Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
The services of a real estate lawyer when buying or selling a property are of utmost importance. Real estate is a big investment with a lot of money involved. It’s, therefore, crucial to have your legal help ensure the process goes as smoothly as possible.
Although many might think of a real estate transaction like any other, there’s risk involved, such as title fraud, loopholes in agreements, claims and liens against property, unpaid property taxes, and more. It’s therefore important to hire a real estate lawyer when buying or selling a real estate property.
However, it’s essential to be aware of different types of real estate fraud to avoid distressing situations. Take a look at the three most prevalent types of real estate frauds in Canada:
1. Title Fraud
When a person claims the ownership of a property, they generally do so by masquerading as the proprietor. The fraudster may resell the house or take out a loan. Keeping your private details as confidential as possible is the greatest approach to protect yourself from title fraud.
Title fraud is intrinsically tied to fraudulent activity, and scammers may use hacking techniques to get to your private records. Malicious hackers use phishing to mislead users into giving private information such as complete names, birthdates, and banking details. According to Statistics Canada, thirty-four percent of Canadians have been targeted by phishing scams. This figure underlines the need to monitor your most private details continuously.
2. Foreclosure Fraud
Some people find it difficult to pay their mortgages on time. While some lenders may permit you to miss monthly repayments for up to twenty-six weeks, the mortgage you owe will continue to accrue interest. Many individuals may feel compelled to do anything to prevent accumulating additional debt, making them vulnerable to con artists’ proposals. In foreclosure fraud, the scammers force the recipient to submit a statutory declaration giving the scammers a right on the estate. Scam artists may declare that the property owner has broken one of their conditions and use it to justify seizing the estate.
3. Mortgage Fraud
The lawyer and the lender are usually involved in mortgage fraud, which is helped by the realtor. It appears to be a conventional loan until the householders discover that the property is far beyond their monetary capacity as the agent falsified documentation to get the mortgages authorized. Organizations frequently don’t report this form of fraud when it is discovered since admitting they were defrauded would damage their reputation.
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Get In Touch With Nanda & Associate Lawyers Professional Corporation To Hire A Trustworthy Real Estate Lawyer
If you want your real estate deal to be legally foolproof, it’s time to hire a real estate lawyer to help you deal with the legal jargon.
Are you seeking the services of a professional real estate consultant? Nanda and Associate Lawyers consists of proficient real estate lawyers. The famous law firm also provides real estate legal services to its precious clients.
Contact us for excellent advice from one of Canada’s finest real estate consultants.
