Annette Thomas

Vancouver Full-time Professional Real Estate Specialist

"I love what I do and it shows"

  • Cell: (604) 773-2451
  • Office: (604) 684-6155
  • Fax: (604) 684-4155
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Land Title registration when selling a home or buying a home.
 Please consult a lawyer or notary for information on transfering title/ownership of a property - the following is only a guide to help you.
In British Columbia the title deed of your home is registered at the B.C. Land Title and Survey Authority (LTSA). Which is governed by legislation in the form of the Land Title Act. Here is a link to the Land Title & Survey website
It is extremly rare for land title fraud to happen because there are strong protections in place, which is not to say that it never happens as we have seen recently in the Vancouver Sun article
This transaction was not done using a realtor but through false records of the sale and a notary.)
Follow up article
The B.C. Land Title and Survey Authority reports that over the past 18years the land title system processed 15 million transactions. During this time, two claims related to land ownership fraud were successfully resolved and only 14 claims related to mortgage fraud had been filed.
The LTSA is legally obligated to confirm ownership every time a property is sold, mortgaged, leased or statutory rights of way are created.

Jeff Beddoes, senior deputy surveyor general of the LTSA, explains... the Winter 2008 edition of The Society of Notaries Public of British Columbia Magazine 

What happens if fraud is committed?
The land Titles Office has created additional protection through an assurance fund. That fund compensates owners deprived of their title either because of an LTSA administration error or identity theft/fraud.
How can you protect yourself from Land title or mortgage fraud?
If you as a property owner feels your land holdings are at risk, or if you wish additional peace of mind in addition to the indefeasible title provided by the current legislation then:
1.  Have your lawyer or notary contact you when any application is made that may affect your title. A lawyer can use the Activity Advisory Service to notify them.
2.  If you have paid off your mortgage in full, you could order a duplicate certificate of title for your own records. However, Title could not be transferred without this document in the future. While this provides protection, it also causes problems when such documents are lost or misplaced.
What is Title Insurance?
Typically, when a bank asks a homeowner to pay for title insurance on a mortgage, that insurance protects the lending institution, not the home owner.  However, separate insurance may be purchased that protects the owner’s equity in the property - ask your lawyer or notary.
F.I.N.T.R.A.C. - There is new legislation for Licensed Real Estate agents and Real Estate Brokerage companies.
The Canadian Federal government passed the Proceeds of Crime (Money Laundering) and Terrorist Financing Act in June 2000. The Act deals with two different t ypes of financial transactions:
(1) large cash transactions (i.e., those over $10,000), and (2) suspicious transactions.
A real estate brokerage and it's associate, that accepts deposits from the public must comply with the legislation effective June 23, 2008.
"Effective June 23, 2008, for every purchase or sale of real estate, you will also have to keep a client information record. This record sets out the client’s name and address, and the nature of the client’s principal business or occupation. If the client is an individual, the client information record also has to include the individual’s date of birth."

Here is the link to the Canadian Government FINTRAC website
Annette Thomas
Cell:(604) 773-2451
Office:(604) 684-6155
Fax:(604) 684-4155
RE/MAX Crest Realty (Westside)
#2 - 1012 Beach Avenue
Vancouver, British Columbia
V6E 1T7 Canada
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