Showing posts tagged with: Industry News
How to Avoid Social Media Fraud. The Do's and Don'ts!
25May
How to Avoid Social Media Fraud. The Do’s and Don’ts!
Fraud

The month of June is recognized as Internet Safety Month the world over. Online fraud shows no sign of abating and every day, thousands of people fall victim to cybercrime. The worldwide web is definitely a tempting ground for fraudsters to commit fraud and they are getting more sophisticated with their ways.

This is why it’s important to stay extra vigilant as you perform online transactions, especially those that involve the sharing of personal and financial information on multiple social media channels. It is up to each one of us to assume personal responsibility, manage our network and regulate privacy settings on most social medial channels.

Of course, it goes much beyond that. In recognition of June Internet Safety Month, here are some important Dos and Don’ts to protect yourself from online fraud.

DO’s

  • Update your privacy settings regularly on your social media accounts. Use options to choose who is allowed to see your posts. And in addition, check your credit score and bank accounts regularly.
  • Set up two-factor authentication to access any account. This ensures that only you can access an account even if someone else gets hold of your password. As a rule, you can have different passwords for all your accounts.
  • Stay away from strangers who try to forge close bonds on social media. If you get a request from strangers for money, immediately cut off the contact.
  • Call up a friend or contact or meet them in person if you get an online message from them for urgent money or a lucrative investment opportunity to avoid social media fraud. Chances are their account too may have been hacked.
  • Think twice before you post a message on social media and don’t share your whereabouts easily. This could give hackers access to your personal information for identity theft. Worse, vacation pictures can send out signals to intruders that your home is empty.

DON’Ts

  • Mention your home address or other personal information in your social media public profile.
  • Accept friend requests from strangers or say yes to suspicious links, even if the posts come from people you know to avoid social media fraud.
  • Consent to targeted advertising. This also prevents apps from accessing your profile information. Avoid social media quizzes or surveys that could soon ask personal questions, even ones that seem harmless.
  • Download or install apps or software from social networking sites. Lookup sites like VirusTotal or Google Safe browsing to see if a link carries a phishing or malware risk.
  • Access social media sites while using a public Wi-Fi network. Some public networks may not be secured. This gives scammers ample opportunities to intercept personal data associated with your accounts. Especially avoid making any online financial transactions or transferring sensitive information.

How to Protect Yourself

At Chicago Title, we offer multi-layered ID verification, which can verify the identity of a person against various data sources. For more information, contact your Regional Manager today!

CTIC.ca

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cottage season
17May
5 Things to Consider When Buying a Cottage + Bonus Tip
Industry News

Now that the weather is warming up, cottage season is upon us. Vacation properties have become a red hot market driven by the allure of short-term rental investment properties to those who are looking for a quiet place to relax outside of the city. Before dipping your toes into the market, or into the lake, there are 5 things you must consider to protect yourself, and your dream investment from becoming a nightmare:

  1. Property and Surroundings

Start the process by visual inspection of the property. Look for things like missing shingles, holes or damage on the roof, cracks in the foundation, and damage to porch screens, decks or chimneys. If the property is on a lake, don’t forget to check docks, lifts and boathouses.

  1. Water Supply

A reliable water supply is critical. Ensuring that the plumbing is in order and testing water potability, gives you the peace of mind that you will have a reliable and safe water supply for the cottage season.

  1. Septic System

Take note of potentially strong odours, water pools or damp spots around the septic tank. This also includes gurgling sounds in the plumbing system and slow draining bathtubs, showers and sinks. The last thing you want to be surprised with is water or sewage coming up your toilets, drains and sinks. Pay close attention and engage a professional if you see any red flags.

  1. Mold or Mildew

Check for mold and mildew around the sills. Remember that bathrooms are often a hot spot for growth as the conditions often provide the perfect environment for mold and mildew to flourish. If you find any mold or mildew be sure to never touch or disturb it, as even a small amount may be a health hazard.

  1. Ease of Access:

If you intend to make regular use of your vacation property, look for one with unencumbered access by road. Remember, Cottages that offer access by water only, may cost less, but you must also factor in the added expenses of operating, parking and protecting your boat. Being isolated by water also provides yet another opportunity for potential intruders to go unnoticed.

Bonus Tip

Lastly and most importantly, remember that title insurance coverage is one of the greatest tools you have to protect against potential losses arising from issues like encroachment, zoning violations, fraud and more.

That’s it. By exercising the precautions above and ensuring you have protected your investment with a title insurance policy you can ensure that your dream property does not become your worst nightmare. Click on the link to learn more about our seasonal property endorsement.

 

Chicago Title offers comprehensive coverage for your cottage.  Contact your lawyer for more information on our coverage today!

CTIC.ca

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11Apr
Chicago Title was the main title insurer in a landmark real estate deal in Quebec worth $5.7 B
Commercial

Chicago Title was the main title insurer in a landmark real estate deal in Quebec worth $5.7 B

Congratulations to Canderel, Group Mach, and their partners on acquiring Cominar Real Estate Investment Trust. We are proud to be the major title insurer for this historic deal valued at $5.7B, considered one of the most important real estate transactions in Quebec’s history.

