Evaluating Your Portfolio in an Uncertain Market – An eBook for Lenders of All Sizes
Property Title Search Capabilities
What is the difference between a property title search and a standard property report?
We are going to answer that question and reveal how to leverage title search capabilities for your book of business. Read on.
What is a Property Title Search?
A property title search (also known as a Parcel Register*) verifies critical details about a property, including:
- Confirmation of owners on title
- Outstanding encumbrances, such as mortgages, notices, or liens.
- Registered transfers, plans, easements, and more.
- The property’s legal description.
- The Property Identification Number (PIN)
- Registration numbers for items registered on title.
- Details of items registered on title — for example, the date of registration, registration type, amount of the registration, and the parties to/parties from information.
What is a Standard Property Report?
A standard property report from Purview includes some of the same information as a title search, but there are several key differences.
- Property details, including owners on title and the sales history.
- An estimated property valuation based on a precise Automated Valuation Model (AVM).
- An equity estimate.
- Comparable sales trends.
- A fraud check (available for lenders and insurers).
However, what a standard property report does not always reveal is whether there are any active instruments or encumbrances on a property, which is key for risk mitigation and due diligence.
When Should You Use a Title Report?
A title report has many uses and should be a part of your regular due diligence process. It reveals information that cannot be easily found otherwise. If this information is revealed late in the deal, it could jeopardize the closing.
It is particularly beneficial for:
- Digging deeper into property information. Use registration numbers found in a Parcel Register* to review the actual instrument image of charges, mortgages, notices, transfers, liens associated with your properties, and more.
- At the start of a deal to verify legal property information.
- The due diligence process and risk mitigation.
- Spotting fraud flags.
- Identifying the PIN.
- Revealing problems with the title that can be resolved early on, so they do not jeopardize the deal in later stages.
The earlier you receive a title search, the better it can be for ensuring that the deal is valid. This way, only the best deals can go through to closing.
A title search combined with a standard property report gives you fulsome insight into your properties that leads to more effective and efficient deals.
How to Access a Property Title Search
Historically, a property title search was performed by travelling to the appropriate Land Registry Office. However, with the advance of technology that has changed. Today, property title searches are available online, 24 hours per day, seven days a week from anywhere.
Purview provides access to title searches (referred to as Parcel Registers*) and associated Instrument Images*. These can be accessed in conjunction with property reports and other solutions, such as PIN Monitoring.
If you are a Purview subscriber, access title searches on the Purview platform: https://purview.ca/purview/
If you are not a subscriber, become one today. Call 1-855-787-8439 or visit www.purview.ca to learn more.
* An official product of the Ontario government pursuant to provincial land registration statutes.« Back to Blog