Owners Can Take Simple Steps for Additional Peace of Mind with Land Title
VICTORIA, June 24 /CNW/ - The Land Title and Survey Authority of British
Columbia (LTSA) reinforced today the safety and security of the province's
land title system which has been in place since 1870. Over the past 18 years,
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 Assurance Fund is an essential component of the land title system in
British Columbia and is available to compensate registered owners of title in
the event of loss. Protection of title is provided to both the seller and
purchaser of property, and is critically important for economic stability,
investment and social stability.
As with any area of commerce, there may be people who want to
misrepresent ownership of an item, such as land. Identity theft is a concern
these days and the LTSA encourages lawyers and notaries to continue to be
vigilant and always ask for identification when dealing with any individual
with regard to land title to ensure that they are dealing with the true owner
of the land.
There are 1.8 million active titles in BC and only a handful have been
the subject of an assurance fund claim related to fraud. However, if a
property owner feels that their land holdings are at risk, there are simple
steps that may be taken to provide additional protection.
- An owner, via a lawyer or notary, may use the Activity Advisory
Service provided by BC Online. This service provides an email notice
to the lawyer or notary when an application is made that may affect
the owner's title.
- Alternatively, an owner can apply for a Duplicate Certificate of
Title through the Land Title and Survey Authority, if the land title
does not have a mortgage or agreement for sale registered against
- An owner who takes possession of their Duplicate Certificate of
Title, should ensure it is kept in a safe and secure location to
avoid the time and cost associated with replacing it.
Land title is legally protected in British Columbia under the Land Title
Act. The Land Title and Survey Authority is responsible for managing the land
title system in a manner that protects and maintains the security of land
ownership records and documents.
British Columbia's land title system includes numerous checks and
balances to identify and prevent fraud. In British Columbia, most land title
and related lending transactions are conducted through professionals such as
notaries and lawyers, who require proof of identity as part of their
professional due diligence requirements. When land title documents are
registered through the LTSA, land ownership is again confirmed against
existing land title records. Documents submitted to the Authority require
certification by a recognized professional.
About the Land Title and Survey Authority of British Columbia
The Land Title and Survey Authority of BC (LTSA) operates the province's
land title registration and survey systems through offices in Kamloops, New
Westminster and Victoria. The LTSA provides for the registration of all real
property ownership and all private and Crown land surveys through its secure
and reliable systems. Established in 2005 under the Land Title and Survey
Authority Act, the LTSA is an independent corporation committed to enhancing
customer service through continuous innovation and business process
improvements. More information on the LTSA is available at www.ltsa.ca
For further information:
For further information: Liza Aboud, Vice President Business Development
and Communications, LTSA, (604) 601-8365