Bill 152 has just been passed, according to a notice from the
Toronto Real Estate Board, to ensure that the legal owners of property will not lose their ownership through fraud.
This means that you no longer need to worry, as much, about losing your home due to fraudulently registered mortgage, fraudulent home sales, or fake power of attorney documents.
All I can say is that it is about time. Since November 2005 we have had to live with the possibility that someone could falsify documents, and register a mortgage on our property, and we, the owner, would be legally responsible for paying the mortgage even if it is proven that we had nothing to do with the mortgage application.
Usually the people at greatest risk were those who had paid off their mortgage. So, these hard working people that had managed to pay off their mortgages could suddenly find themselves back under the grindstone to pay off a debt that only put money in someone else's pocket, even though it was the bank that made the mistake of accepting a fraudulent application.
The changes to the existing title laws also increased the existing fines for real estate fraud from $1000 to $50,000. Well, it is a start at least. I still think that if someone can commit a crime and pocket $200,000 or more they should be able to be charged an equal amount, plus damages and compensation, or jail time equivalent to how long an average person would have to work to pay off such a debt. That might make some think twice before committing the crime.
There has also been a
new fund created that will help to facilitate quick compensation and return of your title. Find out
how to file a claim with respect to real estate fraud. You can file the paper work yourself but a good lawyer is always advised.
