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Across the country, Canadians are moving out of cities in droves to stretch their legs and call a larger plot of land home. For those embracing the work-from-home lifestyle, they no longer need to live near metro-area offices in expensive shoebox apartments and condos. According to Statistics Canada, 50,000 people moved out of Toronto and nearly 25,000 people migrated from Montréal to suburban areas from July 2019 to July 2020.
The increased demand for suburban housing is making the Canadian real estate market a mad dash for limited supply. Additionally, some families who are out of work are struggling to keep their homes and are resorting to unsafe measures to keep a roof over their heads.
Leave it to scammers and identity thieves to pounce on a vulnerable situation. Scammers and identity thieves are increasingly taking advantage of unsuspecting homeowners, and in some cases, selling homes without the rightful owners even realizing it.
Be on the lookout for these three Canadian real estate scams.
Foreclosure occurs when a homeowner can no longer afford to pay their mortgage, so the lending institution takes over homeownership with the right to sell it. When homeowners are facing the prospect of having to move out, they may seek dubious loans to help them bridge the gap. Loan fraud is when a scammer pretends to extend a gracious loan. In exchange for the loan, the scammer may ask for the title of the home. With the title in hand, the thief may stop sending loan payments to the homeowner and instead resell or remortgage the property.
Not being able to make mortgage payments is a desperate situation, which causes struggling homeowners to make dramatic decisions. Before agreeing to any type of loan, homeowners must ask themselves if the terms of the loan are too good to be true. In cases of fake loans, they often advertise an incredibly low-interest rate. It is best to trust your financial matters to accredited institutions.
Title fraud is when someone steals the title of the home, usually by impersonating the homeowner. Once they have the title, the thief may attempt to sell the home or apply for a mortgage against it. In March 2021, the Times Colonist reported that a thief impersonated a British Columbian homeowner in order to transfer the home’s title to someone else’s name. Then, the thief tried to sell the home behind the rightful homeowner’s back. It was only when a neighbor alerted the real homeowner about the for-sale sign that they realized that their home could have been sold without their permission.
The best way to defend against title fraud is to keep your personal information as private as possible. Title fraud is closely related to identity theft, and fraudsters may gain access to your personal information through phishing methods. Phishing is a tactic where cybercriminals trick people into giving up personal details, including full names, birthdays, and financial information. Statistics Canada calculates that 34% of Canadians have experienced a phishing attempt since the beginning of the pandemic. This statistic emphasizes the importance of constant vigilance concerning your most sensitive personal information.
Mortgage fraud is a term that can apply to untruthful lenders who attempt to swindle cash from unsuspecting buyers or pitch mortgage terms that fall outside of the buyer’s means. The Financial Services Commission of Ontario lists several warning signs of mortgage fraud. For example, lenders who do not have your best interests in mind may ask for cash fees and upfront payments.
Again, it is best to only trust accredited financial institutions with your mortgages and loans. Research the institution before signing any contract. If the mortgage terms are too good to be true, it probably is. There are several online mortgage calculators that can give you an idea of the type of mortgage you can afford. Before entering any talks with a lender, conduct some research beforehand so you can spot unreasonable terms.
Also, an unscrupulous lender may try to hurry you along but also take a long time responding to your calls and emails. If you feel pressured or unsure at any point, remember that there are plenty of fish in the sea. Ask your friends or family for lender recommendations to make sure that you are not tricked into mortgage fraud, the consequences of which could follow you for years.
The post 3 Canadian Real Estate Scams You Should Know About appeared first on McAfee Blogs.
While we’re enjoying the fruits of digital life—our eBooks, movies, email accounts, social media profiles, eBay stores, photos, online games, and more—there will come a time we should ask ourselves, What happens to all of this good stuff when I die?
Like anything else we own, those things can be passed along through our estates too.
With the explosion of digital media, commerce, and even digital currency too, there’s a very good chance you have thousands of dollars of digital assets in your possession. For example, we can look at research we conducted in 2011 which found that people placed an average value of $37,438 on the digital assets they owned at the time. Now, with the growth of streaming services, digital currency, cloud storage, and more in the past ten years, that figure feels conservative.
Enter the notion of a digital legacy, the way you can catalog and prepare your digital assets for passing through your estate.
Like so many aspects of digital life nowadays, estate planning law has started to catch up to the realities that attorneys, executors, and heirs face when dealing with an estate and its digital assets. In the U.S., new laws are rolling out that address how digital assets are treated when the owner passes away. For example, they give fiduciaries (like an estate executor, trustee, or an agent under a power of attorney) the right to manage a person’s digital assets if they already have the right to manage a person’s tangible assets. Such laws continue to evolve, and they can vary from state to state here in the U.S.
