All real estate lawyers in Woodstock are familiar with title fraud. But if you are an average Canadian, now is the time to learn about it. Imagine arriving home after being away for a long time and finding not just a squatter, but someone who had somehow convinced everyone it was okay for them to live in your house and take over your title. An incident like this happened to a Canadian couple. Although title fraud is not common, it can occur when the properties targeted are vacant and have no mortgages. Imposters had access to the property and created fake identification to pose as legitimate owners. They then completed the sale of the property. Title Fraud and Title Insurance The new owners moved in, and their story unfolded not exactly the way they had anticipated. And this is why you must purchase title insurance from any of the real estate lawyers in Woodstock. Beyond safeguarding your identity, title insurance also shields you from various problems that may arise after you purchase a property. You must not pay any property taxes and water bills that may surface after closing. You will not be asked to assume responsibility for any work that the previous owner (who happened to be a little too lenient with the old hammer and saw and too shy to even apply for the required permits!) did on the house before you owned it. You will remain immune to every boundary dispute. Is Title Insurance an Unnecessary Burden for the Average Canadian? Is a title insurance policy on your home something that everyone has? A significant majority of the real estate lawyers in Woodstock will say YES to this question! If you bought your home in the last quarter-century, you are probably among the three-fourths of North Americans who have. Title insurance offers protection against identity theft in a potential scenario like the one above. It also provides a financial safety net in the event you face any of the aforementioned issues after purchasing your home. Are you among the one-third of North Americans who do not have a title insurance policy? The only way to get one is by purchasing it and having an assessment done on your home. The cost of title insurance will likely run you about five hundred dollars, should the market value of your home be half a million dollars. It is quite a common figure in the current housing market. Another method of preventing anyone from stealing the ownership of your property title is to register a line of credit against it. And it does not matter whether you actually took out any money against the line of credit. It is the very same as having a second mortgage. Title insurance companies, law societies, and real estate regulators are collaborating to strengthen the system checks that can identify a fraudster in advance. You may reach out to any of our real estate lawyers in Woodstock to learn how we may help you with preventing title fraud!