"The risk of not knowing the information our HomeProof Report provides is simply too high," said HomeProof President and CEO Alexandre Morin, in Ottawa. “The real estate industry will also have a tool that is transparent and factual, and that will help build trust by providing just the facts."
Morin’s HomeProof Report is focused on providing those myriad facts in electronic form and in a matter of seconds to clients looking for a detailed claims history attached to any Canadian property.
That information comes from a search of an address against millions of records from key sources and obtaining the most comprehensive and current claims data available, according to HomeProof.
A report is then generated, detailing data on theft, floods, natural disasters, fires, water damage, clandestine labs and drug operations data from various police sources.
Investors across the country, especially on B.C.’s Lower Mainland, are increasingly having to contend with that last point, with the average cost of cleaning up mold from former grow-op now at $40,000.
The HomeProof Report is, in fact, available 24 hours a day, and will likely be used by investors and other buyers looking to evaluate the soundness of a prospective purchase, but also to negotiate the price and other selling terms.
The service is unlikely to diminish demand for title insurance, said one analyst.
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