Kawartha Lakes Real Estate LibraryBuyer & Seller Information
Kawartha Lakes Real Estate: Mortgage Fraud
Kawartha Lakes Real Estate: Mortgage fraud
Mortgage Fraud continues to be an issue of concern for the real estate industry and the public.
As a regulatory body, RECO addresses mortgage fraud through education, investigative activities to ensure compliance, collaboration with organizations concerned about mortgage fraud and legal/statutory activities to impose disciplinary action on registrants found to have participated in mortgage fraud.
Mortgage fraud is a criminal act, and while RECO has no jurisdiction to prosecute under the Criminal Code of Canada, the Real Estate and Business Brokers Act, 2002 gives RECO the power to investigate criminal offences that are relevant to a person’s fitness for registration under the Act. The Registrar’s position is that any registrant proven to have knowingly participated in mortgage fraud faces losing their registration. It should be noted that some registrants alleged to have participated in mortgage fraud voluntarily terminated their registration.
In order to effectively combat mortgage fraud, it needs to be addressed by all parties involved in the real estate transaction. Organizations such as the Law Society of Upper Canada, the Canadian Association of Accredited Mortgage Professionals and other real estate regulatory bodies are active in combating mortgage fraud either by releasing educational information or through collaborative efforts.
Kawartha Lakes Real Estate
Avoid being an unwitting participant in mortgage fraud. Be suspicious of situations where you are:
Finally, if it sounds “too good to be true” it probably is.
*For the purpose of this document, a salesperson refers to both registered salespersons and registered brokers.
This publication contains general information only, produced by the Real Estate Council of Ontario (RECO)(RECO.CA) and should not be construed as legal or professional advice. For legal or professional advice specific to your real estate transaction or situation, you should seek the services of a professional.
Coldwell Banker R.M.R. Real Estate Brokerage Each Firm independently owned and operated.
Not Intended to Solicit Buyers or Sellers Currently Under Contract.