Thanks largely to technology, today’s buyer is far more informed. Many buyers have experience with real estate, both buying and selling, and they want – and – expect, full disclosure. Some buyers may even go as far as to ask for perfect title right on the Agreement of Purchase and Sale. Buyers expect more and real estate sales professionals who want to remain competitive have to provide it!
One of the most insightful documents that you can obtain to get a really accurate snapshot of a property’s title is a Parcel Register*. The Parcel Register* is an electronic document that contains a host of valuable information, including:
- The property’s PIN (Property Identification Number)
- A legal description of the property
- Who the legal homeowners are, the type of ownership and percentage
- Easements
- A history of property transfers, transferees/transferors, dates and amounts
- Registered mortgages against the property – lender, registration date, amount and value
- Registered liens – registration date, amounts and the individual or company who registered it
- And much, much more…
Each item listed on the Parcel Register* includes a registration number. This can be used to pull Instrument Images of the actual document that was filed as it relates to the registration. An Instrument Image related to a lien, for example, will reveal further details such as contact information for the lawyer who registered the lien, in the event a discharge needs to be obtained.
A Parcel Register* is an invaluable document to obtain and even provide to your client on every deal.
Another very valuable report that buyers may find interesting is the HomeVerified Report. This is an insurance report that reveals information about a property or area based on insurance claims. For instance, if a property has had flood claims, it could be a sign that there are other problems with the property, or if the surrounding area is well known for a particular type of claim, this may also be considered a red flag. On the flipside, a clean HomeVerified Report gives your client added comfort that they are buying a good property, free of any issues.
If your client is buying a condo, a condo certificate is the best disclosure document that you can obtain to shed light on condo related matters, including the condo corporation’s financial standing, the condo’s financial standing and even restrictions related to the condo.
In this day and age, full disclosure is the name of the game and thanks to tools and resources, providing it is easier than ever.
Don’t get stuck without the information your clients want. Get it today by visiting www.geowarehouse.ca.
*An official product of the Ontario government pursuant to provincial land registration statutes.
