When representing a client, whether it is a buyer or a seller, the more information you have about a property and its owners, the better. Most real estate sales professionals will turn to a search in GeoWarehouse to get the information they need quickly. A property ownership search can be performed in GeoWarehouse by leveraging different reports and searches to obtain the information that you need.
When requesting a Property Details Report in GeoWarehouse, you will get access to not only the sales on the subject property, but also the property’s PIN (Property Identification Number). Say you want to know how much the subject property is encumbered for, what current owners paid for the home, when they purchased it, etc. Armed with the property address and PIN, you can request a Parcel Register in the GeoWarehouse Store and instantly identify who is on title to the property, the type of ownership, when they purchased the property, what they paid for it and any mortgages or liens registered.
This can make you more efficient in so many ways:
· You can validate that the client engaging you actually is the homeowner. What does this mean to you? It means that, if there are other people on title, they are consenting to the sale of the property and that you in fact contract all of the relevant parties.
· You can learn of encumbrances and liens on the subject property and protect your interests and other closing costs. What does this mean to you? Incredible time savings. You can quickly identify if your deal is in fact a practical deal and address financial shortfalls before investing your valuable time and energy into representing a client.
· You can identify any prevalent issues that could impact the deal from closing. What does this mean to you? There is nothing worse than being at the 11th hour on a closing and getting a call from the real estate lawyer advising you that there are issues on title that will prevent your deal from closing. Seeing what is on the Parcel Register will greatly mitigate this and enable you to assist your client to resolve any issues well before your closing date.
Validating property ownership can play a key role in any real estate transaction, and having this information will lead to increased efficiency and a smoother closing.
We want to hear from you. Have you ever had a deal go south on closing because of title related issues?
If you would like more information about GeoWarehouse, please visit www.geowarehouse.ca or call 1-866-237-5937.