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Real Estate Title Fraud and How To Protect Yourself - Market Tuesday #29
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Real Estate Title Fraud and How To Protect Yourself - Market Tuesday #29
How to protect Yourself from real estate title fraud. Now, I'm sure some of you or many of you have heard about the incidents that happened where homeowners had gone away on vacation. They come back only to discover that someone had tried to sell their home. And I think one of the two incidents, someone was successful at it. The other one they got they were caught.
How does this happen? Well, essentially, it can happen through a couple of ways. False identity, identity theft. People go in, change to documents, their IDs match as if they were the home owners, even though it's different people. What ends up happening is identities match and these days with fraudulent documents are getting better and better and harder to, you know, to detect.
So with that being said, I mean, things happen. How do you protect yourself? Title insurance. Chances are, if you have had your home in the last 5 to 10 years, it's become normal practice for lawyers to put on title insurance. When you purchase a home. If it's longer than ten years, then there is a question on whether or not you have it.
So what you want to do is get a hold of a lawyer, your lawyer, your real estate lawyer, have them check title to see if there's title insurance. And if you do not have title insurance, you may want to consider putting it on to protect yourself from any financial burden that may occur should something happen. This has been market Tuesday.
Thanks for tuning in. We'll see you next week.
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