be printed on the 1099-S, or not printed.

Tax-ID Certification text

Enter the desired text for soliciting and certifiying the tax-ID.


User Workstation Options
Workstation Options

Printer Setup

Configure a printer for letter size paper and for legal size paper.  Use one or two printers.

Specify paper bins for 11" and 14" paper on the corresponding Printer Setup screens.  Use the checkbox to specify whether the program stops for paper size changes, if needed.  The Printer microadjust menu item allows printer margin adjustment.

WP Merge setup


Printer margin adjustment
Printer margin micro-adjustment

This option fine-tunes the position of printed text and margins, allowing for some variation in how printers work.  Only documents printed by Power CloseR are affected by this margin adjustment.


Open a File

Press the OK button to display the File Name list, and select a file from the list.

Enter letters from the Buyer/borrower last name to narrow down the search, or enter the File Name, if known. The File Name box is set automatically when a file is selected from the File Name list.  When a file is selected, press enter, or double click on the file in the File Name list.

The File Name list normally shows only files that have not been marked Closed.  Access closed files using the Filter menu item at the top of this screen.

Access Template files using the Templates menu item.

Also see: Template Options

Create new files by pressing Cancel then access the New File screen from the File menu.


New File

Enter the File Name for the new file.  Enter the buyer/borrower name, if known.  The buyer/borrower name can be changed later.  Press the OK button to create the new file.

The new file's contents are normally copied from the Default Template.  Optionally, the new file contents  may be copied from some other template or file.  Use the Template or Closing option buttons to select whether the new file contents are copied from a template or a closing file.  Use the list at the bottom of the screen to select which filename's contents are copied to the new file.

Templates

The New File screen can create closing files or template files.  Use the Templates menu item at the top of the screen to create a template.  When creating a template, options for copying data from other files work the same way as described above.

Also see: Template Options


Print
Printing

Use the checkboxes on the left side of the screen to select documents to print.  For each document selected, enter the number of copies desired.

Use the checkboxes on the right side of the screen to export data to word processing, accounting, or both.

If the file status is pre-closing, the option to export accounting data is not available.  Also, if the file status is pre-closing, documents have the words PRE-CLOSING DRAFT printed at the top.

If the current file is a template, the selected options will be copied into any new files created using this template.  By default, templates are not printed.  If the current file is a template and you want to print, check the Print template documents checkbox which appears, for templates, above the OK button


Export data to WP merge file

If accessed via a closing file (not Workstation Options)...

Press the OK button to export data for merging to word processing documents.  If desired, change the following options before pressing OK.

The Export TO file name is automatically set to match the current file name (up to the first 8 characters are copied).  A different Export TO file name can be entered now, if desired.

The WP merge file drive and the WP merge file directory are automatically set to match the default template settings.  A different drive and directory can be selected now, if desired.

Prepare your word processing template documents using Word Perfect or MS Word.  Insert Merge Field Names at the locations where you want to merge text data from a closing file.  You can see a full list of available Merge Field Names at the beginning of an exported merge file, just load it into your word processor application.  Refer to your WordPerfect or MS Word manuals (or online help) for specific instructions on creating template documents and how to use the merge function.

If accessed via Workstation Options...

Enter the default WP merge file extension (3 characters after the dot in the filename).  NOTE: Three merge files are created.  By default they are named <filename>.DOC, <filename>.DO1 and <filename>.DO2.  The .DOC file contains the most frequently used data.  The .DO1 and .DO2 files contain all data that appear on HUD page 1 and 2, respectively.

Select the desired merge file format, default WP merge file drive letter and WP merge file directory.

Press OK.


Export Accounting Data

If accessed via a closing (not Site Options)...

Press OK to export accounting data.  If desired, change the following options before pressing OK.

The checkboxes (Export Disbursements, Export Funds In) determine what data is exported.

Export TO file name is automatically set to match the current file name (up to the first 8 characters are copied).  A different Export TO file name can be entered now, if desired.

The Accounting data drive and the Accounting data file directory are automatically set to match the default template settings.  A different drive and directory can be selected now, if desired.

If accessed via Site Options...

Enter the default accounting data file extension (3 characters after the dot in the filename).

Select the desired default accounting data file drive letter and file directory.

Select data to export (checkboxes: Export Disbursements, Export Funds In).

Press OK.  Accounting data exported at any workstation will conform to the options selected.


