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Hi All,
Don't let this happen to you. There are fraudsters everywhere - looking for an opportunity to make money. Any loophole is being exploited, and in the real estate industry, there are many different types of fraud, including;
The root of property fraud is ID fraud (identity fraud) and with the increase in online real estate transactions - cybercriminals are realizing homebuyers and sellers are sharing their credentials etc without tight IT and cybersecurity measures in place.
So if you are planning an overseas holiday for a few weeks, months or years. Many of us late Gen Xers and the baby boomers are considering longer holidays - make sure you stay in contact with whoever is looking after your property.
So how does someone steal a home from someone else?
This is title fraud.
Mortgage fraud
A similar case made headlines in the UK in 2021, when a man in Luton returned to his house only to find that the home and all its furnishing were sold without his knowledge.
It's not just in Canada, but USA and China and the UK....no doubt it will get here too.
See these tips to keep your identity online safe.
Read our latest article on Property Fraud.
cheers,
Donna
Don't let this happen to you. There are fraudsters everywhere - looking for an opportunity to make money. Any loophole is being exploited, and in the real estate industry, there are many different types of fraud, including;
- Title fraud
- Mortgage fraud
The root of property fraud is ID fraud (identity fraud) and with the increase in online real estate transactions - cybercriminals are realizing homebuyers and sellers are sharing their credentials etc without tight IT and cybersecurity measures in place.
So if you are planning an overseas holiday for a few weeks, months or years. Many of us late Gen Xers and the baby boomers are considering longer holidays - make sure you stay in contact with whoever is looking after your property.
So how does someone steal a home from someone else?
This is title fraud.
Title fraud, on the other hand, involves tenants of a vacant home posing as the owner and selling that home to earnest buyers. This results in a total title transfer of the property.
In most cases, the real owner and the buyer of the house are able to get most of their money back if there is title insurance on the home. The insurance helps re-establish ownership and covers legal fees incurred during the process.
In most cases, the real owner and the buyer of the house are able to get most of their money back if there is title insurance on the home. The insurance helps re-establish ownership and covers legal fees incurred during the process.
It's carried out when a fraudster uses fake identification documents to place a second mortgage on a house they don't own, usually when the first mortgage has been nearly or fully paid off.
Mr King said he has observed both mortgage and title fraud increasing in frequency since 2020.
It's not just in Canada, but USA and China and the UK....no doubt it will get here too.
Property fraud cases in the UK, however, appear to be steady. Data provided to the BBC by the UK Land Registry shows an average of 41 reported cases of both mortgage and title fraud in the past four years.
Read our latest article on Property Fraud.
cheers,
Donna