TITLE
FRAUD AND MORTGAGE FRAUD
Do not let it happen to you!
Despite
the increasing number of high profile real estate title fraud cases
in Canada, many Canadian homeowners remain unaware that they can
monitor transactions that are being recorder on title of their home
and be able to take action before they become victims of this crime.
A
Title Search is the first thing you should do if
you are concern about title fraud. A
Title Search can uncover hidden truths about the property. Title
Search results can show liens or mortgages registered on title of
the property or even transfers that may fraudulently occur.
Why
should you do a Title Search?
To
confirm that you are still the owner of your home or land
To
check if there are any unauthorized mortgages
To
check if there are any unauthorized liens registered on title
To
monitor other transactions that may occur without your knowledge
What
can you get with a Title Search?
Name
of the property owner
List
of mortgages registered on title
List
of liens registered on title
Current
and previous sales, transfers, etc...
Any
other documents registered on title
You
can order a Title Search online and get results the same day. You
should also check the status of the title at least 3-4 times per
year or whenever you make any changes that may affect the title
of your home.
There are two types of searches in Ontario:
1.
Electronic Searches.
Any property that is registered in the electronic database would
be available for electronic searching. Most properties in large
cities are available for electronic searching. This is the easiest
and quickest method of obtaining a title search.
2. Manual Searches.
There are still many properties that are not available for electronic
searching. Many properties in small townships in Northern Ontario
may not be available. However, the list is always changing.
When a manual search is processed, an agent must physically go to
a local Land Registry office to perform the manual search. This
is the most expensive and time consuming method for title searching.
Unfortunately, this would be the only way of performing a title
search for an unlisted property.
In
most cases, we can perform a title search if you have one of the
following in the order of preference:
1.
You have a PIN number (Property Identification Number)
This would be the quickest, most accurate and least expensive search.
This type of search is ready within 3 business hours.
Please do not confuse the tax roll number with PIN number.
Here is a sample of a PIN number: 61360-0169 (LT)
2. You have the
exact municipal address.
Not all properties in the electronic database are linked to the
municipal address.
If your property is listed under the municipal address, your search
will be quick and inexpensive. You only need to pay our search fee
and disbursements*.
If your property is not linked to the municipal address, we would
not be able to perform an electronic search. We may try alternative
methods, but they do result in time delay and additional costs.
3. You have the Owner Name and the City.
If you know the exact spelling of the owner's name and the city,
we can get the search results within a few hours.
4. You have the Legal Description.
Searches by legal description are not always successful. If results
cannot be obtained immediately, your search will be delayed and
incur additional costs.
Approximate
cost of Title Searches:
If
the property is available for electronic searching, the costs would
be as follows:
Title search fee - $35.00
Government fee in Toronto - $18.60
Government fee outside Toronto - $29.40
You
also have an opportunity to request a copy of any documents registered
on title.
The costs would be as follows:
Document
retrieval fee - $10.00
Disbursements per page - $3.18
Total cost depends entirely on your requirements.
GST is extra where applicable.
Most
electronic searches range between $56 and $85 in total.
The total price depends on the number of documents and pages you
request.
We
always recommend that you specify your maximum budget if you request
all documents.
When
in doubt, please call our customer service department at the numbers
listed below.
