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Instructions for Classifying Property Record Types for Submission to Homifax

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To ensure your records are correctly verified by Homifax, classify them into the appropriate categories before submission. Homifax verifies a wide range of asset-related records, which are grouped into specific types as shown below. Follow these steps to classify your records accurately, and understand why providing appropriate proofing media and evidence is essential for successful verification.

Step 1: Identify the Nature of Your Record

Review the document or data you wish to submit and determine its purpose or content. Each record should align with one of the categories Homifax verifies for inclusion in your Verified Asset Report.

Step 2: Classify the Record into the Correct Category

Use the following classifications based on Homifax’s verification categories to assign your record to the appropriate type. Ensure the record contains relevant details (e.g., dates, descriptions, costs, contractor details) and is supported by appropriate proofing media and evidence to validate its accuracy.

  1. Improvements | Renovations
    • What to Include: Records of upgrades or renovations made to the asset, such as kitchen remodels, roof replacements, or structural additions.
    • Examples: Receipts for renovation work, contractor invoices, before-and-after photos, or permits for major improvements.
    • Importance of Proofing Media/Evidence: Providing photos, invoices, and permits is crucial to verify the work’s scope and cost. Without this, Homifax cannot confirm the value added, potentially lowering your asset’s verified worth.
  2. Warranties
    • What to Include: Warranty documents for asset components, such as appliances, HVAC systems, or roofing materials.
    • Examples: Manufacturer warranty certificates, extended warranty agreements, or service contracts.
    • Importance of Proofing Media/Evidence: Submitting the original warranty document or a signed contract proves coverage and validity. Missing evidence could result in the warranty not being recognized, reducing your asset’s documented protection.
  3. Repairs
    • What to Include: Documentation of repairs made to the asset to fix damage or wear, such as plumbing fixes, electrical repairs, or bodywork on vehicles.
    • Examples: Repair invoices, service reports, or receipts for parts and labor.
    • Importance of Proofing Media/Evidence: Receipts and before/after photos are vital to confirm the repair was completed. Without proof, Homifax may question the repair’s legitimacy, affecting your asset’s condition rating.
  4. Property Related Documents | Permits
    • What to Include: Official documents or permits related to the asset, such as building permits, occupancy certificates, or title deeds.
    • Examples: Zoning permits, construction permits, or property tax records.
    • Importance of Proofing Media/Evidence: Original or certified copies of permits are necessary to prove compliance with regulations. Lack of evidence could lead to rejection, impacting your asset’s legal standing in the report.
  5. Maintenance Works | Property Services
    • What to Include: Records of routine maintenance or services performed on the asset, such as landscaping, pest control, or HVAC servicing.
    • Examples: Maintenance logs, service contracts, or invoices from service providers.
    • Importance of Proofing Media/Evidence: Invoices or signed service reports validate the maintenance. Without proof, Homifax cannot verify upkeep, which might lower your asset’s perceived care level.
  6. Property Equipment | Appliances
    • What to Include: Information about equipment or appliances included with the asset, such as stoves, refrigerators, or generators.
    • Examples: Purchase receipts, user manuals, or installation records for appliances.
    • Importance of Proofing Media/Evidence: Receipts and manuals with serial numbers are essential to confirm ownership and condition. Missing evidence could exclude these items from your asset report, reducing its value.
  7. Property Damages | Defects Claims
    • What to Include: Records of damages or defects to the asset, including claims made for repairs or replacements.
    • Examples: Insurance claims for storm damage, photos of defects, or contractor assessments of damage.
    • Importance of Proofing Media/Evidence: Photos and claim documents are critical to document the damage and resolution. Without this, Homifax cannot verify the claim, potentially affecting insurance or resale value.
  8. Utilities
    • What to Include: Records of utility services connected to the asset, such as water, electricity, gas, or internet.
    • Examples: Utility bills, connection agreements, or energy efficiency reports.
    • Importance of Proofing Media/Evidence: Recent bills or connection agreements prove active utility services. Lack of evidence could suggest the asset lacks essential services, lowering its appeal.
  9. Natural Disaster Preparation | Emergency Plan
    • What to Include: Plans or preparations made to protect the asset from natural disasters, such as flood barriers or emergency kits.
    • Examples: Emergency evacuation plans, disaster preparedness checklists, or receipts for protective equipment.
    • Importance of Proofing Media/Evidence: Receipts or photos of installed barriers validate preparedness. Without proof, Homifax cannot confirm mitigation efforts, impacting risk assessment.
  10. General Inspection | Up Keep
    • What to Include: Records of general inspections or upkeep activities to ensure the asset’s condition, such as annual property inspections or vehicle checkups.
    • Examples: Inspection reports, maintenance checklists, or condition assessments.
    • Importance of Proofing Media/Evidence: Signed inspection reports are key to proving upkeep. Missing evidence could lead to an inaccurate condition rating, affecting asset value.
  11. Readiness Test | Risk Mitigation & Compliance
    • What to Include: Documentation of tests or measures taken to ensure the asset meets safety, risk, or compliance standards.
    • Examples: Fire safety test results, risk assessment reports, or compliance certificates.
    • Importance of Proofing Media/Evidence: Test results or certificates are essential to verify compliance. Without proof, Homifax may flag the asset as non-compliant, impacting insurability.
  12. Policies
    • What to Include: Insurance policies, HOA policies, or other regulatory policies tied to the asset.
    • Examples: Insurance policy documents, HOA agreements, or lease agreements.
    • Importance of Proofing Media/Evidence: Original policy documents prove coverage. Missing evidence could exclude these from your report, increasing liability risks.

