What is “Title Fraud”?
Title fraud (or real estate title fraud) is a form of real estate fraud that harms individual homeowners and their lenders. Title fraud typically involves a fraudster using stolen personal information, or forged documents to transfer your home’s title to him/herself (or an accomplice), without your knowledge. The fraudster then gets a mortgage on your home and disappears with the money.
Your First Line of Defence is through Title Insurance
“What is Title Insurance?”
Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.
Lenders require title insurance – which protects them, but property owners need to look at title insurance for themselves which will cover them for as long as they own the property. There is a one-time charge for title insurance.
Learn more about Title Insurance. Download “Understanding Title Insurance“… 10 pages to enlightenment thanks to the Financial Services Commission of Ontario.
