For a real estate professional and trusted advisor, it is important to complete your due diligence for your clients and check for any liens that may be on a property.
A lien on a property could result in transactional delays and could potentially put your commission at risk — in which case you would want to be aware of this before trying to buy or sell a home. And if the lien is too big, or the client has too little home equity to cover it, it could put the whole sale in jeopardy.
When it comes to understanding liens – knowledge is key. By providing your clients the information they need to understand any potential liens on the property, it will save them for any issues after the transaction.
GeoWarehouse offers the tools and resources you need in order to verify the property information and identify liens.
Using a Parcel Register* to check for liens.
A Parcel Register* is an official report from the Ontario Government pursuant to provincial land registration statuses. This provides insight into a property description and a list of instruments registered against the property within the Land Registration System of Ontario as of the date of the property search.
This report, available in the GeoWarehouse Store, allows you to identify registered encumbrances and acquire statutory documents, such as Instruments and Plans. Click here to see an example of the Parcel Register Report.
The Parcel Register is a tool to use to complete your due diligence and protect the best interest of your client. While a Parcel Register provides insight into liens on a property, it will also help you assess how heavily encumbered the homeowner is with respect to discharged mortgages and title information.
Learning more about the lien with an Instrument Image*
If there is a lien identified on the Parcel Register, you will be given an Registration Number, which is required to look up an Instrument Image*.
An Instrument Image* is a registered document within the Land Registration System of Ontario, which includes liens, mortgages, transfers and condominium declarations.
You can also use this report to find out more details about the lien registrant, including the lawyer who registered the lien.
With the Parcel Register and the Instrument Image*, you will be able to quickly verify the property and identify any liens or encumbrances which could effect the sale or purchase of a property.
The Parcel Register* can help raise your value proposition, as it will help you identify any potential issues with the property which could delay or cancel a transaction. To purchase a Parcel Register* and Instrument Images, please visit the GeoWarehouse store.
* An official product of the Ontario government pursuant to provincial land registration statutes.
