The stakeholder matter type is used in circumstances where a law firm is acting as Stakeholder for both parties under a contract for sale of land in a Conveyancing matter type. The matter type would be opened to record the basic details of the conveyancing transaction, allowing practitioners to credit funds held in trust to a separate trust ledger maintained for the benefit of both the buyer and the seller.
Important to Note: The Stakeholder matter will be held in addition to your usual conveyancing matter, and used only for monies held on behalf of both parties (ie a deposit). Any funds held in trust only on behalf of your client (ie stamp duty) would still be entered onto the trust ledger of the conveyancing matter.
This article will show you how to:
- Create a new 'Stakeholder' matter
- Enter the Details
- Add Additional Contacts/Data
- Create a ledger
Creating a Stakeholder Matter
1. Select New Matter > Conveyancing> 'Stakeholder' > select Buyer or Seller and select Next
2. Enter the parties details
Enter the Property Details
Select the property details layout and enter relevant details onto the layout.
Additional Contacts and Data
To add Uncommon Contacts to your matter, open the Matter Settings and select the appropriate contact from the Parties & Data available in your matter.
For Stakeholder, the available parties include Accountant and Additional Contact.
Creating a ledger in the Smokeball Cloud Companion app
1. Select the Billing Icon at the top of the matter screen to open the Companion app
2. You will note the description loads in compliance with QLD Law Society regulations
3. Select the transactions tab to view the Trust Account transactions and generate a Ledger