Investigate further on Title Search

[TommyK]

Hi everyone.

First of all, I want to thank Barry for presenting us the latest Due Diligence workbook that teaches us some basics about how to read Title Search. It is extremely helpful!

My question is: I went and pulled a title on a property I am going to submit an offer. I thought we could dig deeper by pulling the mortgage details based on the reference number on the title search. The lady at the registry told me that she can only pull the title, but not any of the details.

Does this mean I have to go to Land Title Office instead of registry office for the details of the lien/encumbrance?

Thank you.

Regards,
Tommy

 

[RedlineBrett]

On a land title there should be a name and address for every encumbrance. The people at the land titles office will not have any details on file, if you want to know specifics about each one you or your lawyer will have to use the address/name on the title and see if you can get anywhere.

However, your lawyer must do this for you as a condition to purchase - they are required to give you free and clear title to a property, with the exception of municipal controls ( will show up as "city of Calgary" or "province of Alberta" on the title.

Honestly, if there isn`t anything strange or abnormal about your deal I would save yourself the trouble and let your lawyer do this for you!

Or you could print off the title and send a copy to your lawyer and ask their advice on what the different encumbrances mean.

QUOTE (TommyK @ Nov 10 2008, 10:58 PM) Hi everyone.

First of all, I want to thank Barry for presenting us the latest Due Diligence workbook that teaches us some basics about how to read Title Search. It is extremely helpful!

My question is: I went and pulled a title on a property I am going to submit an offer. I thought we could dig deeper by pulling the mortgage details based on the reference number on the title search. The lady at the registry told me that she can only pull the title, but not any of the details.

Does this mean I have to go to Land Title Office instead of registry office for the details of the lien/encumbrance?

Thank you.

Regards,
Tommy

 

[MikeMcCrae]

The actual details of the mortgage are protected by privacy laws. On the title it will show the amount of the lien and who holds it but none of the details are available without the owners permission.

 

[TommyK]

Thanks Mike and Brett.

The reason I brought it up was at Edmonton Quick Start Barry mentioned about pulling title to investigate further about the encumbrances.

Don gave an example of pulling out mortgage details from the title search to know if the loan is closed or open and penalty information etc.

I guess I was hearing it wrong?

 

[RedlineBrett]

Well I haven`t ever done that before - I know that the original amount of the mortgage will be on title when it is registered. I would suspect that any terms of the mortgage contract would be protected by privacy laws like Mike says.

Not sure why you would want to know rate or open/closed info unless the loan was assumable? Even then you would need to be allowed to do so by the seller so they could easily provide you with this information rather than fussing about with what`s on title.



QUOTE (TommyK @ Nov 11 2008, 05:57 PM) Thanks Mike and Brett.

The reason I brought it up was at Edmonton Quick Start Barry mentioned about pulling title to investigate further about the encumbrances.

Don gave an example of pulling out mortgage details from the title search to know if the loan is closed or open and penalty information etc.

I guess I was hearing it wrong?

 

[WadeFenner]

Hello,

To add a bit of clarity.....

Once you pull title you will see anything registered against the title ie a mtg......... then you have a look to the left and you will see a 9 digit registration number (3 groups of 3 digits) you then ask registries to pull that document which would typically show you more details on the instrument registered and shown on the face of the title.....

Cheers,






QUOTE (TommyK @ Nov 10 2008, 09:58 PM) Hi everyone.

First of all, I want to thank Barry for presenting us the latest Due Diligence workbook that teaches us some basics about how to read Title Search. It is extremely helpful!

My question is: I went and pulled a title on a property I am going to submit an offer. I thought we could dig deeper by pulling the mortgage details based on the reference number on the title search. The lady at the registry told me that she can only pull the title, but not any of the details.

Does this mean I have to go to Land Title Office instead of registry office for the details of the lien/encumbrance?

Thank you.

Regards,
Tommy

 

[BarryMcGuire]

Wade is on the right track. Once you have your title search you can get a copy of anything registered against the title using the nine-digit registration number shown on the title. I just tested this by going on the Land Titles Spin II website and entering the nine-digit registration number of my own mortgage on my personal residence. I was able to purchase a copy of my own mortgage ($5.00), download it and view all 22 pages!

