Preventing Title and Mortgage Fraud

Title and mortgage fraud are on the rise in Canada, especially in hot housing markets. Condo owners can protect themselves from these frauds by taking certain precautions. One essential measure is purchasing title insurance, which covers losses related to property ownership, including certain types of mortgage fraud involving identity fraud or impersonation. Property searches can also provide valuable information about ownership and charges registered on the property. During extended absences, it's important to notify trusted individuals to keep an eye on the condo and set up alerts for MLS listings. Protecting IDs, signatures, and personal information is crucial, as fraudsters may use stolen identities to open bank accounts and obtain funds fraudulently. Reviewing credit reports and being cautious about sharing personal information are additional safety measures. Paying attention to billing cycles and following up with creditors can also prevent identity theft.