What is Title Fraud?
Title fraud occurs when fraudsters, using fake ID (ID theft), obtain a mortgage on an unsuspecting homeowner and steal the money but the homeowner is left with a mortgage on their house that they could be forced to repay or else lose their home to the lender. This article and corresponding video explain how to protect yourself.
Title Insurance can protect your home
For a one-time fee or premium, a title insurance policy may provide protection from such losses as:
- Unknown title defects that would affect clear ownership.
- Existing liens against the title.
- Encroachment issues, such as a structure on the land that needs to be removed because it sits partly on a neighbour’s property.
- Title fraud, before or after closing.
- Errors in surveys or public records.
- Any other title-related issues that would affect the ability to sell, finance, or lease the property in the future.
This article is prepared as a service for our clients to provide general information. It is not intended to be a complete statement of the law or an opinion on any subject. While we endeavour to ensure accuracy, one should not act upon this article without a thorough examination of the law after the facts of a specific situation are considered. We would be pleased to provide additional details or advice about specific situations if desired. No client solicitor relationship is established unless a formal retainer is entered into.