Step 3: Prepare the Record with Appropriate Proofing Media and Evidence

  • Format: Ensure the record and supporting media (e.g., PDFs, scanned documents, photos) are clear and readable.
  • Details: Include all relevant information (e.g., dates, costs, contractor details, asset identifiers) and attach proofing media like photos, receipts, or certificates.
  • Accuracy: Verify that the record and evidence align with the category and contain no discrepancies.

Step 4: Submit to Homifax for Verification

  • Log in to your Homifax account and navigate to the record submission section.
  • Select the appropriate category for your record based on the classifications above.
  • Upload the record along with its supporting proofing media and evidence.
  • Submit the record and await confirmation of verification. Homifax’s AI engine will review the submission, and once verified with adequate proof, it will be included in your Verified Asset Report.

Additional Tips for Successful Submission

  • Be Specific: Clearly label each record with its category and attach relevant proofing media to avoid delays.
  • Stay Organized: Maintain a digital or physical folder for each category with corresponding evidence for easy access.
  • Regular Updates: Submit records and proof regularly (e.g., after each maintenance or repair) to keep your report current, enhancing asset value and reducing insurance risks.
  • Check Requirements: Some categories may require specific evidence (e.g., permits need official copies)—ensure you meet these standards.

Why Proofing Media and Evidence Matter

Providing appropriate proofing media and evidence is critical because it validates the authenticity and accuracy of each record. This ensures Homifax can confidently include the information in your Verified Asset Report, which directly impacts benefits like increased asset value, lower insurance premiums, and better marketability. Without sufficient proof, records may be rejected or flagged, undermining the report’s reliability and potentially costing you financial opportunities.

By classifying your records correctly and backing them with robust proofing media and evidence, you can maximize the benefits of your Homifax Verified Asset Report.

The Homifax Verified Check Mark on property listings significantly boosts their appeal and market performance for several key reasons, all tied to the rigorous verification process and the comprehensive data included in the Verified Asset Report. Here’s why this certification drives fast transactions, premium pricing, and better rates from lenders and insurance carriers:

  • Enhanced Market Trust and Speed: Properties with the Homifax Verified Check Mark are highly sought after because the report verifies critical details like improvements, repairs, warranties, and compliance (e.g., permits and readiness tests). This transparency, backed by proofing media such as photos and receipts, reduces buyer uncertainty. Data shows 72% of properties with a Class A report receive higher, faster offers, often closing quickly due to increased buyer confidence, making these listings transact faster in the market.

  • Premium Pricing Justification: Buyers are willing to pay a premium—potentially up to $300,000 in added equity for high-value properties—because the verified report documents value-adding factors like renovations and maintenance. This proven track record, supported by evidence like contractor invoices, assures buyers of the property’s condition and worth, justifying the higher price and driving competitive bidding.

  • Better Lender Rates: Lenders offer improved loan terms, such as lower interest rates (e.g., 3.5% vs. 4% on mortgages), because the Verified Asset Report minimizes risk. Detailed records of upkeep, damage claims, and compliance provide a clear asset history, reducing the likelihood of hidden issues. This reliability allows lenders to offer more favorable financing options, saving owners thousands over time.

  • Lower Insurance Premiums: Insurance carriers provide better rates—e.g., reducing boating premiums from $3,500 to $2,800 or aviation from $7,000 to $5,500—due to the report’s thorough documentation of risk mitigation (e.g., natural disaster plans) and maintenance. The AI-driven analysis and verified evidence ensure carriers can assess risks accurately, leading to cost savings for owners.