With that in mind, nothing offered in this article is legal advice, nor should it be construed as such. For legal advice, you can and should turn to your estate attorney for counsel on the best approach for you and the laws in your area. However, consider this article as a sort of checklist that can help you with your estate planning.
My hope is that this article will open your eyes to the digital value you have to pass along, both real and sentimental, and help you prepare your estate accordingly for the ones you care about.
The best answer you can get to this question will come from your legal counsel. However, for purposes of discussion, a digital asset is any text or media in digital form that has value and offers the bearer with the right to use it.
To frame it up in everyday terms, let’s look at some real-world examples of digital assets that quickly come to mind. They include but are not limited to:
However, digital assets can readily expand to further include:
And as far as your estate is concerned, you can also consider:
That’s quite the list, and it’s not entirely comprehensive, either.
The process of lining up your digital assets begins just like any other aspect of estate planning, by listing all the digital assets and accounts you own. From there, you can see what you have and what you’d like to distribute—and what you can distribute. In fact, when it comes to digital, there are some things you simply can’t pass along. Let’s take a closer look.
Generally speaking, digital assets that you own can be passed along. “Own” is the operative word here. Many digital things we have are in fact licensed to us, which are not transferrable. More on that next, yet examples of things you can likely transfer include:
Check with your legal counsel to ensure you’re following the letter of the law in your region, and also look into any licensing agreements you may have for items like internet domain names and airline miles that you may hold to determine if they are in fact transferrable.
This is an important topic. As mentioned above, some accounts you hold are simply licensed to you and you alone. Thus, they will not transfer. Two of the biggest examples are social media and email accounts. This can have serious repercussions if you do not leave specific instructions as to how those accounts should be handled after your passing.
For example, do you want your social media profiles to remain online as a memorial or do you want them simply to shut down? Note that different social media platforms have different policies for handling the accounts of users who have passed away. For example, Facebook allows for creating memorialized accounts that allow friends and families to continue sharing memories. Policies vary, so check with your social media platforms of choice for specifics.
Likewise, will your executor need access to your email account to handle affairs of the estate? And what about access to online accounts for paying bills and then ultimately closing those accounts? In all, these are points of discussion to have with an experienced estate attorney who knows the law in your region.
Other things to be aware of are that subscriptions to streaming accounts are likely non-transferrable as well. Often, eBooks and digital publications you own are only licensed to you as the sole owner and can’t be transferred. Again, check the agreements associated with items like these and have a talk with your attorney about them to determine what can and can’t be done with them.
Another aspect of your digital legacy is your voice. If you’re a blogger or a participant in an online community, you may wish for a fiduciary or family member to leave a farewell post. Additionally, in the case of a blog, you may want to set up some means for your work to stay online or get archived in some manner. Again, you can work with your attorney to leave specific instructions as to what should be said and then what should be done with the blog or site in question.
I have a real-life example of why this is so vital. A friend of mine lost the photos of her and her husband because they were kept in an online storage account to which she had no access. And sadly, the company would not grant her access after his passing. This is often the case with many online accounts and services. Legally speaking, while the deceased may have owned the storage account and the media kept within it, the cloud storage company owns the servers on which that media is stored. The potential difficulty here is that the online service provider may view giving your personal representatives access to your account as a breach of their privacy policy or user agreements.
One way you can avoid heartbreak like this is to discuss giving your executor access to your accounts. This can be provided through a list of accounts, usernames, and passwords that are kept in a sealed letter along with your will, along with instructions that outline your wishes. This is important: a will is public record after you pass away. You won’t want info like usernames and passwords getting out there. Again, you can discuss an option such as this with your attorney.
One thing you can do today that can protect your digital assets for the long haul is to use comprehensive security protection. Far more than just antivirus, comprehensive security can store precious and important files securely with encryption, arm all your online accounts with strong passwords, and protect your identity as well. Features like these will help you see to it that your digital legacy is secure.
When I’ve brought up the idea of a digital legacy with friends, a light goes on in their head. “Of course, that makes a lot of sense.” It’s easy to take our digital possessions somewhat for granted, perhaps in a way that we simply don’t with our physical possessions. Yet as you can see, there’s a good chance that you indeed have a digital legacy to pass along. By getting organized now, you can see to it that your wishes are followed, and I hope this checklist helps you get started.
The post Digital Estate Planning – What to Do With Your Digital Assets appeared first on McAfee Blog.
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