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.
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