Status of Closing

File Status

Pre-closing	-   Data Entry

Ready to Close	-   Settlement data has been entered   (HUD-1 editing is disabled)

Disbursed	-   Final stage before a file is marked Closed

Set File Status option, as desired, then hit enter or click OK.  A file may be moved from Ready to Close back to Pre-closing in order to do more data entry.

File Closed checkbox, [mm/dd/yy]

When all work on a file is complete, use the File Closed checkbox to set the File Closed date to today.

SPECIAL NOTE:  File Closed Date is NOT equivalent to Settlement Date.  File Closed means no more work is expected for the file.  Some "closed" files might be pre-closing work that "busted."

Checklist

The checklist may indicate closing data discrepancies.


Disbursements

All disbursement information can be accessed from this screen.  Dollar amounts from the settlement statement cannot be changed here.  However, disbursements and associated checks can be manipulated in various ways, using the menu items at the top of this screen:

Edit Item

Select an item from the Disbursements list, then hit enter or double click on the item.

Combine / Uncombine

Press Alt-C or click the Combine menu to start a combine operation.  Then select each item to be combined from the Disbursements list.  Finally, press Alt-C or click the Combine menu again to combine the selected items.  To uncombine an item, select the desired item from either the Disbursements list or Supporting Data list, then press Alt-U or click on the Uncombine menu.

Split / Unsplit

To split an item, select the desired item from the Disbursements list and press Alt-S or click the Split menu.  Enter the split check amounts on the subsequent screens.  To unsplit an item, select the desired item from the Supporting Data list (bottom box), then press Alt-N or click the Unsplit menu.


Funds Into Trust

Funds In amounts are normally determined from data entered on other screens.  Funds In amounts can also be entered manually here, if desired.

When you know the [buyer/seller] delivers funds in excess of the amount due at settlement (HUD-1 line [303/603] ), enter the amount due plus the overpayment and select the Specify Deposit checkbox to generate a balancing refund to the [buyer/seller].


Memos / reminders

The memo window provides a scratchpad for memos and reminders.

A memo's status is either Active or Inactive.   Active memos are indicated by an asterisk ( * ).

The Memos window is automatically retrieved when opening a file which has active memos.  Use the Make Active or Make Inactive menu items to change the status of a memo.

Memos are informational and have no particular effect on other processing.


Lookup

The Lookup window is available from most lines on the settlement statement.  A circular file icon on one of the main screens indicates previously entered information is available for retrieval.  The Lookup window retrieves previously entered names, addresses or settlement statement line descriptions.

The Lookup window has 3 formats:  Line Description only, Name and Address only, and combined Line Description with Name and Address.  Each section is used as follows:

Line Description

Select a description from the list (if available), or enter the description directly.

Name

Select a "to" name from the list (if available) or enter the "to" name directly.

Address

Select an address from the list (if available), or use the Address command button.

Delete a line in one of the lists by first clicking on the line to delete, and then use the Delete from Database menu item.


Edit Disbursement
Edit a Check

Enter data for the check.  Menu items are available to: Retain in Escrow, and Remove from Escrow.

If a check needs to be mailed, the Balance Sheet and the exported accounting data include the address entered here.  Enter check addresses the same way as any other address:

Address entry


Paid Outside Closing
POC  (Paid Outside Closing)

Enter the amount paid outside closing, and select whether paid by buyer/borrower, or paid by seller.

The HUD-1 caption is automatically formatted by the program.  The caption can be changed, if desired.  Only the text in the HUD-1 Caption box is stored by the program.  The text is printed on the appropriate HUD-1 line, directly to the left of the Borrower/buyer column on page 2.


Split fee between buyer and seller

Enter amount paid by buyer/borrower or amount paid by seller.


HUD Screen 1
Settlement Statement Screen 1

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Features on settlement screen 1:

Status  (of closing)   -   Pre-Closing,  Ready to Close,  Disbursed,  File Closed

Dates   -   Settlement date,  Proration date,  Loan Disbursement date

Type of Loan   -   select this item to enter the loan type,  loan number  and

mortgage insurance case number,  or  click on any of those items.

Borrower Name  OR  Seller Name

Lender Name  (Lookup)

Address  OR  Property Location  OR  Place of Settlement


Dates

Settlement Date

This is the central date for closing calculations.  The Proration date, Loan Disbursement date and Loan Payoff calculations are normally based on the Settlement date.