The comments in other posts to privacy probably refer to the Land Titles Act Name Search Regulations. These regulations prohibit the searching of names except under specific circumstances. Titles and anything registered against titles are public information.

In summary, you CAN search and get copies of all titles. Once you have a title, you can get copies of all registrations against that title.

Just a note from the ACRES weekend, a title search is great diligence once you are semi-serious about a property. Once you have the title, you DO NOT have to then order and review every registration! It`s up to you and/or your realtor and your lawyer to decide whether you are concerned or interested in any of those title registrations. If you are, then you order a copy of the relevant document and do further review.

Hope this helps,

 

[TommyK]

QUOTE (BarryMcGuire @ Nov 12 2008, 10:37 AM) Wade is on the right track. Once you have your title search you can get a copy of anything registered against the title using the nine-digit registration number shown on the title. I just tested this by going on the Land Titles Spin II website and entering the nine-digit registration number of my own mortgage on my personal residence. I was able to purchase a copy of my own mortgage ($5.00), download it and view all 22 pages!

The comments in other posts to privacy probably refer to the Land Titles Act Name Search Regulations. These regulations prohibit the searching of names except under specific circumstances. Titles and anything registered against titles are public information.

In summary, you CAN search and get copies of all titles. Once you have a title, you can get copies of all registrations against that title.

Just a note from the ACRES weekend, a title search is great diligence once you are semi-serious about a property. Once you have the title, you DO NOT have to then order and review every registration! It`s up to you and/or your realtor and your lawyer to decide whether you are concerned or interested in any of those title registrations. If you are, then you order a copy of the relevant document and do further review.

Hope this helps,

Thank you for clarifying Barry. I though I was losing it even after confirming with your staff at the booth over the weekend. So we CAN find out the details of the registration based on the 9 digit numbers.

The strange thing is I asked the lady at the Registries to dig into the details of the mortgage but she told me that I can`t access it due to privacy issues!

Must be a new, inexperienced staff I was dealing with!

I am going to try it on the website then.

Thanks again Barry and Wade!

Tommy

 

[TommyK]

Ok, I just tried Spin II system! Yes, we can pull out mortgage details based on the registration number. The document reveals payment amount, rate and type of product.

This is an awesome tool.

On the downside, it`s scary to know that someone can easily pull out that private information with a simple legal address.

Thanks again!

Tommy

 

[RedlineBrett]

Wow, cool I did not know that! Thanks Barry

QUOTE (BarryMcGuire @ Nov 12 2008, 11:37 AM) Wade is on the right track. Once you have your title search you can get a copy of anything registered against the title using the nine-digit registration number shown on the title. I just tested this by going on the Land Titles Spin II website and entering the nine-digit registration number of my own mortgage on my personal residence. I was able to purchase a copy of my own mortgage ($5.00), download it and view all 22 pages!

The comments in other posts to privacy probably refer to the Land Titles Act Name Search Regulations. These regulations prohibit the searching of names except under specific circumstances. Titles and anything registered against titles are public information.

In summary, you CAN search and get copies of all titles. Once you have a title, you can get copies of all registrations against that title.

Just a note from the ACRES weekend, a title search is great diligence once you are semi-serious about a property. Once you have the title, you DO NOT have to then order and review every registration! It`s up to you and/or your realtor and your lawyer to decide whether you are concerned or interested in any of those title registrations. If you are, then you order a copy of the relevant document and do further review.

Hope this helps,

 

[DonCampbell]

Barry,

What a fantastic addition to the ACRES Program...

We all thank you for these little secrets that make a HUGE difference.

 

[GarthChapman]

QUOTE (BarryMcGuire @ Nov 12 2008, 10:37 AM) Wade is on the right track. Once you have your title search you can get a copy of anything registered against the title using the nine-digit registration number shown on the title.
Titles and anything registered against titles are public information.

This makes me think that when registering a JV agreement that one should register it by Caveat and not present the actual JV Agreement to Land Titles.

Barry - am I right in thinking we can do it this way to protect our private business?

 

[SamEfford]

You are 100% right Garth. The caveat tells the world that you have an interest in the property, but does not tell them what it is.