A couple whose Toronto house was sold without their knowledge is calling for the Ontario government to enact tougher legislation to prevent others from being victimized in the same way.
But after finding out about the mortgage, things went from bad to worse. The couple's property management company swung by their house only to have a stranger answer the door claiming to own the home."That was probably when it really hit home that this wasn't just some mistake," said Derrick. "But legally, the system believes you actually no longer own your home.
"All the things you need to provide to buy a house, no one ever checks if those match up when you sell a house," alleges Derrick. "You trust these institutions to protect you and it feels like they're doing whatever they can to do things as fast and as cheap as possible." John Rider, senior vice president of Chicago Title Insurance Company in Canada, says fake IDs are so good now they're almost impossible to tell from the real thing.
Rider works for one of four title insurers operating across the country and says claims like Stephanie and Derrick's, along with mortgage frauds, have cost the industry at least $200 million in the last two-and-a-half years. Earlier this month, the Toronto Police Service put out a press release seeking the public's help identifying this man and woman. CBC Toronto has learned they allegedly posed as the sellers of Stephanie and Derrick's Etobicoke home targeted for title transfer fraud.— in an effort to fight money laundering and terrorist financing — but does not require lawyers to check a combination of the verification methods.
In a statement, a Ministry spokesperson said an updated code of ethics for realtors under the Real Estate and Business Brokers Act will come into force on April 1.The Ministry says the code will include a specific provision related to fraud. But the statement didn't mention any changes to enhance ID verification requirements, beyond requiring "agents to make best efforts to ensure representations made during a sale are accurate.
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