(see: Payoff mortgage loan)

Proration Date

The Proration date defaults to the day after settlement or the settlement date.  Proration adjustments are based on this date.

Proration Adjustment

Loan Disbursement Date

The Loan Disbursement date defaults to the settlement date, unless specified.  Loan interim interest is usually based on this date.

Interim Interest


Name(s)

Use the option buttons at the top of this screen to specify the party types (male, female, corporation, etc).

Enter the party name.  Optionally, enter a description to print after the name (e.g. "his wife" or "under Trust Instrument...," etc.)

If the party is a Seller then enter applicable information in the "Form 1099-S" checkbox and the SSN/Tax ID text box.  Seller 1099-S forms are generated based on data entered here and on the HUD-1.

If there are additional parties, use the Add new party menu item.  If a party needs to be deleted then use the Delete party menu item.  Use the Next command button to cycle through the parties.  Use the Continue command button when name entry is complete.

If particular signature information is needed for a party, then use the Signature(s) command button:

Signature(s)

View the "Name(s) on HUD-1," "Signature line(s)" and "Name(s) on legal instruments" textboxes to verify the data is correct in each case.  The Signature Line(s) and Names on Legal Instruments textboxes can be manually edited, if desired.  Access those textboxes by using the Edit command button.


Party Name

Enter name information for each buyer/borrower or seller party.  If there are two individuals, say, a man and his wife, use this screen twice (i.e. once for each party name).

Use the option buttons across the top to specify the type of party (male, female, corporation, etc).

Enter the name of the party.  Optionally, enter a description to print after the name (e.g. "his wife" or "under Trust Instrument...," etc.)

If the party is a Seller then enter applicable information in the "Form 1099-S" checkbox and the SSN/Tax ID text box.  Seller 1099-S forms are generated based on data entered here and on the HUD-1.

If there are additional parties, use the Add new party menu item.  If a party needs to be deleted then use the Delete party menu item.  Once there are multiple parties, use the Next command button to cycle this screen  through the parties.

If additional signature information needs to be entered for this party, then use the Signature(s) command button:

Signature(s)


Signature(s)

Enter the signature name, and any other signatory or signatories for a party.  If there are more than three signatories for a party, then use the More Signatures command button.

If the signature name is different than the party name, then enter the signature name in the Name text box on this screen.  If applicable, enter a signature name description (e.g. "a general partnership under the laws of...").

Enter the actual signatory or signatories to the right of the "By:" checkbox(es), checking the "By:" checkbox if applicable (i.e. the signature line starts with the word "By:").

If applicable, enter a signatory description for each signatory (e.g. "executor under the will of..." or "general partner," etc.)

If a signatory needs to be deleted then use the Delete line menu item.


Address

Address Line 1 is always used, Address Line 2 is optional.

When you are entering a Seller address or Property address, a menu item will Copy Buyer/Borrower Address already entered, if desired.

When entering a Property address, the legal description can also be entered (and is later exported to a WP merge file for printing Deeds, etc.):

Legal  -  Property Legal Description

When entering other addresses, a dropdown listbox may appear at address line 1, allowing selection of stored addresses.


Property Legal Description

The Property Legal Description can be exported to a word processing application, along with other data to be used for printing word processing documents.


HUD Screen 2
Settlement Statement Screen 2

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Feature on settlement screen 2:

Adjustments for items paid by seller in advance


Proration Adjustment

Enter the periodic amount to be prorated.

Enter the proration basis period (Annual, Semiannual, Quarterly, or Monthly).

Enter applicable proration From Date and/or To Date.

(See: Site Options)


HUD Screen 3
Settlement Statement Screen 3

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Features on settlement screen 3:

Lines 206/506 through 209/509 can be set up either as Offsetting Amounts, or Funds Into Trust and Disbursements from Trust.  Use the "radio buttons" at the bottom of the screen to select.

Deposit or earnest money

Principal amount of new loan(s)

Payoff of  first  or  second  mortgage loan


Deposit or earnest money

Enter amount(s) contributing toward HUD-1 line 201, Deposit or earnest money.

Enter amounts by category of Deposit or earnest money, hit enter or click OK.


Principal amount of new loan

Enter the Principal amount.  Enter the amount of the loan funding check, if known.  (The amount of the funding check can also be entered or changed from the Funds In window.)

