Canada is increasingly facing crime, where fraudsters pose as homeowners to sell their homes to unsuspecting buyers and then disappear with the profits. A common name among them is Total title fraud. This commonly occurs when someone willingly creates fake documents that seem to transfer ownership of real estate from the actual owner to them in order to sell the property to someone else.
With this risk, it is becoming critical to safeguard valuable assets, stay one step ahead and be aware of any property fraud. To help you take proactive steps, we have provided you with insightful tips on how to avoid becoming a victim of property fraud.
Protect Your Personal Data
Be cautious when you are sharing your data on the phone or online, especially when you are using unfamiliar websites. Fraudsters frequently use personal information to commit fraud involving data related to real estate in Canada. You may also secure your property documents which involve property deeds, mortgage agreements, and tax records.
Make Sure To Verify The Identity
This is the main step that you must follow while engaging in any property transaction; you must verify all the details of the parties involved. You can request them for identification documents such as licenses and compare them with the official records. Be extra aware when dealing with remote or international transactions, as this can be a great chance for fraudsters to take advantage of gaps.
Try To Use A Safe And Secure Payment Method
Always choose safe and traceable payment options when making payments for real estate-related transactions. Cash or untraceable payment methods are often riskier than wire transfers and certified cheques. Remember to recheck and verify the recipient’s bank details.
Use Legal Professionals
It is safe to take legal advice and guidance from professionals in protecting yourself from property fraud. They can also help you with property transactions, review contracts, identify potential risks, and ensure that all necessary legal safeguards are in place.
Be Aware And Informed
When it comes to property fraud, you can completely protect yourself from such things happening to you by having the appropriate knowledge. You must stay updated about the market, current fraud schemes, tricks, and laws governing real estate deals. Educate yourself about common red flags and warning signs to be aware of when dealing with real estate transactions. Regularly check reputable sources, government websites, and consult with professionals to stay informed about the evolving nature of property fraud.
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Property fraud can threaten anyone, whether you are a first-time home buyer or a homeowner, remember, prevention is the key to keep yourself and your assets safe. By staying informed with the right knowledge, you can avoid falling as victim to these schemes. So, keep the above strategies in mind and be aware the next time you get involved in any property transactions. In case you get any doubts, always reach out to a professional and seek guidance before you take the next step.
