| Fraud
Facts | About First
Canadian Title | What is Title Insurance? |
|
|
|
 |
|
| Real estate title fraud is widespread across Canada. Real estate
industry insiders now peg the average case of real estate fraud at $300,000. In
comparison, the RCMP estimates the average credit card fraud case in Canada to
average $1,200. Industry insiders estimate that real estate fraud costs
Canadians between $300 million and $1.5 billion each year. |
|
|
|
 |
|
 |
|
| A fraudster registers forged documents transferring the property of
an innocent victim to his or her name, then registers a forged discharge of the
existing mortgage, and finally obtained a new mortgage against the property and
then makes off with the money without making payments. The mortgage then goes
into default and the lender commences foreclosure proceedings. The registered
owners of the property deny they signed the mortgage. They later find out their
grandson has forged their signatures on the mortgage documents, inventing a
“lawyer” and purchasing a stamp at a stationary store in order to authenticate
the documents. |
|
|
|
 |
|
| A homeowner discovers she has become a victim of fraud when a
lender tells her that someone has impersonated her to obtain financing on her
property. The impersonator has had a mortgage broker arrange for a first and
second mortgage on the property. It is revealed that when the impersonator met
with a lawyer to sign the mortgage documents, he produced a fake driver’s
license as evidence of his identity. The funds were then advanced to the
impersonator. Often, this can happen when a person has an accomplice
impersonate his or her spouse in order to mortgage the property in which they
live. |
|
|
|
| Identity Theft Coverage now available when you purchase a policy* |
|
| |
|
| With identity theft and real estate title fraud at an all-time high, peace-of-mind protection against new risks for you have never been more critical. Identity theft coverage is available to you for a small, one-time fee in conjunction with the purchase of a title insurance policy. |
|
| |
|
| The policy contains unique coverage in the unfortunate event of identity theft, ensuring that you can recover losses and return your life to normal. |
|
| |
|
| *Identity theft coverage is available when you purchase title insurance for an additional, one-time nominal fee. |
|
| |
|
| For more information on how to protect yourself,
click here |
|
|
|