Enter the interest rate, number of payments, and first and last payment date, if known.  If new loan data is entered here, then the monthly P&I payment and final payment are calculated.  Also, the daily interest rate for Interim Interest (line 901) is based on the new loan data.  A different P&I payment or final payment can be entered here, if desired.

Rate and payment information can be later exported to a word processing application (use the main screen File menu).


Payoff mortgage loan

If you know the payoff date, per diem and any late charges, then the loan payoff can be calculated here.

A loan payoff amount can also be entered directly on the appropriate line of the settlement statement, without using this screen.


HUD Screen 4
Settlement Statement Screen 4

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Feature on settlement screen 4:

Adjustments for items unpaid by seller


HUD Screen 5
Settlement Statement Screen 5

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Feature on settlement screen 5:

Total Sales Commission


Total Sales/Broker's Commission

Sales/Broker's Commission can either be entered on this screen, or entered directly on lines 700 - 703.

Note:  When a deposit is retained then calculation of the amounts on HUD-1 lines 701, 702, 703 and 506 is determined by the Configure Broker Deposit options in effect when the current file was created (see Site Options under the Options main menu item):

Configure Broker Retained Deposit


Configure Broker Retained Deposit

These options apply when a Broker retains some or all of an earnest money deposit.  The options affect the appearance of data on the settlement statement.  The total commission received by the broker is not affected.  The amount of any broker check at settlement is not affected.

When a new file is opened, the options set here are copied to the new file.  Changing the options does not modify any existing (already created) files, only new files will be affected.


HUD Screen 6
Settlement Statement Screen 6

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts

Features on settlement screen 6:

Interest  -  interim interest on new loan

Line 1008 -  (Reserves Deposited With Lender)  Aggregate Escrow Adjustement.  If aggregate escrow accounting is used, then line 1008 may be used to enter a negative amount for the aggregate escrow adjustment.


Interim Interest

Interim interest can either be entered on this screen, or directly on line 901.

If the New Loan screen was completed, then the daily interest is calculated to 4 decimals here.


HUD Screen 7
Settlement Statement Screen 7

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts


HUD Screen 8
Settlement Statement Screen 8

Main Menu Commands (File, Edit, View, Options, Window)

Keyboard Shortcuts


File Commands

New   -   create a new file or template

Open   -   open an existing file or template

Close   -   close the current file or template

Delete   -   delete the current file or template, after confirmation

Print   -   print documents (with option to export data)

Export WP Mergefile   -   export word processing data

Export Accounting Data   -   export data to Quicken

Exit   -   exit program.


View Commands
View  -  Screens 1 through 8

The PgDn and PgUp keys move to the next and previous screens. respectively.  Pressing Shift and a function key from F1 through F8 moves to screens 1 through 8, respectively.

Settlement Statement page one   -   Summary of Transaction   -   Screens 1 - 4

Shift+F1)  Names/Addresses   -   Buyer, Seller, Lender information, and dates

Shift+F2)  100-120, 400-420    -   Gross Amounts Due,  Adj. for paid items

Shift+F3)  200-209, 500-509    -   Paid By Buyer,  Reductions in Amt. Due Seller

Shift+F4)  210-303, 510-603    -   Adjustments for items unpaid by seller,  Totals

Settlement Statement page two   -   Settlement Charges   -   Screens 5 - 8

Shift+F5)  700-811       -   Sales Commission and Item Payable ICW

Shift+F6)  900-1008     -   Required by Lender in Advance and Reserves

Shift+F7)  1100-1113   -   Title Charges

Shift+F8)  1200-1400   -   Recording, Transfer,  Additional Settlement Charges


Edit Commands

Copy, Cut, Paste  - to and from the Clipboard

This can be used to copy information between this application and other applications, as well as between screens in this application.


Window Commands

Status of Closing

Disbursements

Funds In

1099-S

Memos / reminders

Lookup

Edit a Check

POC  (Paid Outside Closing)


Options Commands

Program options are organized in four groups:

This File

Default Template

Workstation

Site


Tutorial
Quick start

Use the PgUp and PgDn keys to display all parts of the Settlement Statement.

Use the Tab and Shift+Tab keys to move between items on a screen.

Use the arrow keys to select options within an item.

Set program options from the Options menu.

Use the File...New... command and select the Template option to create closing template files.  Use the File...Open command and select the Template option to modify existing templates.

The 'Status' of a closing is 'Pre-Closing' or 'Ready-to-Close' or 'Disbursed.'  Use the Status Window to verify or change the status of a closing.

