The COVID-19 pandemic is changing how we do business — especially when it comes to accessing in-person property data.
With social distancing in effect across the country, you must be able to conduct as much business online or remotely as possible to limit public health risks for both you and your clients. Luckily, technology can help do just that.
Today, there are more opportunities for online property reports than ever. In fact, you may even discover a report that you can use beyond the COVID-19 pandemic to save time in your mortgage business.
Read on for property reports that you can access 100% online.
a) Property Details Report
The Property Details Report from Purview allows you to verify the property’s legal description, size, address, and homeowners. This is critical for conducting due diligence.
You can quickly view all owners on title, so you know exactly who needs to be involved with the deal moving forward.
You can also verify critical property details without travelling to the property in question.
b) Ownership and Sales History
The Ownership and Sales History feature from Purview is another way to confirm all legal homeowners on title, plus you can confirm the transaction history of the property to scan for potential fraud.
The Sales History Report also provides a historical view of all the transactions for the subject property. This means that you can quickly see the registration date, sale price, transfer type, and party to information where available.
This can also help when estimating property value if you are doing drive-by or desktop appraisals.
c) Estimated Property Value
Another tool that is useful for estimating property is the Estimated Value Report. This is based on a proven Automated Valuation Model (AVM) to help estimate a property’s value accurately.
When you get a Valuation Report from Purview, the data is based on a real-time estimate of the value of the subject property at a user-specified date.
It includes configurable queries and provides a summary for each applied valuation parameter.
You can also see other critical information, such as the legal address, description, ownership, neighbourhood statistics, comparable sales, and street view and aerial imagery.
d) Equity Estimate
You may need to estimate the available equity, particularly if a client is looking to refinance debt during the COVID-19 pandemic.
This is where an Equity Estimate Report can come in. It allows you to learn details about all registered mortgages on title and estimate the available equity.
e) Comparable Sales
When working with a property, you may also want to see comparable sales in the neighbourhood – especially sales that have taken place during the COVID-19 pandemic.
The Comparable Sales Report can do just that. It shows neighbourhood sales trends — such as the average block sales price — and any comparable transactions that relate directly to the property you are researching.
You can perform searches in multiple ways (and without leaving the house): by radius, sales timeframe, and price range. This report also includes an aerial view of each comparable property.
f) Aerial Imagery
You can also access aerial imagery in another way.
The Aerial Imagery feature lets you see the property from a bird’s eye view. This can allow you to verify property size and view important details, such as the size of the driveway.
You can also view street view imagery, which can be used to see the subject property from the street, the surrounding neighbourhood, and confirm the address.
g) Check Liens
Lenders and insurers can access Lien Checks – seeing any instruments that may be registered against the property.
A Parcel Register* is a real-time, up-to-date report for a property that shows a list of instruments registered against the property as of the date of the search.
If something is found, you can access an Instrument Image*, which is an image of the registered document. This could include liens, mortgages, transfers, condominium declarations, and more.
You must know the Instrument Number to order and view this record, which can be found on the Parcel Register*.
* An official product of the Ontario government pursuant to provincial land registration statutes.
h) Fraud Check
Lenders and insurers also have Fraud Check, which includes 18 configurable queries that check for fraud indicators on the specific property. These queries include:
- Active mortgages
- Recent sales
- Prior foreclosures
- Active judgments
- Active liens
- Unusual discharge
- And more.
This is extremely important during the COVID-19 pandemic.
i) PIN Monitoring
Track title registration activity on properties that you have an interest in. PIN Monitoring notifies you when something is registered on the property. You can also monitor key indicators, such as liens, and assess portfolio health — essential during the COVID-19 pandemic when circumstances can change very quickly.
We know that this time is difficult and unprecedented but having online solutions like the ones above at your disposal can at least help you to maintain the business that is continuing and keep on top of due diligence.
Plus, while these tools are helpful during the pandemic, they are also useful at any time as they can help mortgage brokers, lenders, and insurers alike be more agile and efficient in their businesses.
Learn more about our solutions and how to become a subscriber by calling 1-855-787-8439 or visiting www.purview.ca.
Access our COVID-19 Information Centre for updates from Teranet about our response: https://www.teranet.ca/teranet-news-categories/covid-19-information/