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How Easy Is It For Someone To Steal Your House?

It is easier than you might think!

This was a story reported by The Vancouver Sun last year.

Here is what happened recently to Norman Gettel. As a Vancouver Sun reporter Gillian Shaw explained how Gettel learned he no longer owned his Richmond bungalow when his tax bill failed to show up as usual.
A call to the B.C. Assessment Authority confirmed that he was no longer the registered owner and, to make matters worse, the land titles office advised that the new owner had put a $400,000 mortgage on his paid-off home, assessed last July at more than $600,000.
The mortgage is in default and CIBC Mortgages Inc. has demanded payment in full -- $403,034.95 plus interest of $53.18 a day and legal cost of $375 -- or it will "enforce its security" on the property.

How can this happen?
Here in BC we have probably the best title registration system called Torrens System of Land Registration.
There's nothing wrong with the system, which processes 14 million applications a year and keeps track of owners and lenders efficiently enough. But it cannot detect fraud.
So, how do we protect ourselves from the bad guys that are after your Real Estate? - The same way that we protect ourselves against other unforeseen dangers like fire, earthquakes and car accidents…we buy insurance. Title insurance that is!
How does it protect you and your investment?
The one-time premium for title insurance is approximately $250 and in the case mentioned above, if Norman would have had the title insurance he would not have had to hire an expensive lawyer. Plus, the fraudulent mortgage on his house would not be his problem. It’s a small price to pay for a piece of mind isn’t it?
Title insurance prevents crime as well; by carefully reviewing every transaction, they are able to detect patterns that indicate a fraud and then advise the lender not to release the funds.
Title Insurance does more than Fraud Insurance and if you want to know more about it write me a note and I will make sure you will get the answers to your question!

Tibor

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