Winter is over, the snow is beginning to melt, temperatures are getting warmer and “for sale” signs will begin springing up in various neighborhoods. This is the signal for home buying season. If you are planning on buying a home, here’s how you can avoid being a victim of mortgage fraud and protect yourself and your family:
- Always use a licensed or accredited mortgage and real estate professional.
- Never sign a document without understanding what it means. If in doubt, talk to your lawyer.
- Keep your information truthful on your application. You may want to “beef up” your income with fake documents in order to qualify for the mortgage – not a good idea.
- Never sign a document with blank fields. Your signature binds you to the document; so don’t allow anyone to “fill that in later.”
- If you are interested in buying a property, it is prudent to contact the land titles office to obtain the sales history of the property.
- Unless you fully intend to purchase the property, never guarantee the loan or add your name to the mortgage.
- Keep talking to your lawyer or attorney every step of the way. Consider title insurance and alternative methods of protection.
- If a deposit is made, make sure that the funds are payable to and held “in trust” by the vendor’s realty company or by a lawyer or notary.
Use the same caution if you are planning on refinancing your home.
It’s a great time to buy a home! We have been in the real estate business for nearly three decades and know just about everything there is about buying a home. Contact us or call us on 604 913 1000 if you are planning on buying a home.