Mortgage Fraud Legislation Passed

December 15, 2006 -- In response to growing concerns about real estate fraud, the provincial government has passed Bill 152, the Consumer Protection and Service Modernization Act, which provides various new safeguards for property owners.

Government Actions

Under Bill 152, the Land Titles Act is amended to ensure that ownership of a property cannot be lost as a result of the registration of a falsified mortgage, fraudulent sale, or a counterfeit power of attorney. The proposed legislation will also:

- Implement a streamlined and expedited Land Titles Assurance Fund process for individuals who are victims of fraud so that title is returned and a decision on compensation is made within 90 days.

- Introduce new safeguards for suspending and revoking the accounts of fraudsters so that they cannot register documents, and

- Raise existing fines for real estate fraud related offences from $1000 to $50,000.

Source: Toronto Real Estate Board

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK

I've recommended to my clients to purchase Title Insurance on their existing properties as well. The cost will vary from company to company. Speak to your lawyer for more information on obtaining Title Insurance for your property.

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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK