House in Canada

02/22/2023

02/20/2023

What is title fraud? And how much has it risen in Canada?
Homeownership or condominium-related schemes can generally occur in two ways: mortgage fraud and title fraud.
Mortgage fraud tends to be more common, explained Brian King of King Advisory International Group, a Toronto-based firm that investigates white-collar crime.
Media Headline,
Why It Takes 30 Years to Buy a Home in Canada
Occurs when a scammer uses fake ID to place a second mortgage on a home you don't own, usually when the first mortgage is almost or has been paid in full.
Title fraud, on the other hand, involves renters of a vacant house posing as the owners and selling that house to serious buyers. This results in a full transfer of ownership of the property.
In most cases, the actual owner-buyer of the home can get most of their money back if the home has title insurance. The insurance will help restore the property and cover legal fees incurred during the process.
Mr. Tom said he has seen an increase in mortgage and title fraud since 2020.
His company has seen a "rash" of title fraud in recent years, he said. In almost all cases, the homeowners lived far away when the scammers seized their properties, for example in the US and China.
One of his clients, M.r Tom said, was a couple who had move to the UK from Toronto in 2018 to work. Their house in Canada was sold among them in 2022.
It was sold for 1 CAD.7m and was completely refurbished when they discovered it had been stolen last June. As of February, the couple are still working to restore ownership of the home.

02/20/2023

What is title fraud? And how much has it risen in Canada?
Homeownership or condominium-related schemes can generally occur in two ways: mortgage fraud and title fraud.
Mortgage fraud tends to be more common, explained Brian King of King Advisory International Group, a Toronto-based firm that investigates white-collar crime.
Media Headline,
Why It Takes 30 Years to Buy a Home in Canada
Occurs when a scammer uses fake ID to place a second mortgage on a home you don't own, usually when the first mortgage is almost or has been paid in full.
Title fraud, on the other hand, involves renters of a vacant house posing as the owners and selling that house to serious buyers. This results in a full transfer of ownership of the property.
In most cases, the actual owner-buyer of the home can get most of their money back if the home has title insurance. The insurance will help restore the property and cover legal fees incurred during the process.
Mr. King said he has seen an increase in mortgage and title fraud since 2020.
His company has seen a "rash" of title fraud in recent years, he said. In almost all cases, the homeowners lived far away when the scammers seized their properties, for example in the US and China.
One of his clients, Mr King said, was a couple who had moved to the UK from Toronto in 2018 to work. Their house in Canada was sold among them in 2022.
It was sold for 1 CAD.7m and was completely refurbished when they discovered it had been stolen last June. As of February, the couple are still working to restore ownership of the home.