Program commands are documented in the following summary topic, with indexes to other topics:

Main Menu Commands


Help Commands

    Press F1 now for information about the Help program.


Power CloseR Help Contents

Copyright (c) 1995 Argosy Legal Systems - License and Warranty Agreement

Quick start

Command reference


Copyright Notice and Warranty Notice
License and Limited Warranty Agreement

Please read this License and Limited Warranty.  This is a legal agreement between you and Geoff White d/b/a Argosy Legal Systems concerning the use of this software.  By purchasing and loading the software you are agreeing to accept ownership of a license to use the software and to be bound by the terms of this License and Limited Warranty.

If, after reading this License and Limited Warranty, you do not agree with its terms, return the product within sixty days of purchase to the party from whom you received it for a full refund.

License to Use

Argosy Legal Systems grants to you a non-exclusive license to use this software on one computer at a single site.  You may add users only by purchasing additional copies of the software.  This software license is non-transferable.  You may not make alterations or modifications to the software.  Argosy Legal Systems owns the software and reserves all rights not specifically granted by this license.

Limited Warranty

If for any reason you are not satisfied with the product, remove it from your computer.  The physical media, if supplied by Argosy, is warranted to be an accurate duplication of the software.  The entire and exclusive liability and remedy for breach of this limited warranty shall be limited to replacement of defective media or you removing the software from your computer.  In no event shall Argosy Legal Systems be liable for any loss of profit or damage arising from the use of or inability to use this software, even if Argosy Legal Systems has been advised of the possibility of such damages.

ARGOSY LEGAL SYSTEMS DISCLAIMS ALL OTHER WARRANTIES, REPRESENTATIONS OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

This constitutes the full agreement concerning the use of this software, and the agreement shall be construed, interpreted and governed by the laws of the State of Georgia, U.S.A.  This agreement gives you specific legal rights and you may have others which vary from state to state.


Keyboard Shortcuts

Use the Tab and Shift+Tab keys to move around on each screen.  When selecting a circled option button, use the arrow keys because the tab key will exit the selection.  (Note: generally avoid using the Enter key when the objective is to move to the next item on a screen.)  Settlement screens 1 through 8 use a logical tabbing sequence, so that some items are skipped unless a preceding item has been completed.

Move directly to an item on settlement screens 1 - 8 by holding the Ctrl key and pressing an arrow key:

Ctrl+<arrow key>	For example: Ctrl+DownArrow moves down the screen

Other keyboard shortcuts:

Shift+Fn	Shift+F1 goes to screen 1, Shift+F8 goes to screen 8, etc.
PgUp, PgDn	Go to screen number preceding or following the current screen number

Ctrl+S	Status of Closing
Ctrl+D	Disbursements
Ctrl+F	Funds In
Ctrl+P	Print

Ctrl+L	Lookup
Ctrl+K	Edit a check
Ctrl+O	Paid Outside Closing


Site Options

Settlement Agent Tax-ID number

Enter the Settlement Agent Tax-ID number and address to print on form 1099-S.

Settlement Agent Address

Configure Broker Deposit

Accounting Setup

Proration Date Default

Select whether the Proration date defaults to the day after settlement or the day of settlement.
(Proration for the day of settlement is allocated to either the seller or the buyer.)


1099-S Form(s)
Seller's 1099-S

1099-S forms are generated based upon entries on the Name screen.  One 1099-S is generated for each seller where the 1099-S box was checked on the Name screen.  (The program presets the box, generating a 1099-S unless the type of name is "corporate.")

If multiple 1099-S forms are generated, cycle between them by pressing the Next command button.  When done, press Done.  If a 1099-S was generated for a seller but is not required, use the Delete button.

Each 1099-S is prefilled with the following information:  Filer's Address and Filer's Federal Identification number (from Site Options Settlement Agent Tax-ID number and Address), Transferor's Identification number and Name (from the seller Name screen), Transferor's address (from the Seller Address screen), Gross proceeds (from line 201), Property address (from Property Address screen) and Buyer's part of real estate tax (from lines 106 and 107).

The checkbox "...transferor receives property or services as part of the consideration" is not pre-filled.  You must check that item, if applicable.

The 1099-S forms are printed from the File...Print... menu command.


Checklist

The Checklist may indicate discrepancies in a closing file.

The Checklist is purely informational.  It is accessed from the File Status window, but has no effect on File Status or other processing.