If someone steals your identity, they could steal your house. Identity theft is one of the fastest growing consumer crimes. A disturbing new type of identity fraud has recently emerged. Once a thief steals your identity, he or she places a mortgage on your home or property without your knowledge or consent and pockets the funds. In extreme cases, the thief may impersonate you using false identification and then forge your signature to transfer the property title out of your name.
Title insurance is designed to cover the unpredictable and undetectable issues that can affect the right of ownership to a property. Normally this protects property owners against survey defects, Liens, land use restrictions or easements and title registration errors. Title insurance also protects against future fraud and forgeries affecting the title and is available for both residential and commercial properties.
The Provincial Legislature has begun drafting legislation to address title fraud, but in the interim, it is in your best interest to seek advice from your legal counsel. Whether you are purchasing a new or older home, title insurance can protect you and your lender from title-related issues or claims.
Good title not only gives you peace of mind today, it is essential when its time to sell your home. Don’t put your life long investment at risk, check with your lawyer to see what’s best for you.