When anyone falls victim to real estate fraud, even though it might not be that common, the size of the fraud always has a much greater impact than say credit card fraud. The statistics from Canada suggest the average loss on real estate fraud is $300,000 in comparison with the average loss on credit card fraud is $1200.
A recent press release from Canadian First Title Insurance gves an interesting insight to some systematic real estate fraud involving Vancouver lawyer Martin Wirick.
After four years of investigations, recently approved $32.5 million in payments to cover a multimillion-dollar real estate fraud case The high-profile case involved transactions between 1998 and 2002 and affected hundreds of victims in the scheme.
I personally am looking to systematically recommend clients purchase a title insurance policy. If anything such advice protects me.
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It seems to me that in Torrens system jurisdictions a purchaser for value witout notice is protected by the Fund . The problem usually is someone forging signatures to sell and stealing the sales proceeds, or loan proceeds where a mortgage is involved. What the press calls stealing identity .
I believe that the NECS service if the Banks ever get up and help, will improve greatly on this score although there only needs a rotten apple somewhere to enable fraud to take place.
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