Posted to the Fawcett Insurance Blog - June 25, 2008.
Yesterday the Vancouver Sun ran a story discussing how to protect your title from fraudulent transfers - click here to read the story.
This has prompted many calls and emails for information regarding title insurance. Traditionally title insurance is not considered necessary due to the Torrens system used for conveyancing real estate in BC. As such this is not a product that Fawcett Insurance offers.
The BC Land Title and Survey Authority (LTSA) is recommending that homeowners concerned about title fraud either have a lawyer place an alert on their title (alerts the lawyer when any activity is done on the title) or obtain a duplicate copy of the title. Both of these are very effective in preventing most fraudulent transfers.
The LTSA also reports that over the past 18 years it had only two claims related to land ownership fraud and 14 related to fraudulent discharge of mortgages. This after processing more than 14.5 million transactions.
You can find more information on protecting your title by reading the following documents from the LTSA:
Information Bulletin - Feb 4th, 2008
Common questions about title security
Title Insurance, which is usually arranged through the lawyer or notary registering your title, is also an option. There may also be other options available to you. I recommend that you speak with a lawyer for more information about the best way to protect your most important aspect.
Feel free to contact Elizabeth Mah at North Shore Law for more information. She can recommend several different ways to minimize your risk. You can reach Elizabeth by email at emah@northshorelaw.com
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