Fraudulent Transfers
British Columbia homeowners are being warned to check their property title to ensure their property hasn’t been transferred to con artists who then register hundreds of thousands of dollars in mortgage debt against them.
This comes as B.C.’s land title authority is reviewing a system that could see someone fraudulently obtain title to a home and then resell it to an innocent third party, leaving the original homeowners with financial compensation but potentially driven out of their homes.
“We are currently looking at whether or not there are reforms that can be brought into play so at the end of the day the right thing occurs,” said Godfrey Archbold, president and chief executive officer of BC’s Land Title and Survey Authority.