Archive for the 'Validating Homeownership Information' Category

Your Go-To Guide for Using Property Data for Background Checks, Real Estate Fraud Investigations, and More

When you need to conduct a property investigation, time is of the essence. You want as much information about a property as possible, as quickly as possible. And the data must be accurate.

With a GeoWarehouse Property Details Report, you can get all the information in one place.

A Property Details Report tells you:

  • Who owns the home.
  • The value of the home.
  • Mortgage registered against the home.

From this you can tell if your client appears to be honest, or if you need to dig deeper.

Red flags you’ll want to examine further include:

  • Other people on title who weren’t disclosed to you.
  • Many transfers of the property.
  • The values of these transfers.
  • Odd transferees – non-arm’s-length, companies, etc.
  • The mortgages registered – are there lots of them? Who are the mortgage lenders? Etc.
  • Is there enough equity for you to get paid?

The value of these property reports can go beyond your peace of mind. It’s important that you execute due diligence and catch potential problems. Even if there is a reasonable explanation for a red-flag item, it’s still better that you know about it early on.

Whether you’re conducting a background check, investigating potential real estate fraud, or conducting your due diligence, the property report is a vital part of the process. That’s why we’ve made GeoWarehouse property reports convenient for you.

With a GeoWarehouse Property Details Report, you:

  • Get your report sent to you instantly — no unnecessary wait times.
  • Can trust the data you’re getting. We take our property data from POLARIS, the Province of Ontario Land Registration Information System, so it is kept up-to-date, complete, and accurate.
  • Receive a comprehensive report. All of the above items are included, making it easy for you to know where to dig deeper.

Property investigation in 15 minutes (or less) is completely possible with GeoWarehouse. We help you save time and money by making you the property expert.

Get started today. Give us a call to begin your property investigation right away. Contact 1-866-237-5937 or visit www.geowarehouse.ca.

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Validate Homeownership InformationWhen representing a buyer or seller in a real estate sales transaction, there are many things that should be considered. One of the most important is who the owner(s) of the property is. The question is, is the ability for a real estate sales professional to validate homeownership critical? We think so!

Why? Independently verifying the homeownership information enables you to ensure that you are dealing with the homeowner at the time the identification is reviewed because you can match the identification to your own information.

It is very common for a client to omit information knowingly or unknowingly under a range of common circumstances:

  • Marital separation
  • The property being in a parent’s name
  • Other people being on title

If the client’s identification doesn’t match the homeownership information or there are other people on title you cannot sell the property. If other people are on title, they will also have to agree to list and sell the property.

FINTRAC forms are required on any real estate transaction. At the time that FINTRAC forms are generated, the real estate sales professional has to verify the client’s identity. Accessing real estate technology that enables you to match your client’s identification against homeownership information enables you to thoroughly validate your client’s identity.

Verifying homeownership information allows for:

  • Smoother closings – Once the lawyer has been instructed, issues with the name of the homeowner shouldn’t come up because you will have verified the homeowner’s identification against the homeownership information.
  • More closed deals because you will be able to focus on deals that don’t have issues.
  • Significant time savings – because you will identify problem deals early on.

When representing a client who is looking to buy a property, it is also very helpful be able to validate the homeownership information of the home they are interested in purchasing.

Doing your due diligence offers so many benefits to both you and your clients.

So, how can you validate homeownership information? Real estate technology such as GeoWarehouse offers the ability to validate homeownership information. If you want to go a step further you can even request a Parcel Register in the GeoWarehouse Store that will tell you the most up-to-date information: the homeowner’s names, type of ownership, percentage of ownership, any mortgages registered against the home, registration dates and amounts, liens on the property and more…

For more information about verifying homeownership information please visit www.geowarehouse.ca or call 1-866-237-5937.

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