Ontario Government passes Bill 152 to protect Homeowners against Real Estate Title Fraud

Submitted by Jasmina on Sun, 2006-12-31 05:31.

Ontario home owners will no longer lose their property as a result of a fraudulent sale, counterfeit power of attorney or fake mortgage! Key Bill 152 elements with respect to Real Estate Fraud are:

  • Ensures 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.
  • Implements a streamlined and expedited Land Titles Assurance Fund process for individuals who are victims of fraud so that title is returned and a decision on compensation is made within 90 days.
  • Introduces additional safeguards for suspending and revoking the accounts of fraudsters so that they cannot register documents.
  • Raises existing fines for real estate fraud related offences to $50,000 from $1,000.

Looking back on 2006, there can be no doubt that the real estate story of the year was title fraud. No other issue in this field seemed to fascinate and horrify the public as the victims' plight. Bill 152 (The Ministry of Government Services Consumer Protection and Service Modernization Act) turned 100 years of legal precedent upside down, and paved the way for the nightmares faced by innocent victims of title fraud in 2006.

For longer legal interpretation of Bill 152 read this article on BAR-eX.com Lawyers Portal.