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Archive for March, 2016

geo2Have you heard the buzz about the new GeoWarehouse? The buzz is with merit because GeoWarehouse has been redesigned to bring you a new and improved customer experience!

A major change is the new enhanced mapping and search capabilities. A new ‘Single Search Bar’ makes it easy to perform a search by address, name, PIN or ARN that also includes recent search activity! You receive real time suggestions as you type your search criteria into the new Single Search Bar. Faster, easier searching – that’s what we’re talking about.

Now, we mentioned property search capabilities on overdrive and we meant it. Do you like searching using the map? New improved map search means that you can perform a ‘Single Click Map Search’, receive quick links to the property report and check out full screen street view. You can use the new location detection feature to quickly find other properties near you.

These changes have been made to make performing searches that much easier. If you are interested in participating in the beta of the new GeoWarehouse visit http://www.gwcollaboration.geowarehouse.ca/.

 

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geo1This week we are getting back to basics! Why? Well, when it comes to this topic, it is one that real estate professionals get confused with all the time. Property title search or Parcel Register*: many think they are one and the same when in fact they are quite different.

The Parcel Register* is an electronic document that contains the transfer and financial history of a property -along with a host of other important information. Often when real estate sales professionals refer to getting a title search, they actually mean Parcel Register*. However, a Parcel Register* is actually just a part of a property title search.

Real estate lawyers commonly perform a full property title search as part of a real estate closing with the Parcel Register* being one element of the full search. Title insurance however has eased this burden and often real estate lawyers won’t perform a complete title search as many things are protected by title insurance. That being said, they will always obtain a current Parcel Register*.

The Parcel Register* is actually one of the most helpful documents in the real estate process because it contains the most current information available and includes a lot of useful information. Some examples include:

  • A legal description of the property and property identification number
  • The legal homeowners of the property
  • The type and percentage of ownership
  • A history of property transfers and transfer amounts
  • A history of registered mortgages and registration amounts
  • Any property liens and more

This is a great way to validate that your client is the legal homeowner. You can also validate that there is enough equity to pay for your services and that there are no financial issues present that you aren’t aware of – not to mention those instances which sometimes arise where something shows up on title that the client is unaware of. This is why many real estate sales professionals will obtain a Parcel Register* when engaging a new client.

You can help your client dig deeper – this is a great practice in due diligence.

Anything registered on a Parcel Register* contains a registration number. You can then use the registration number of any transfer or charge and request the according instrument image. This will enable you to see the document that was registered and the name and contact information of the representative of the party who registered. You can use this to help your client resolve issues that could cause a problem on closing before it gets that far.

So, when you want to verify something simple, know that you don’t need a full property title search to do it. A Parcel Register* can often give you the pertinent information required without doing a full property title search.

GeoWarehouse gives you easy access to the Parcel Register*. To find out more visit www.geowarehouse.ca.

*An official product of the Ontario government pursuant to provincial land registration statutes.

 

 

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geo1If there is one thing that can impact a real estate closing, it’s the discovery of a lien. Often liens are revealed on closing when the real estate lawyer performs searches to certify clear title to the new buyer. Does the real estate lawyer request a lien search? Actually, the real estate lawyer will perform two searches:

  1. An execution search to see if there are any judgements against the party’s name
  2. A Parcel Register* to see if there are any liens registered on title

A Parcel Register* is an component of a property title search which reveals a host of information, including:

  1. Who legally owns the property
  2. A history of property transfers
  3. Registered mortgages
  4. Easements
  5. Liens and more…

Amongst other things, the Parcel Register* provides somewhat of a financial snapshot as it relates to the property. The Parcel Register* contains the most current information available which is why real estate lawyers rely upon it when certifying title.

In Ontario, Teranet is the exclusive provider of land registry data and so real estate lawyers use a software called Teraview to request searches like a Parcel Register* and eventually electronically transfer title once the deal closes.

Real estate lawyers are not the only real estate or legal professionals using Parcel Registers* in the course of their day-to-day activities. Mortgage brokers and real estate sales professionals have also begun to rely on the Parcel Register* as an integral part of the real estate closing process.

Most real estate professionals and mortgage brokers alike are paid on a real estate deal, when the deal closes. Commissions and fees are deducted from the proceeds of sale. When a lien comes up on closing an immense amount of time is wasted: the real estate sales professional, mortgage broker, lender and real estate lawyer are all vested in the deal and at risk of losing.

The sooner the Parcel Register* is requested, the better, because the earlier a lien is discovered in the process, the sooner it can be resolved. Your client may not even know that there is a lien – this is very common with tax liens. The presence of a lien doesn’t mean that the deal is over either. Though a closing date being missed because of one is inconvenient and in some cases expensive, a real estate sales professional can work with their client to resolve the issue before the 11th hour.

Also, a lien that consumes all of the property equity and can’t be resolved means there is no equity to pay you! Working on a deal and want to request a lien search? Access the GeoWarehouse Store to obtain a Parcel Register* today.

Visit www.geowarehouse.ca.

 

*An official product of the Ontario government pursuant to provincial land registration statutes.

 

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Here at Teranet we have been working hard to bring you the latest and greatest, most up-to-date tools to make your life a little easier. This meant listening to your feedback and making improvements to our already great GeoWarehouse tool. These changes have been exceptional – and we are excited about the New GeoWarehouse, especially the new and improved map features. Check them out!

The new single-click map search lets you click anywhere for property info- and gives you quick-link access to full-screen Street View and the Property Report:ware1

 

Even cooler though is our real-time location detection- you can find properties near you with a simple click of the mouse or touchpad!

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The New GeoWarehouse gives you the information you want, right at your fingertips – now with even less time spent!

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Sign up to learn more at http://marketing.geowarehouse.ca/acton/form/1288/0106:d-0001/0/-/-/-/-/index.htm.

Not a GeoWarehouse customer yet? Visit www.geowarehouse.ca to find out what you’re missing.

 

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