As a mortgage broker in Alberta, you know that even with diligent documentation and strong communication with clients, some deals can fall apart at the last minute due to undiscovered property issues, unexpected financial obligations, or discrepancies in ownership. This is where Land Titles data, as recorded in the land registry database, can be of help. With Land Titles information, mortgage brokers can uncover potential red flags early in the process, can help mitigate risk, and close more deals more efficiently.
What’s the difference between listing data and land titles data?
While listing data is commonly provided by the real estate agent or the property listing, it doesn’t always offer in-depth property insight that Land Titles data provides. Land titles data is the most authoritative property data available, as recorded by the provincial database.
With Land Titles data offers you:
- Property type information
- The LINC
- The full legal description
- Who the legal owners of the property
- Where the legal owners reside
- Access to historical sales and transfers
- The type of tenancy (joint tenants, tenants in common)
- Insight into any registered liens or encumbrances on a property
- What mortgages are registered on the property
Having insight into this data helps mortgage brokers gain a deeper understanding of the property before the application process. Having access to this accurate and verified property information can allow mortgage brokers and agents to identify those red flags in the deal, ensure greater transparency between the borrowers and the lender, reduce delays and last-minute surprises and build stronger and more reliable relationships with your clients.
Land Titles data and fraud mitigation
With the rise of fraud in the industry, it is important to thoroughly conduct your due diligence to ensure you are protecting yourself and your clients. By reviewing title information early in the mortgage process, brokers can confirm legal ownership, identify suspicious transfers, and detect red flags like undisclosed parties or encumbrances. Access to accurate, title data gives you confidence in the deal and allows you to identify inconsistencies before they become bigger issues.
At Teranet, we understand the importance of reliable property data in closing a mortgage deal with confidence, which is why Teranet gathers data from multiple Alberta sources to be able to provide detailed property reports specific to the Alberta market.
Included in the PurView Property Report, you will find:
- Property valuations
- Owners on title
- Historical property sales
- Neighbourhood value ranges
- Comparable sales both current and historical
PurView also provides you with instant, real-time access to title certificates for properties in Alberta.
By integrating land registry data into your workflow, PurView can help you identify potential gaps in the deal early, reduce risk, and help you close deals more confidently. Book a PurView demo today to learn more.
