Parcel Register* – Does it Really Even Matter?
What do you think a Parcel Register* is? Many will say they don’t know, while others may say that a Parcel Register* is a title search, which it actually is not. A Parcel Register* is a part of a title search. The Parcel Register* is a record containing 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. Here is what a Parcel Register* looks like: http://ow.ly/DKbLb.
What can you learn from a Parcel Register*:
- Who is on title to the home – the legal homeowners
- The type of home ownership
- The legal description and PIN (Property Identification Number)
- A history of transfers, charges (mortgages), liens, etc. which includes: the date that the instrument was registered, the instrument number, the date of the registration, the dollar amount if there is one, the registrant’s name, etc…
What can this tell you?
- You can identify if there are other people on title to a property that were not disclosed to you.
- You can identify if there are challenges with equity or surprise information that your client may not have been aware of.
- You can obtain the required numbers to dig deeper if you need to.
So what happens next? If new information is uncovered when reviewing a Parcel Register* you can now report this information back to them and inquire further into any discrepancies. Say for example you or your client wishes to investigate something that appears in the history on the Parcel Register* further, you can take the Instrument Number – this will enable you to pull the instrument image.
The instrument image provides even further detail on a particular registration on the Parcel Register* – like the contact information for the parties who registered the instrument. Some very common examples of instrument images that many real estate sales professionals will look at include: liens, mortgages, transfers and condo declarations.
Parcel Registers* are an important search tool that different professionals leverage throughout a real estate transaction. Because they are current, up-to-the-date of the search, they give you a very accurate snap-shot on the ownership and financial positioning of a particular property. Especially where new listings are concerned, you can greatly mitigate surprises on deals where you represent a seller. A good clean Parcel Register* is actually a sell feature that you can leverage when negotiating a deal with a real estate sales professional who is representing a perspective buyer.
Parcel Register*, doe it really even matter? We think so! For more information about how you can obtain a Parcel Register* please call 1-866-237-5937.
*An official product of the Ontario government pursuant to provincial land registration statutes.