-UPDATED VERSION OF ORIGINAL NEWS RELEASE-
Owners Can Take Simple Steps for Additional Peace of Mind with Land Title Documents
VICTORIA - 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 lesser interests in land such as discharges of mortgage were paid out from the Assurance Fund.
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.
These include:
- An owner, via a lawyer, notary or independent land title registry agent, may use the Activity Advisory Service provided by BC Online. This service provides an email notice to the lawyer, notary or agent 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 it.
- 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
