The Land Title and Survey Authority of British Columbia (LTSA) is urging British Columbians to increase vigilance against fraud and scams that target property owners and real estate transactions. LTSA is aware of recent mortgage fraud attempts where scammers used falsified identification to impersonate legitimate property owners and take out a new mortgage against an owner’s property. Activity appears to be focused on the South Asian community, specifically where properties have the following characteristics:
- Residential properties in BC’s Lower Mainland, specifically Surrey, Delta, New Westminster and Burnaby;
- Properties with clear title (no existing mortgage or other charges on title) or properties with an older, low balance mortgage.
Everyone can take steps to avoid falling victim to these types of scams:
Property Owners
- Property owners should use these tips to help prevent identity theft.
- Property owners should monitor their land title records. LTSA offers BC Property Connect, a new service that provides verified owners with property alerts for any pending changes to title.
- Property owners should keep their land title records current. Notify LTSA with any changes such as a new address or name, or contact your legal professional to ensure your land title is up to date.
Professionals
- Real estate professionals, financial professions and BC notaries must follow the identity verification requirements set out by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and by their professional regulatory body.
- Lawyers must follow the identity verification requirements set out by their provincial professional regulatory body. Law Society of BC Client ID & Verification requirements.
- Real estate and legal professionals should be wary of clients who express urgency or provide unusual instructions, such as listing the property for below market value, taking on a high interest private mortgage on a clear title or avoiding traditional marketing methods like Multiple Listing Service (MLS) or ‘for sale’ signs.
If you’re a victim of fraud or suspect you may be, report it immediately. If you suspect others have been or may be targeted by fraud, also report it immediately. You can report real estate fraud to LTSA, BC Financial Services Authority and to your police jurisdiction.
BC’s land title system is safe and secure, and property owners can be confident that their rights and interests are protected. LTSA makes continuous improvements including appropriate security measures, and works with the BC government and other stakeholders to ensure that BC’s land title system meets the needs of property owners.
LTSA is committed to our vision of a trusted and transparent real property market. Learn how LTSA protects the security of land ownership.
Media inquiries: media@ltsa.ca