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Archive for July, 2013

Parcel RegisterReal estate sales professionals are obliged to conduct due diligence, especially when taking on a new listing. This due diligence includes evaluating both the client and the property.

On a new listing, you not only want to look at the physical property to ensure that you have disclosed all physical attributes accurately, you should also consider looking at a part of a property title search that is called the Parcel Register.

The Parcel Register essentially provides the history of the property’s title, including ownership, transfers and encumbrances. The Parcel Register is an excellent device that can be leveraged to exercise due diligence when taking on a new client.

  • First of all, the Parcel Register will enable you to quickly identify all legal owners of the property so that you can ensure that all of the right parties are present when you sign off on your contract with them.
  • The Parcel Register will also provide information that should give you an idea of whether or not your client has sufficient equity to pay your fees. You will be able to see when the property was transferred to your client, in what amount, any mortgages registered against the property, when they were registered and the amount that they were registered for. For example, what would you do if you engaged a new client who wanted to sell their home for $350,000 but then upon reviewing their Parcel Register you saw that they purchased the home 10 months ago for $300,000 and have a mortgage that was registered only 10 months ago for $290,000? In this scenario, this client may not have the equity they think they do or the ability to pay your fees.
  • The Parcel Register also helps you avoid issues from arising upon closing. The Parcel Register will reveal any liens which could include condo fee arrears, property tax arrears, and construction liens just to name a few. It will also reveal un-discharged mortgages and other items that could cause delays.

Most people don’t intentionally miscommunicate or omit information, but if this happens, it results in an incredible waste of time for all those involved. It causes a complete chain reaction; not only does your time get wasted but so too does the time of the prospective buyer, the buyer’s agent, mortgage broker, lender, real estate lawyer, etc…

Exercising your due diligence at the beginning of a transaction can save you, your client and other parties significant time and expense as problem deals can be quickly identified. There are many issues that come up at the last minute on real estate closings that could be identified much earlier through a Parcel Register. Many of these issues can be overcome through providing the real estate lawyer with documentation as they request it, but knowing and addressing these issues earlier in the process makes closings go much more smoothly.

For more information about how you can obtain a Parcel Register through GeoWarehouse please visit www.geowarehouse.ca or call 1-866-237-5937.

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GeoWarehouse TrainingIf there is one thing that the GeoWarehouse team at Teranet has maintained, it’s a constant commitment towards training and a positive user experience. Providing access to information and resources to make using GeoWarehouse effortless continues to be a top priority.

As you are aware, this year GeoWarehouse went social. This included the launch of a brand new YouTube channel, GeoWarehouseTV. The channel can be accessed by visiting www.youtube.com/user/geowarehouse or by typing GeoWarehouse into the search field on YouTube. Don’t forget to bookmark it in your favourites.

GeoWarehouseTV was created to put access to training resources and other information at your fingertips.

What’s there now?

o   Demo video – product overview http://www.youtube.com/watch?v=oFBG9PW3GqE

o   How to view an Insurance Claims History Report on a property http://www.youtube.com/watch?v=f8TMZ7Dw2sg

o   How to access the “Year Built” of a subject property through an MPAC Assessment Report http://www.youtube.com/watch?v=M5ExV3Jwux4

o   Getting started on GeoWarehouse http://www.youtube.com/watch?v=a3WTOpoeU3Y

o   Performing a Property Search and finding property information http://www.youtube.com/watch?v=ozrhYlreg5s

o   The Property Details Report http://www.youtube.com/watch?v=yVR3xKREm6M

When using GeoWarehouse and any time you have a question or would like a tip about how to do something, quickly access the above video tutorials (which are available both at geowarehouse.ca and on GeoWarehouseTV) to quickly find an answer.

Checking into GeoWarehouseTV regularly is a good idea for both newcomers to the industry and seasoned real estate veterans. GeoWarehouseTV will also be a place where you can learn about new products and promotions. Newcomers can learn about how to use the program, different searches, reports, imagery, other products and their benefits.

Expert Real Estate Sales Professionals stay in the know about new products and updates from the GeoWarehouse team. They can also learn about searches, reports that are available in the GeoWarehouse Store, and new products.

A great example of this is the recent launch of the Insurance Claims History Report:, you now have the ability to access an Insurance Claims History Report on a property on GeoWarehouse (information supplied by HomeVerified) and you can find out more information at GeoWarehouseTV http://www.youtube.com/watch?v=f8TMZ7Dw2sg.

For more information about GeoWarehouse or GeoWarehouseTV please visit www.geowarehouse.ca or www.youtube.com/user/geowarehouse.

