Archive for the 'Collection Enforcement' Category

It can be a real estate agent’s nightmare. You’ve taken the time to arrange a great deal for your client who is selling their home… but then they can’t pay you the commission.

Suddenly, you’re out money and time. You could take the client to court to try to recoup the costs, but again that is more money and more time.

Wouldn’t it be easier to just make sure your client is able to pay in the first place?

That’s where this one secret comes in. You will want to be sure this is included in your real estate tool case.

It’s called a Parcel Register*.

A Parcel Register* from GeoWarehouse is like a credit report — but instead of checking a client’s credit score, it checks the property.

It will show you:

  • If any encumbrances exist.
  • The lender the encumbrances are with.
  • When the encumbrances were registered.
  • The registration value of any encumbrances.
  • The legal homeowners and the type of ownership.
  • A history of registered mortgages and liens.
  • And more.

With this tool, you’ll be able to find out from the get-go whether or not the client can pay you and if there is enough equity available in the home for it to be worth your while.

This is vital in today’s changing economy when interest rates are rising, and new mortgage rules are in place. Federally-regulated lenders have to take into account the client’s gross debt service (GDS) ratio — all of the housing related debt they carry — and total debt service (TDS) ratio — the total amount of debt they carry.

However, private lenders that are not federally regulated do not have to do this. So, it could be possible for a client to be securing their mortgage privately and struggling with debt — and you may not find out until it is too late.

That is why it’s always a good idea to get a Parcel Register*. You’ll be able to know more sooner and rest easy knowing that the deal will go through uninterrupted and you’ll be able to get your real estate commission.

A GeoWarehouse Parcel Register* is easy to obtain. Find out more today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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

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June 18, 2018

For collection agencies, law enforcement, and even private investigators, conducting asset investigations is part of the job. Thus, it’s imperative that their data sources be geared towards finding the best, most accurate information.

Whether you’re conducting collection enforcement, tax enforcement, or need to perform an asset investigation for another reason, a property search can be one of the quickest and easiest ways to get the data you want.

With a property search, you can gain access to:

  • Property ownership information that reveals all legal owners registered on a property.
  • Sales history information, such as the account of property transfers, amounts, and transferees.
  • Property value.
  • Registered mortgages and liens. This can be especially interesting if you want to know the funder of a private mortgage.
  • This is critical for bad debt recovery or positioning a lien or judgment.
  • Sales comparables.

When you’re choosing your property search tool, there are some important considerations to be made.

Number one is the data source. Your asset search tools need to be fast, convenient, and above all accurate. An added bonus is when your tech does more in one place. For example, if you have to go to one resource for confirming property ownership, another for finding financial and sales history, and yet another for seeing aerial imagery, any time that you save in speed and convenience is quickly going to be lost.

When you’re selecting a tool for your asset search, there are three data sources that are most common:

  • The local MLS/Real Estate Board (data comes from registered sales).
  • Municipalities (data comes from assessments).
  • The provincial government (land registries are provincial in Canada).

Of the three, the provincial government is the most accurate source for property-related data. This is because anytime a property is transferred for mortgaged/remortgaged in Ontario, it’s first registered with the Land Registry.

In Ontario, Teranet administers POLARIS, the Province of Ontario Land Registry Information System. If you’re using an asset search provider who uses POLARIS as their data source, you can be 100 per cent sure you’re working with most current and accurate property information available.

At GeoWarehouse, our property search reports use POLARIS data and our searches are easy and convenient. You can search by name or by address and you can even go further and access Parcel Register* data and Instrument Images* so you can look at the actual lien documents, mortgage documents, etc. associated to registrations.

The next time you’re conducting an asset investigation, GeoWarehouse could be the tool that gets you results. Learn more about how to become a subscriber at www.geowarehouse.ca.

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

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