As a mortgage broker, it is important to have the most accurate data at your disposal to help you thoroughly conduct your business and support your clients.
While listing data may be useful to help you understand the subject property you are working with, is it offering you all the data that may be required to submit the application and protect your clients?
Listing data is submitted by real estate professionals – this data is not subject to a verification process and may result in incomplete or incorrect data. In contract, land registry data, as accessed through PurView, is complete and authoritative as recorded through the provincial database.
What does land registry data have that listing data doesn’t?
Ontario Land Registry Data provides a fulsome look at the property accessed through the land registry database. This view identifies any ownership details, registered title information such as easements, property boundaries and the legal description.
The listing data may only provide a limited view into the property, which might not include the critical property data that is so often needed to complete your due diligence to ensure a seamless transaction.
Land registry data will include a fulsome view that includes the following data points:
– Property summary
– Property type
– Ownership information
– Historical comparable sales
– Estimated value (AVM)
– Aerial imagery of the property
– Any registered liens or encumbrances on a property *available with a Title Search
Registered documents *available with an Instrument Image or BC plans and documents
Through PurView, users can dig even further into the property by supplementing their research with additional documents including a Parcel Register (ON), Title Search (BC) or Title Certificate (AB) to gain insight into any registered liens or encumbrances or registered mortgages on title.
Documents such as an Instrument Image (ON) or BC Plans and Documents including Mortgage Form B, offer further insight into the registered documents and title allowing you to see the original documents that are charged to the property, including the registered mortgage details which include lender information, liens and encumbrance images which will give insight into outstanding fees and the company which registered the document.
As indicated, there is a difference between listing data and land registry data, and its use cases for mortgage brokers. Teranet’s data, which is direct from the land registry records, ensures that you’re receiving a complete and authoritative overview of the property as a whole. This critical data can only be accessed through PurView and is not currently integrated with any origination platforms. Mortgage professionals can leverage PurView to access this trusted information, which can help you make confident and informed decisions in your business daily.
Explore the power of authoritative property data and what PurView can help you achieve in your business by booking a demo with one of our dedicated experts today. Click here to request a demo.
