Dear David,

After many years my wife and I own our house outright. I had always assumed that there would be a physical deed to the house that we should have. Is this the case? Is it imperative that we get it? Will it protect us from fraudulent selling of our home? – WONDERING

DEAR WONDERING: This is actually one of the most common questions we get from homeowners, particularly once their mortgage has been paid off. After years of making payments, people naturally expect there should be some sort of physical deed in their possession to prove they own the house.

Don’t lose sleep over not having a deed, as Ontario property ownership no longer works this way. Instead of having a piece of paper tucked in a safety deposit box, property ownership is recorded electronically through the Ontario Land Registration System. These provincial records show who owns each piece of property, and makes note of any registered mortgages, liens, easements or other interests that may affect the title.

Now that you and your wife have paid off your mortgage in full, I’d be less concerned about locating a physical deed, and more concerned about making sure the mortgage has been discharged from title, as this doesn’t always happen immediately. Typically, you’ll receive some type of confirmation from your bank or lender that the mortgage has been paid in full, and that their lien or charge has been removed from your property. 

To ensure this is the case, contact the lawyer who handled your purchase (or the most recent refinance) and ask them to check the title. They’ll be able to confirm that you are shown correctly as the registered owners, that the mortgage has been discharged, and that there are no unexpected liens or other registrations affecting the property.

When it comes to preventing title fraud, having an old paper deed in your possession likely won’t be helpful, as this type of crime involves someone using stolen identification or forged documents to impersonate a homeowner and fraudulently mortgage or transfer their property.

PRO TIP: I suggest you confirm whether you have appropriate title insurance in place, as it can protect you from potential errors or misrepresentations in the title that may affect your clear ownership of the property. Since the early 1990’s, most homeowners have been buying title insurance when they purchase or refinance their home, though they may not remember doing so. This one-time expense offers protection for as long as you own your home, and if you don’t already have it, you may be able to purchase a policy years after buying your property. #Advice #AskDavid #TheNegotiator 

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.