News Release Details

View all Press Releases

How ISC works to prevent title fraud

August 08, 2012
 

 

Title fraud is the illegal act of obtaining another person’s land title through duplicity and deceit. Thankfully, title fraud rarely happens in Saskatchewan. There have only been two reported cases of it in the last 30 years. 

Part of the reason why it happens so rarely in Saskatchewan has to do with measures ISC takes to reduce the likelihood of fraud occurring and the regulatory powers ISC can exercise to right the wrongs that could result from title fraud. 

ISC protects against title fraud by: 

Requiring proper authorization
To prevent fraudsters from impersonating the registered owner in a land transaction, ISC requires the person who is trying to transfer their title to sign an authorization to that effect; their signature must be witnessed and the witness must either be a registered Saskatchewan lawyer who is in good standing or must swear an oath in front of a notary public or a commissioner for oaths.

Performing thorough examinations
ISC registration examiners verify that the transfer application complies with The Land Titles Act, 2000 and its supporting regulations; they also check to see if the proper authorizations are in place to support the application.

Requiring authorization signatures
ISC also requires signatures for address or method of delivery changes (regular mail, fax and email). ISC encourages the use of email so customers get more timely notifications related to their titles.

Compensating for losses
ISC maintains an Assurance Fund to compensate title owners who suffer a loss because of an error when a title is being transferred or who lose their title because of fraud.

Initiating regulation changes
The Registrar of Titles can give the title back to the original owner without the owner making a court application. ISC looked at case law in other Canadian provinces and saw a need to improve the regulatory system here to prevent undesired consequences of title fraud in which the rightful owner was sometimes forced to go to court to get their title back and keep mortgages obtained by fraudsters from appearing on the title. New regulatory amendments now provide title owners and interest holders with more certainty.


Interactive Analyst Centre

Disclaimer

Please note that you are now entering a website directly or indirectly maintained by a third party (the "External Site") and that you do so at your own risk.

Information Services Corporation (“ISC”) has no control over the External Site, any data or other content contained therein or any additional linked websites. The link to the External Site is provided for convenience purposes only.

By clicking “Accept” you acknowledge and agree that neither ISC nor third party provider Virtua Research, Inc. (“Virtua") is responsible, or accepts or assumes any responsibility or liability whatsoever for, the content, the data or the technical operation of the Linked Site. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against ISC and Virtua and further acknowledge and agree that in no event shall ISC or Virtua, its officers, employees, directors and agents be liable for any (i) indirect, consequential, incidental, special, compensatory or punitive damages, (ii) damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, (iii) claims of third parties, or (iv) other pecuniary loss, arising out of or related to the Legal Notice, this disclaimer or the External Site.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract (including, without limitation, a claim of fundamental breach or breach of a fundamental term), tort (including, without limitation, negligence), strict liability or any other legal or equitable theory, and even if ISC and Virtua are advised of the possibility of the loss, damage, claim or liability. The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute(s).

If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is deemed representative at the time of its original release. Changes in historical information may occur due to adjustments in accounting and reporting standards & procedures.

Non-IFRS Information

In addition to disclosing results determined in accordance with IFRS, ISC may also disclose certain non-IFRS and pro forma non-IFRS results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website. Management believes that this non-IFRS and pro forma non-IFRS information provides investors with additional information to assess ISC operating performance by making certain adjustments or excluding costs or gains and assists investors in comparing our operating performance to prior periods. Management uses this non-IFRS and pro forma non-IFRS information, along with IFRS information, in evaluating its historical operating performance. ISC and Virtua also take no responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.

The non-IFRS information is not prepared in accordance with IFRS and may not be comparable to non-IFRS information used by other companies. The non-IFRS information should not be viewed as a substitute for, or superior to, other data prepared in accordance with IFRS.

DeclineAgree