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Price: $295–$795 |
Upgrade: free |
Copies sold: 1,000 - 9,999
Current version: 3.2 |
Year released: 1995 |
Year updated: 2003
Documentation:
• printed manual
• on-line help
• on disk
Description:
Power Closer real estate closing software is designed for attorneys, title companies and others who provide residential closing services. This system produces high-quality settlement documents, quickly and easily.
The software includes powerful interfaces to standard word processing and accounting packages. Over 600 items are exported to MS Word or Word Perfect. Trust accounting data is exported to QuickBooks or Quicken.
A complete online help system and user guide are included, but most people rarely need them. Power Closer follows the standard Windows interface and it's both powerful and extremely easy to use. Take a few minutes to run the demo and see for yourself. The demo is available at http://www.argosylegal.com/powerdn.htm
The following documents are printed directly by Power Closer:
• HUD-1 and HUD-1A settlement statements,
• Escrow trust account balance sheet,
• Borrower/buyer settlement statement and confirmation,
• Seller settlement statement and confirmation,
• Seller 1099's and taxpayer ID certifications and
• Seller Certificate to avoid 1099 reporting.
Power Closer performs these monetary calculations, any of which can be overridden if needed:
• net lender check, include or exclude any disbursement;
• broker commissions by points or percent;
• split sales commissions by points or percent;
• prorations: annual, semi-annual, quarterly, monthly;
• new loan principal and interest payment;
• new loan pre-paid (interim) interest payment;
• new loan origination fee, loan discount;
• loan payoffs by seller;
• seller-financed transactions;
• construction loan transactions;
• refinance transactions;
• loan payoffs for refinance transactions;
• recording fees, look up city/county/state calculations;
• recording fees, payee is recalled by city/county/state;
• transfer fees, look up city/county/state calculations;
• transfer fees, payee is recalled by city/county/state and
• refund check(s) for excess payment by buyer or seller.
Monetary balances are continuously updated in real time. When the closing date, sale price, loan disbursement date, loan amount or interest rate change, then each appropriate calculation screen is automatically re-presented. Each screen shows a recalculation for confirmation or adjustment. Prorations, loan payoffs, loan origination fee, loan discount, interim interest and transfer fees automatically recalculate.
Power Closer saves data continuously as you enter it, so you do not need to remember to manually save anything. Template files let you pre-set any data on the settlement statement. Create new closings or templates by copying from any template or closing. You can create as many templates as you need.
Power Closer's word processing software interface provides the right kind of tool for producing all your other closing documents:
• works with WordPerfect and MS Word;
• spells the new loan amount and contract sales price;
• spells the day, month and year of settlement;
• fills in gender/number-specific pronouns and verbs;
• creates signature line blocks for buyers and sellers; and
• exports over 600 data items for word processing documents;
A single screen in Power Closer simultaneously prints multiple copies of Power Closer documents, exports word processing merge data and exports monetary data to your accounting system.
Power Closer works closely with several third-party accounting software systems, and includes these features for trust accounting and check production:
• interface to Quicken, QuickBooks and QuickBooks Pro,
• point and click to combine/uncombine disbursement checks,
• point and click to split/unsplit disbursement checks,
• "retain in escrow" option for post-closing checks,
• five lines of name and address for mailing checks,
• payees on checks can be different from names on HUD-1 and
• check addressee names can be different from payee names.
Closing templates set up the defaults for combining or splitting HUD-1 lines into disbursement checks, and also set up the defaults for net lender check calculations. Combined and split disbursement checks can be re-arranged using a simple point and click interface.
When you are ready to close (or on request), Power Closer displays a checklist warning you of up to 24 different types of missing or inconsistent closing data. More data-entry features are described next.
A "file open picklist" allows locating a file based on the partial name of the borrower. For example, enter JO to see all open files where the borrower last name begins JO. The file open picklist shows filenames, borrower names, seller names and first lines of property addresses.
Data entry for buyer and seller names includes individuals, couples, partnerships, corporations and trusts. Multiple and alternate signatories are no problem. This includes combinations of up to 18 parties with up to 28 signatories.
Use the "lookup pick list" to select previously entered descriptions, names and addresses; no need to retype. This includes multiple addresses for branch banks, broker offices, and multiple officer and agent names of banks and brokers.
Enter reminder memos by HUD line number for any closing or template. Mark any memo "active" or "inactive." Active memos automatically display when opening a file or template.
The database manager provides closing file reports sorted by closing date, by buyer/borrower name, or by file name. The report shows closing status, buyer/borrower name, seller name, first line of property address and lender name. The database manager also finds user-entered text in property addresses and legal descriptions, searches for user-entered text in party names, and searches by tax ID number.
An entry level system, Power Closer Jr., is available without the interfaces to word processing and accounting. Other separately available modules include end-of-year 1099 reporting on magnetic media, annual upgrades and multi-user network support.
Computer operating systems:
• Windows Me/98/95 or earlier
• Windows NT/2000/XP
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