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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!



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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
Kind regards,
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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