Reading Your Land Title Search – The Type of Registered Owner is Very Important

Mortgage brokers and agents reference the Parcel Register* so many different ways. It is sometimes referenced as a land title search, other times as a title search. Really a Parcel Register* is a component of title searches historically performed by conveyancers and lawyers.

In recent years much of the information contained in a land title search has been made readily available by Teranet through many different avenues with industry specific formatting that helps a wide range of real estate and land professionals complete necessary due diligence.

Teranet data is derived from POLARIS, the Province of Ontario’s land information database which is the most current source of land titles available in Ontario.

Prior to Purview For Mortgage Brokers, many mortgage brokers and agents would turn to Teranet Express and request a Parcel Register* which is used to verify home ownership information, property sales history and financial registrations like mortgages.

When Purview For Mortgage Brokers was launched a couple of years ago, much of the information contained in the Parcel Register* was pulled into a Property Report that can be generated in Purview for Mortgage Brokers and amongst other things enables mortgage agents and brokers to verify who the legal homeowner of a property is.

Verifying property ownership information is extremely important because it not only cuts down on the time spent working on deals where there are undisclosed parties on title but it also helps to uncover mortgage fraud.

In the case of property ownership information, this legal property owner appears at both the top of the Parcel Register* and at the top of the Property Report generated in Purview For Mortgage Brokers.

The couple of minutes you spend running the necessary searches and reports to validate information in your application not only goes a long way to save you time and hassle but also helps you to strengthen relationships with lenders.

Tools like Purview For Mortgage Brokers are also available to lenders through a similar product, Purview for Lenders, which derives its data from the same source. Finding out that there is a problem with your deal before your lender does enables you to ask your client important questions and strengthens closing rates because you will be bringing forward your deal with the answers to questions that will come up once the underwriter on the lender side begins performing their due diligence.

Purview For Mortgage Brokers is a valuable resource for various reasons - one of the most important being the prevention of real estate fraud. Visit us online today for more information: www.brokers.purview.ca. 

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