First Canadian Title

First Canadian Title

March 22, 2006 14:00 ET

RANDOM REAL ESTATE FRAUD EXPOSED WITH RANDOM ACTS OF TITLE INSURANCE

First Canadian Title awards policies to unsuspecting home owners as part of Fraud Prevention Month Attention: Assignment Editor, Business/Financial Editor, City Editor, News Editor OAKVILLE, ON--(CCNMatthews - March 22, 2006) - First Canadian Title, Canada's leading provider of title insurance, is taking the unprecedented step of awarding title insurance policies to Canadian home owners and waiving the premiums in an effort to raise awareness of the growing incidence of real estate title fraud in Canada.

The initiative is part of First Canadian Title's commitment to its partnership with the Fraud Prevention Forum, a group of private and public sector firms, consumer and volunteer groups and law enforcement organizations, designed to educate consumers and businesses on the devastating effects of real estate title fraud.

First Canadian Title is using media relations to roll out the initiative, working with news outlets to select home owners who will be awarded a title insurance policy and the premiums will be waived.

"We wanted to do something unexpected -- something that would raise awareness of the very real dangers of real estate title fraud for Canadian home owners," said Susan Leslie, VP Claims and Underwriting, First Canadian Title. "In 2000, real estate title fraud claims accounted for only 6 per cent of total dollars paid in claims at First Canadian Title. By 2005, that number reached 33 per cent."

A basic real estate title fraud scam can be simple: a fraudster targets a house, forges a transfer deed, registers in his own name, forges a discharge of the existing mortgage and borrows against the clear title. And unlike credit card fraud, where banks allow victims to suspend payment until an investigation takes place, there is no protection when a mortgage is fraudulently registered against a property and the money is fully advanced.

Real estate insiders peg the average case of real estate fraud at $300,000 and in Canada, estimates approach $1.5 billion a year (Source: Quebec Association of Real Estate Agents and Brokers). While Vancouver, Calgary and Toronto are hotbeds of for this criminal activity, all Canadian home owners are at risk.

About First Canadian Title
First Canadian Title is Canada's leading provider of title insurance for residential and commercial real estate transactions and other related products and services. Established in 1991, First Canadian Title pioneered the concept of title insurance in Canada, and now issues hundreds of thousands of new policies each year. As a member of The First American Family of Companies, First Canadian Title's financial strength, stability and commitment to service excellence are second to none in the industry. Based in Oakville, Ontario, First Canadian Title employs more than 1,000 people from coast to coast. Customers include more than 15,000 lawyers and notaries nationwide, every major Canadian chartered bank, credit unions, other lending institutions, real estate professionals, mortgage brokers, and builders. For more information about First Canadian Title, please visit www.firstcanadiantitle.com.

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For more information or to request an interview please contact:
Alex Mangiola
Pilot PMR for First Canadian Title
416-462-0199 Ext. 21
alex@pilotpmr.com
IN: ECONOMY, SOCIAL

Contact Information

  • Alex Mangiola, Pilot PMR
    Primary Phone: 416-462-0199 ext. 21
    Secondary Phone: 416-460-3575
    E-mail: alex@pilotpmr.com