Just in case you missed the recent Globe and Mail Article about Title Fraud, we are sharing some key points. Please be sure to share with friends and family.
- Incidence of title fraud is rare, but worth protecting yourself
- According to the Financial Consumer Agency of Canada, title fraud can happen in one of two ways:
1. With identity theft, fraudsters can use stolen or fake identification or documents to pretend to be a homeowner and obtain one or more mortgages on the property, then walk away with the cash.
2. Fraudsters can also register forged documents to discharge any existing mortgages then transfer the property to themselves and register a new mortgage against the property’s clear title, pocketing the proceeds.
How to protect yourself against Title Fraud?
- Title fraud can be difficult to prevent, but to avoid it, never sign documents you don’t understand or when you’re feeling pressured
- Review your credit report regularly to make sure the information is correct
- The Financial Consumer Agency of Canada suggests checking with your provincial land registry office to ensure that the title of your home is in your name
- Purchasing title insurance is also worth considering