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July 8, 2013

Condo Status CertificateThousands of condos are sold in Ontario each year; to purchase or sell a condo requires a condo status certificate. This is because condos are managed by a condo corporation and there are fees involved to the corporation and bi-laws that regulate what condo owners are allowed and not allowed to do.  Generally the condo status certificate is requested by the real estate sales professional or the real estate lawyer.

Condo status certificates are an important part of a condo sale because they provide the buyer with essential information about the financial status of a condo corporation. It will include the condo fees, it will indicate if any large increases to the condo fees are planned and more. It will also contain information about the financial status of a particular unit. The condo status certificate will confirm if the owner of the condo that your client is buying is in arrears on their condo fees or if there is a lien on the condo by the condo corporation for any reason. The condo status certificate will also disclose a host of other information, such as if and what types of pets are allowed in the building and whether or not the condo corporation is involved in any lawsuits.

It is not uncommon for a condo status certificate to be more than 100 pages in length.

Traditionally obtaining condo status certificates has been a time consuming process:

  1. The condo status certificate must be requested in writing from the condo corporation – this means that a letter will have to be prepared. Connecting with condo corporations can sometimes be challenging because smaller ones sometimes are only open part time or sporadically.
  2. There is a fee of $100.00 or more – this requires getting a certified cheque.
  3. The condo corporation has up to 10 days to send back the condo status certificate. While some will fax or drive their condo status certificate request to the condo corporation, many others opt to incur the expense of a courier. This ensures that there was a record of the request having been delivered, starting the 10 day time  clock.

The old way of obtaining condo status certificates has changed thanks to advancements in technology. If you are a real estate sales professional in Ontario and a GeoWarehouse subscriber, you can now obtain a condo status certificate online. Condo status certificates are available online when you register through GeoWarehouse for Conduit. On the GeoWarehouse site, a link is provided and after creating an account you are able to request and purchase the certificate.

Condo status certificates can not only be ordered online but they can also be delivered online. This eliminates management of these large and clunky documents, the expense of couriers and certified cheques. Now you can simply send the digital file to whomever requires it: the mortgage broker, bank, real estate lawyer, etc…

Being able to access condo status certificates online makes closing your deals that much easier.

For more information about how to obtain a condo status certificate online please visit www.geowarehouse.ca or call 1-866-237-5937.

 

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Parcel Register

As a Real Estate Sales Professional you know that your job involves a lot more than just helping people buy and sell homes. You are also relied upon to perform due diligence (for both yourself and your clients), investigate properties and administer contracts between you and your client and then your client and whomever they enter into a real estate transaction with.

Online real estate tools like GeoWarehouse help you to accomplish these tasks . One very popular search that Real Estate Sales Professionals make in the GeoWarehouse Store is the Parcel Register. The reason this search is so popular is because it helps Real Estate Sales Professionals acquire current, accurate information about a homeowner, their property and their financial standing.

A Parcel Register is a part of a property title search that provides information about a property and its history. The Parcel Register contains: the property’s legal description, PIN (Property Identification Number), owner(s) name(s), type and percentage of ownership, easements and restrictions on the property, the property’s purchase history, when the property was last transferred, the transfer amount and from/to information, any mortgages registered against a property, when they were registered, the lender and the amount registered, any liens registered against the property, and more…

The top three reasons why Real Estate Sales Professionals should take advantage of a Parcel Register are:

To assess new clients. When a client comes to you to sell their property, your commission and the other agent’s commission will be paid out of the equity in the home. If a seller has no equity in their home because it is fully encumbered then paying real estate commission becomes a difficult proposition. In addition, you want to ensure that you are representing the actual legal homeowners and the Parcel Register will reveal who is on title. Alternately, when representing a buyer, if they can’t get approved for financing on a mortgage then your time spent showing them properties will have been in vain. If you represent them on the sale of their property, issues like property liens and multiple mortgages may be a signal of other underlying financial issues and presents an opportunity to ensure that they have a sufficient down payment and credit to qualify for a mortgage on their next property purchase.

Negotiate better offers. The Parcel Register will show you the registered mortgages on the property, when the seller purchased the property and what they paid. Knowing the seller’s equity position increases your negotiating power because you can assess if they have more financial room or motivation to accept less than the listed price. You can also identify properties where you may have less negotiating positioning and can set your client’s expectations accordingly.

Validate up-to-the-minute information. Because the information in the Parcel Register comes from the POLARIS database it is the most current and accurate information you can access.

The Parcel Register not only makes assessing new clients, negotiating better offers and validating information much easier, it also helps you avoid surprises upon closing. Reviewing a Parcel Register makes you aware of any title related issues that may be problematic.

For more information about GeoWarehouse or about how you can obtain a Parcel Register in the GeoWarehouse Store please visit www.geowarehouse.ca or call 1-866-237-5937.

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