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Real Estate Advisor
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March 2012
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Why you should think about it...
If you own your home outright or are thinking of purchasing a new home.
Title Theft: when a criminal changes the ownership or title of your property into his/her name. The criminal may intend to sell the property or mortgage it behind your back. In either case, the criminal is fraudulently impersonating you and/or forging your signature.
Obtaining an Illegal Mortgage: when the criminal leaves title or ownership in your name, but puts a mortgage on it illegally. Once again, you (and the lender under the mortgage) are the victim of an impersonator and/or forger.
Value Fraud: where you are tricked into believing the property is worth considerably more than it is. Remember that there is nothing necessarily illegal in Canada about buying low and selling high, unless it involves fraudulent concealment or intentional misrepresentation (such as giving you a forged appraisal or fraudulent "comparables".)
Misrepresentation: on covenants,easements, building permits, zoning, liens and property size.
Here's what happened to a friend of mine.
Recently a friend of mine went to sell his triplex in Halifax and at the time for the buyer to remove subjects, the buyer's lawyer discovered that the zoning on title was for a legal duplex instead of a triplex. This property had been sold a few times as a triplex before my friend had purchased it.
My friend at the time of buying this property had purchased title insurance, so when faced with this matter of fraud, he was protected and in the end was reimbursed the loss of income from the sale of his property as a duplex instead of a triplex.
In this case the property most likely had been built as an illegal triplex on a duplex zoned lot. Most of us hope that through doing our due diligence, we wouldn't be faced with a problem like this, but my friend did, even though he had a realtor and a lawyer involved in the purchase. In this case, obtaining Title Insurance was the best thing my friend could have done!
Title and mortgage fraud are easy crimes to commit. Title insurance is an inexpensive way to have piece of mind with your real estate purchase. It should be part of every homebuyer's protection package.
Check out this link...you can copy and paste it into your browser
Here are the latest Real Estate Stats for February 2012.
gnhttp://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package_February2012_0.pdf
Check out these mortgage rates from Karen Boies
http://www.canadianhomebuyersacademy.ca/af/184/vancouverrealestateadvisor
Phone: 604-726-9550 Toll Free: 800-774-8818
Facsimile: 877-271-6584
Email:karen@mortgagecentrebc.com
Til next time, have a great day and take care.
-Committed to your success!
Yvonne Connor
Sutton Centre Realty
778-997-7096
P.S. If you have trouble opening links, please let me know...
All information regarding sales and active listings posted, are taken from the real estate MLXchange and are subject to changes daily.
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Yvonne Connor
Residential Specialist
778.997.7096 cellular
yconnor@sutton.com
www.connorproperties.ca
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