Quote:
Originally Posted by svandamme
...Mortgages here, are notarized. The Notary's head is on the block if he f's up the due dilligence...
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It's basically the same thing, here, Stijn. Notaries here are called lawyers (except in Quebec), and in Canada they do almost all the conveyancing and securitization. If a fraud occurs, and they were negligent in the performance of their duties, they would be responsible, and they are insured for that. There a few hundred notaries in B.C. who are not lawyers.
In my province, title insurance is not used for most transactions, as it is simply not needed.
In the U.S., many transactions are closed by escrow clerks, who work for escrow companies.
Whether it's a notary, a lawyer, or an escrow clerk, they are human and they can make mistakes. But forgeries are rare.
Also, there are lots of people who are not notaries, lawyers, or escrow clerks who know how to prepare and register a mortgage. Realtors, or mortgage brokers, for example.
In the only fraud case on which I have been consulted in 44 years, a local lawyer allowed a person to sign and swear an affidavit that he had seen a property owner sign a hypothecation deed, without confirming with the property owner that he had actually signed it. If the owner would have pursued a claim, the lawyer would have been found negligent, if it had gone to court.