B.C Homeowners Protected Against Title Fraud
In light if recent articles in The Vancouver Sun regarding the issue of title and mortgage fraud in B.C., the B.C. Land Title and Survey Authority (LTSA) emphasize that such cases are extremely rare because strong protections are in place in this province.
The LTSA reports that over the past 18 years, the land title system processed 15 million transactions. During this time, two claims related to land ownership fraud were successfully resolved and only 14 claims related to mortgage fraud had been filed.
LTSA's data shows that there has been no spike in fraud cases, and that cases of attempted fraud are rare. LTSA President and CEO Godfrey Archbold explained, "real property conveyancing in B.C. is completely reliable as the result of professional responsibilities that REALTORS ®, lawyers, notaries, and land surveyors have in ensuring transactions are bona fide."
If a property owner feels their land holdings are at risk, there are simple steps to provide additional protection such as a automatic email service to your notary or lawyer when activity shows on your title. Alternatively, homeowners could also order a duplicate certificate of title for their own records, at a cost of approximately $50. Title could not be transferred without that document. While this provides protection, it also causes roblems when such documents are lost or misplaced.