Chicago Title Insurance Company congratulates Canderel, Group Mach, and their partners for acquiring this commercial real estate property.

Meet the team of experts for your commercial title insurance needs.

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A lawyer allegedly defrauded his clients resulting in a loss of more than $7.5 million
20Jan
A lawyer allegedly defrauded his clients resulting in a loss of more than $7.5 million
Industry News

A Mississauga based lawyer- Shahid Malik has allegedly defrauded his clients resulting in a loss of more than $7.5 million.

Last year numerous victims retained the services of Shahid Malik, the owner of Shahid Malik Law Office in Mississauga, in order to settle real estate transactions. However, it is suspected that the funds were not allocated towards the outstanding mortgages.

Click on the link to read the full article: https://globalnews.ca/news/8513033/arrest-warrant-shahid-malik-lawyer/483483

 

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The four industrial buildings in the centre of this image, all along Calgary’s 25th St., N.E., have been purchased by Skyline Commercial REIT. (Google Maps)
20May
Congratulations Skyline on the purchase of 1.1 million sq. ft. of industrial buildings in Calgary!
Industry News

Congratulations Skyline on the purchase of 1.1 million sq. ft. of industrial buildings in Calgary!

Skyline Commercial REIT has acquired a four-property industrial real estate portfolio in Calgary, comprising over 1.1 million square feet of space, for $132 million, as reported by RenX.

The four industrial buildings in the centre of this image, all along Calgary’s 25th St., N.E., have been purchased by Skyline Commercial REIT. (Google Maps)

Chicago Title Insurance Company congratulates Skyline Commercial REIT for acquiring this commercial real estate property.

Meet the team of experts for your commercial title insurance needs.

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Insured house in thunder
12Mar
Peace of mind with a suitable Title Insurance Policy
Residential

Peace of mind with a suitable Title Insurance Policy

Title insurance is the cheapest and best insurance you will ever buy. Period. Seriously. Okay, I know that I am biased given I work for Chicago Title Insurance Company Canada, but a big part of why I work here is that I believe in the product. I know all of the arguments about insurance and how expensive it is and when one tries to make a claim, there are issues. I get it. The industry doesn’t have the best reputation – although, on that front I have to tell you the last two times I dealt with other insurance companies (Car accident and Life insurance policy – not mine thankfully), the service and speed was stellar. In any event, Title insurance is different. Title insurance is the cheapest insurance you will ever buy because it is a 1 TIME PREMIUM. That’s right. You pay the premium, which across Canada the average premium is $400 for a homeowner (GTA is higher because values are much higher). One only pays that premium once to cover the entire life of a mortgage (which includes any assignments to another lender) or the length of time one owns the property. So, if one buys a house today and owns it for 50 years, the coverage will still apply. Luckily for title insurance companies, Canadians on average own their homes around 5 years, so we actually get to insure properties more than once.

So, what is title insurance and what does it cover? Title insurance covers a homeowner for a myraid of issues relating to a property that home insurance can’t cover for and that a lawyer/clerk/notary can’t protect a homeowner from. It covers matters such as fraud and forgery, survey issues, zoning, work orders and permit issues where the municipality forces a homeowner to fix such problems. It covers the policyholder if there are any actual challenges to the “title” or ownership of your property (or the validity of a mortgage on the property in case of a lender policy) but it goes well beyond that to cover many other issues. So, what happens if a client buys a house and their neighbor subsequently complains that the client’s garage is 3 feet on to her property? Well, title insurance looks at the issue, tries to get the neighbor to be reasonable and settle but if she refuses and wants to be “that” nasty neighbor we always hear about, the title insurer will pay to have the garage moved or the offending portion moved off of the neighbor’s property. Title insurers see all sorts of claims around building permits, unpaid taxes, construction liens, and sadly and rapidly increasing fraud and forgery where someone fraudulently discharges and/or places a new mortgage on title to a property they don’t own. This causes a total mess for the homeowners and the lenders involved and sorting out the mess can be very costly. The beauty of title insurance, in this scenario, is that the title insurer pays the legal fees to sort it out and if the lender ultimately loses priority or the validity of its mortgage or property, title insurer pays the homeowner or the lender the loss without deducting the legal fees incurred to remedy the situation.

While no one loves insurance, as one pays for it and usually don’t need it, its value is often appreciated when there is possibility of a material loss, but the homeowner doesn’t have the right insurance in place. Title insurance is such a simple, inexpensive and invaluable insurance to have that any mortgage professional can categorically and without hesitation recommend it to a homeowner for protection against perils described above and for peace of mind.

Written by John Rider, Senior Vice President, Retail and Commercial Title Insurance, Chicago Title Insurance Company Canada

Published by Private Matters Today. Click here to read the published article on Private Matters.

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OSFI's ticking time bomb
03Mar
Proposed changes to Regulatory Capital Framework
Industry News

Proposed changes to Regulatory Capital Framework

OSFI’s (Office of the Superintendent of Financial Institutions) proposed changes to the Regulatory Capital Framework for Federally Regulated Property and Casualty (P&C) Insurers have created serious concerns in the industry.

The proposed changes will not only affect all Title Insurance providers in Canada, but also the entire commercial real estate industry through price increases and coverage limitations.

Here’s what the industry is saying about this.

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