This guide includes best practices for sending documents in Propdocs so you can confidently move your CRE transaction through the deal process.
When would I need to send a document using Propdocs?
You’ll send a document in Propdocs when you:
- Want a team member to review and/or approve your document before sending it to a counterparty, also referred to internal review.
- Require a counterparty to review, or external review.
- Send it for signing within Propdocs’ e-signing tool.
Send to Counterparty: There are two ways you can share a document with your counterparty.
- Send via Propdocs (recommended): This method allows your counterparties to review, edit and comment within one secure location as a single source of truth, contributing to full transparency with a complete audit trail.
- Send via Email: This option is a good choice when you’d simply prefer a PDF version be sent directly to your counterparties’ email inbox. While this won’t leverage all the potential benefits of using Propdocs, we recognize there may be instances where your counterparty requests this method.
Internal
- Review: This option is ideal for when you’d like to collaborate on a document with your team. It’s best suited for when you’re requesting team members to make edits and add comments to your document.
- Review and Approval: If you require formal approvals for documents to proceed further, when sending a document for internal review you have the option to Request Approval. This creates a traceable approval process where the document must be approved by your selected team member(s) to move forward.
As a best practice, do NOT send a document for approval if:
1) You want to keep working on the document, as sending for approval will lock you out from making changes until the document has been approved (or rejected).
2) You want the Approver to make any edits or comments in the document. Approvers are limited to approving or rejecting documents sent for approval. If you’re looking to collaborate on a document simply send it for review (without requesting approval).
Signing
A document enters the ‘preparing for signing’ stage after your deals have been negotiated, your internal approvals (if applicable) have been completed, and you’re ready to execute the document. It’s important to note that you are unable to send a document for signing: during internal approvals, while your counterparty is reviewing the document, or while there are unresolved suggestions (i.e. changes) in your document. As a best practice, ensure you factor these steps into your timeline planning and that your internal and external parties are completing their required actions in advance of any signing deadlines.