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Originally Posted On: https://sdlawtimmins.com/fraud-in-real-estate-transactions/
Fraud is a widespread and serious problem for those dealing with residential or commercial real estate transactions. Real estate fraud involves the making of false representations or omitting relevant information in a real estate transaction whether it be in a purchase, sale, rental, or financing of real estate property. Those who fall victim to real estate fraud may suffer extreme financial losses, drop in credit score, and may even lose their home.
Ways To Protect Yourself
- Protect Your Identity
Protecting your personal information and money is key to avoiding the risk of real estate transaction fraud.
Never give out personal or financial information over the phone or internet, store important documents and identification in a safe place, and shred or burn any documents with personal information on them if they are no longer needed.
- Do Your Research
Verification is another key way to protect yourself in a real estate transaction.
Always ask for the identity of anyone who inquires about a real estate transaction.
Never sign any documentation without thoroughly reading through the material and/or having a legal professional look it over.
Do a title search with the land registry office, which will show the name of the property owner(s) and if there are any mortgages or liens registered.
- Get Title Insurance
Although title insurance is not a requirement in all provinces, you should consider purchasing it to add an extra layer of protection against title fraud.
Connect With Suzanne Desrosiers Professional Corporation
If you have any questions about purchasing or selling a property or need guidance on a purchase and sale agreement, or mortgage paperwork or are worried you may be involved in a fraudulent real estate transaction, please feel free to reach out to Suzanne Desrosiers Professional Corporation by calling us at (705) 268-6492 or emailing us at email@example.com and we would be more than happy to help!