Thursday, September 07, 2006

 

Title Fraud

In North York, Ontario, an 89-year-old man was a victim of title fraud and lost his home. Apparently Ontario law favors banks/lenders and buyers in the case of fraud, so he would be trespassing if he went into his (former) home that he did not sell, nor want to.

"I fled Hungary to escape lawlessness like this and now my sense of security in Canada is gone," he said. According to his lawyer, "it was very painful to have to break the news to Reviczky that he may lose his house forever — even though he was an innocent victim of fraud — because Ontario law recognizes the transaction as valid where the purchaser is unaware of the scam."

Why is this on the books and is there any good reason for this? Sounds like a Law & Econ question to me.

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