TZUTC: -0500
MSGID: 300.canada@1:2320/105 2836d9e3
REPLY: 1:153/757.21@fidonet 04b01976
PID: Synchronet 3.19c-Linux master/cb76b1463 Feb 20 2022 GCC 7.5.0
TID: SBBSecho 3.14-Linux master/cb76b1463 Feb 20 2022 GCC 7.5.0
BBSID: CAPCITY2
CHRS: ASCII 1
AA>cbc is reporting that there is quite a racket going on about
  >people stealing property titles (under false identities) and
  >arranging morgages on those titles!  ..or even arranging the
  >SALE of those homes!

AA>the only way that can happen is if realestate agents, lawyers
  >and banks are complicit or slack in some way.  why wouldn't a
  >bank or a lawyer verify the ownership - in person if necessary?
  >my guess.. a lawyer is lazy and assumes that the papers or the
  >person in front of them are true, signs off the title, and
  >someone in the bank (wrt arranging the mortgage) is lazy or an
  >insider.

The problem, which should never have been allowed to exist, is that they have
replaced Title Searches with Title Insurance. It saves everyone time and money
but leaves a home sale open to things like this. Eventually everyone should
get their money back but it's a real mess. To clarify, quite often the thieves
get away with down payments or mortgage funds but an Insurance company pays
for the problem.

I'm not right up to date on this but I do know that at one time, someone who
bought a house being sold by someone who didn't own it, was allowed to keep the
house since the title was transferred legally, which was equally ridiculous,
but I *think* things have improved a bit since then.
---
 * SLMR Rob  * Drop your carrier... We have you surrounded
 * Origin: capitolcityonline.net * Telnet/SSH:2022/HTTP (1:2320/105)
SEEN-BY: 15/0 105/81 106/201 116/17 18 129/305 153/7715 218/700 226/30
SEEN-BY: 227/114 229/110 111 112 113 114 275 307 317 426 428 470 664
SEEN-BY: 229/700 282/1038 292/854 317/3 320/219 322/757 396/45 712/848
SEEN-BY: 2320/0 105
PATH: 2320/105 229/426