Title Fraud



June 21, 2024

May 1, 2024

 

You may have read about it in the news or listened to horror stories about it at some point, but I would still like to remind people about it, because it poses a very real threat to unsuspecting property owners, especially in these uncertain times.

 

I am referring to “Real Estate Title Fraud”.

 

Criminals use fake identification to forge documentation to steal a homeowner’s identity and take away their legal ownership of the property. Once the property title is in their hands, they can re-mortgage it, sell it to an unsuspecting buyer, or extract some value from it and pocket the proceeds.

 

Homeowners don’t usually learn that they have been scammed until they are about to sell or if they receive notice of missed payments.

 

It takes a lot of time, money, and effort to try and restore your title. During that time, among other things, you cannot mortgage your home or sell your property.

 

That’s why lawyers usually advise you to purchase Title Insurance which safeguards against many risks, including losses from many forms of title fraud.

 

You should check “land registry” periodically to ensure you are still the owner of your property. Don’t sign anything without reading and understanding it completely, don’t give out personal information online or over the phone or by mail to anyone you don’t know.

 

Feel free to contact me should you have any questions about this or any other real estate matters. If you are considering selling in the near future and would like an idea as to what your home is worth in today’s unpredictable, changing market, do invite me over for a confidential chat and I’ll be more than happy to discuss pricing strategies as well as the right time to sell, and much more. You will be glad you did.

 

Ecko Jay

Broker of Record / Owner

eckojay@eckojay.com

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