Letter to the Editor
The following Letter to the Editor from REBGV President Dave Watt was published in July's 10th's edition of the Vancouver Sun.
The Vancouver Sun
Suite 1 - 200 Granville Street
Vancouver, B.C.
v6c 3N3
sunletters@png.canwest.com
Letter to the Editor: We're deeply concerned that The Vancouver Sun's view, expressed in the June 25 editorial ‘Rising real estate fraud makes title insurance essential', is causing unnecessary panic among B.C. homeowners. The Land Title and Survey Authority (LTSA) reported that over the past 18 years they processed 15 million transactions. In that time, two claims related to land ownership fraud were resolved and only 14 claims related to mortgage fraud were filed. Contrary to the paper's assertions, LTSA says there's been no increase in the number of fraud cases, and that cases of attempted fraud are rare. We're not aware of any cases in B.C. that required an innocent owner to pay off a fraudulently obtained mortgage. Typically, when a homeowner is asked to pay for title insurance on a mortgage, that insurance protects the lending institution, not the homeowner. REALTORS® have a high level of confidence in our land title system. As such, we believe the wholesale promotion of title insurance adds unnecessarily to the cost of homes in B.C.
Yours truly,
W. Dave Watt
President Real Estate Board of Greater Vancouver
2433 Spruce Street Vancouver, B.C.
V6H 4C8
tel. 604.730.3000
