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What Can a Parcel Register Tell You About a Property? – brokers

A Parcel Register* can be a mortgage broker’s best friend when it comes to validating property information. But do you know all that it can reveal?

We’ll start with basics: a Parcel Register* is a record containing a property description and list of instruments registered against the property within the Province of Ontario Land Registration Information System (POLARIS) as of the date of the property search. This gives you a real-time, up-to-date report for a property and the provincial ownership record.

You can easily exercise due diligence by identifying registered encumbrances and acquire an instrument number.

That’s the official definition – but let’s put it into plain language and discuss how a Parcel Register* is a valuable tool you can use during the mortgage underwriting process.

A Parcel Register* is delivered as a PDF and is styled as a sort of abstract that tells you (including but not limited to):

  • The legal description of the property.
  • The PIN (Property Identification Number).
  • The legal homeowners – type and percentage of ownership.
  • A history of:
    • Transfers of Ownership – including transferees and transfer/sale amounts.
    • Registrations – like mortgages and liens.
    • Discharges – like mortgages

It reports on the:

  • Registration date
  • Registration number
  • Amount
  • Name of registrant
  • And more.

This enables you in an instant to validate:

  • Who owns the home.
  • What the value was the last time it was transferred.
  • What mortgages are registered – were they registered in an amount in-line with what the applicant says they owe?
  • Are there undisclosed liens?

A Parcel Register* empowers you to know that you are spending time and effort on a deal that will actually happen. Lenders will also be happy because more of your deals will close.

If you aren’t using Parcel Registers* in your mortgage broker business, it could be the tool that takes your property information to the next level.

Call Purview today to find out how to access Parcel Registers* that use data from POLARIS: 1.855.787.8439.

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

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