Due Diligence Spotlight – Parcel Registers in 1-2-3
When you work in the real estate industry, you know that due diligence is critical — for all types of professionals.
For real estate agents and brokerages, a lack of due diligence can lead to a deal falling through and a disappointed client.
For developers and investors, it can mean sinking time and resources into an opportunity, only to have red flags revealed that jeopardize the deal (and your investment).
Even for non-real-estate industries that use property data — such as law enforcement and debt recover professionals — due diligence tools can reveal more information sooner.
For all professions, there is one item that can greatly increase your due diligence: a Parcel Register.*
Parcel Registers* offer critical property data that can verify homeownership, reveal undischarged mortgages or liens, and even reveal a property’s past.
Through a Parcel Register*, you can learn:
1. The legal description of the property and property identification number (PIN).
a) This can verify if the property is registered, who it is registered to, and if there are any mortgages, liens, and so forth.
2. The ownership information and type of ownership.
a) You never know when another person could pop up on title or if there is a strange ownership dynamic that could complicate a deal.
b) This can also reveal potential fraud or information critical to an investigation or collection action.
3. A history of registrations – (transfers, mortgages, etc.) and top-level information about the registration – who, when and registration number
a) This can reveal red flags such as undischarged mortgages, undisclosed mortgages, and discrepancies in mortgage information provided by the customer.
b) It is also important if you are tracking a property’s history as part of an investigation or assessing a client’s financial situation.
4. Whether a property has any liens on it.
a) For real estate sales professionals, this can tell you whether the property is worth taking on.
b) For real estate developers and investors, this could be a potential bargaining chip for your negotiations.
c) For recovery agents, this could help identify whether the property owner also owes money to other agencies.
5. And a host of other information!
The information found in a Parcel Register* significantly boosts your real estate due diligence whether you are buying, selling, appraising, or investigating a property or beyond.
Parcel Registers* are also convenient because they are often accessible online instantaneously. You can request one when you need it at any stage of the process.
The key to a strong Parcel Register* is the data source. You must evaluate where your Parcel Register* is getting its information from, the accuracy of that data, and its currency. Ideally, your Parcel Register* should provide up-to-the-minute information at the time of request (this is particularly important if you are tracking a property).
We can only speak to the data source of our Parcel Register*, available in the GeoWarehouse Store. Its information comes directly from provincial land registries. In Ontario, the data comes from the Province of Ontario Land Registration Information System (POLARIS), so you can trust that what you are receiving is fulsome, accurate, and up to date.
Plus, a Parcel Register* from GeoWarehouse is easy to obtain online. All you have to do is go to the GeoWarehouse Store. For an in-depth look at how to access the Store, watch our training video: https://vimeo.com/281617019.
Close more deals with fewer surprises and with total fluidity thanks to the power of a Parcel Register.*
Learn more about GeoWarehouse Parcel Registers* and other real due diligence tools by contacting us today. Call 1-866-237-5937 or visit www.geowarehouse.ca.
To access a GeoWarehouse Parcel Register*, you must be a subscriber. Not a subscriber? Become one today! Reach out to sales at 1-866-237-5937 or visiting www.geowarehouse.ca.
* An official product of the Ontario government pursuant to provincial land registration statutes.