Real Estate fraud is on the rise - are you adequately protected?
Real estate title fraud is on the rise in Ontario. The past several months, there have been countless news reports of homes being sold or mortgaged by fraudsters without the home owners’ knowledge.
However, did you know that most residential home owner title insurance policies provide coverage for title insurance fraud? More specifically, the policy provides coverage against losses arising from forgery or impersonation after the date of the policy of a document by which someone else claims an interest in or fraudulently places a mortgage on the home owner’s title to the property. There is a one time fee for the policy and it covers you for as long as you remain the owner of the property.
So, are you adequately protected? If you purchased a home in recent years, your lawyer would have likely purchased a title insurance policy on your behalf at that time. But, if you purchased your property before it was common practice to obtain title insurance, or your property was transferred to you by a relative in a non-arms length transaction or you inherited the property, you may not have obtained title insurance at the time that the property was transferred to you.
If you do not have title insurance and would like to arrange for an existing home owner policy, we can assist. Contact us at email@example.com for more information.
Werhun Law is a law firm located in Etobicoke serving the Greater Toronto Area. Werhun Law provides services primarily in residential and commercial real estate, mortgages, commercial leasing, and wills and estates. If you have any questions or are in need of legal services you can contact us at firstname.lastname@example.org.
The information in this post is for general informational purposes only. It does not constitute legal advice and does not create a solicitor-client relationship.