Validating Property Ownership Remains a Key Consideration for Ontario Real Estate Sales Professionals
It is more important than ever for real estate sales professionals to perform due diligence when taking on a new client for a listing or to buy a property. Due diligence not only prevents fraud but also saves real estate sales professionals time and hassle.
According to Paul Mangion, real estate sales professional at Axxess Realty, validating property ownership remains a key consideration in Ontario. According to Paul, “Ensuring that no other people are on title that you are unaware of is one of the main reasons we like to validate property ownership. If this comes up on closing, not only is my time wasted but also that of all parties involved.” Paul went on to highlight that independently validating property ownership information also prevents fraud.
When we asked Paul what steps he takes when taking on a new listing, here are some of the things he does and the tools he said he relies on in a typical residential listing:
- Assess/determine the value of the property – Review sales history on both the property and also comparable properties nearby. Tools used: MLS and GeoWarehouse
- Review historical listing data on the property – Tools: MLS and GeoWarehouse
- Confirm property ownership information – Tool: GeoWarehouse
- Validate last assessment value – Tools: MPAC or GeoWarehouse
- Google the address – See if anything is in the news about the property or past owner (death, fire, disaster)
Many real estate sales professionals rely on different tools to validate information about a property, owner or neighbourhood – GeoWarehouse is a central place where all of the above information can be obtained in a single location.
Some real estate sales professionals are even taking the due diligence process one step further; by purchasing a Parcel Register through the GeoWarehouse Store. This is the provincial ownership record and contains a wealth of information about the subject property; such as: ownership and financial standing, property transfer history, any mortgages registered on title, property liens and more.
When you take on a listing there is nothing worse than working on the premise of being paid once a deal is made only to find out later that someone else was on title or that there is not enough equity to cover your commission! Taking advantage of the different tools available can make you more agile and competitive – and save you time and money. There are also a number of different apps emerging that are making it easier for real estate sales professionals to do more on the go.
For more information about validating property ownership information please visit www.geowarehouse.ca.