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Mortgage Fraud Legislation Passed

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.

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,

What is real estate fraud?

Real estate fraud has recently received attention from the real estate, legal, and financial communities due to its increasing prevalence. Real estate fraud can take various forms, but one of the most serious is title theft, whereby title to a property is transferred fraudulently without the true property owner’s knowledge. The home can then be sold without the true property owner’s knowledge or a mortgage can be placed on the property, which could become the responsibility of the unsuspecting rightful property owner.

December 17, 2006 in Legal Considerations | Permalink


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Posted by: Donald | Dec 18, 2006 4:18:41 AM

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