One of the most recent enhancements to GeoWarehouse is the Title Check tool, a transformative solution developed to streamline the due diligence process for Real Estate Professionals.
In this blog, we are thrilled to showcase a conversation with a GeoWarehouse expert and Senior Product Manager at Teranet, delving deeper into the benefits of the Title Check Tool.
Q: Can you tell us a little bit about yourself and what your role is at Teranet?
Sanket: I am Sanket Nandavadekar, a product and technology enthusiast with a profound passion for innovation and driving growth. Throughout my career journey, I have held various positions in the product and data space, positively impacting millions of users.
I am thrilled to continue this journey at Teranet, where I am most enthused about shaping the roadmap of the GeoWarehouse product and contributing to its growth and how it helps serve subscribers in their property research and intelligence gathering.
As Senior Product Manager – Real Estate at Teranet, I love witnessing GeoWarehouse users encounter “AHA moments” while navigating the platform and subsequently recommending it to their peers.
Q: What inspired the development of the Title Check tool, and how do you see it solving key real estate issues for our users?
Sanket: GeoWarehouse users depend on the land registry and property intelligence information for conducting thorough due diligence and acquiring reports for properties of interest.
Prior to the implementation of the Title Checks tool, users often spent considerable time uncovering all the possible encumbrances to understand the full property history to ensure they were aware of any negative impacts on the transaction. The inspiration was to find a way to streamline the process of gathering property intelligence for GeoWarehouse users. The launch of the Title Check tool effectively resolved this, making the due diligence process quick and easy.
The tool informs users when there is an active encumbrance on a property. It lists the five most common encumbrances that are registered on the Title and displays them through the new Title Check Tool: Mortgage, Leins, NOSI, Condo Declaration, and Condo Plan. Our users now learn quickly about the title checks and the process of completing due diligence is much more efficient.
Q: Could you walk users through how to access & use the Title Check tool in GeoWarehouse?
Sanket: Accessing the Title Check Tool in GeoWarehouse is quite easy. You can follow the steps below to access it:
- Login to GeoWarehouse and use the search bar to find your subject property.
- When in the Property Details Report, scroll down to access the new Title Check icon under ‘Reports available for purchase.”
- Review the findings of the Title Check Feature and click ‘View Details’ and continue to checkout.
You can also explore our video resource on how to navigate the Title Check feature in the GeoWarehouse Academy platform.
Q: Can you share how the Title Check tool differs from the Parcel Register?
Sanket: The Parcel Register** is a record within the Land Registration System of Ontario, providing a detailed description of the property and the list of instruments (aka title checks) registered against it. It includes a list of active title checks along with their corresponding instrument numbers associated with the subject property.
The Title Check tool, however, is the most convenient way to learn more about the active title checks and helps you with the due diligence of the subject property. It offers a deeper insight into the five key types of active instruments as mentioned above. If the Title Check reveals an encumbrance, it signifies deeper investigation might be needed and you may want to purchase the Parcel Register to learn more about the subject property to ensure a smooth transaction.
Q: Does the Title Check tool provide historical data on property title checks/instruments?
Sanket: Absolutely, the Title Checks tool provides all the active and historic title checks/instruments that are registered on a subject property. Those are available to view when you click on the ‘View Details’ button on the Title Checks tool which opens a page that lists all the registered title checks/instruments for a subject property.
Q: How is Title Check useful for other industry professionals?
Sanket: Mortgages, liens, NOSI, condominium plans, and condominium declarations are Title checks that every other relevant industry segment should review to complete their due diligence for a subject property.
For instance, developers can invest considerable time and resources into an opportunity, only to encounter red flags that jeopardize the deal and potential investment returns.
The title check feature helps to highlight those red flags that may impact the purchase and sale of a property early enough, providing valuable insights for informed decision-making.
We hope you enjoyed this insightful conversation with Sanket Nandavadekar.
Want to learn more about the Title check tool:
Empower yourself with Expert Training
We have curated an exclusive training course for your use – click here to sign up for this timely session today by registering for the Title Check course or request a group training session today and equip your team with the insights they need to succeed.
*The Title Check feature is available to specific 2024 subscription types and will be accessible upon account renewals.
**An official product of the Ontario government pursuant to provincial land registration statutes.
