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Your Eid-Co home was well-built to be strong and long-lasting. We want it to be yours and remain with your family for as long as you want it to. That’s why this month we are highlighting what title fraud is and how to avoid it. Title fraud is a growing threat for homeowners, where criminals forge documents to transfer ownership of a property without the owner’s consent. This type of fraud can lead to devastating consequences, including losing ownership of your home or significant legal and financial challenges. So how can you protect yourself and avoid falling victim to title fraud?

Understand What Title Fraud Is

Title fraud typically begins when a scammer forges documents that allow them to claim ownership of your property. Once they have the title, they may take out loans using your home as collateral or even attempt to sell the property without your knowledge. Title fraud can be challenging to detect because it often goes unnoticed until significant damage has already been done. What can you do to avoid it?

Monitor Your Property Regularly

One of the simplest ways to safeguard against title fraud is to monitor your property records. Regularly check your property’s title history with your local county records office or through online property record databases. Look for any unexpected changes or alterations that you did not authorize.

• Tip: Set up notifications if your local registry offers them. Many counties and cities offer notification services that alert you if a change is made to the title of your property.

Purchase Title Insurance

Title insurance protects you against potential losses arising from title fraud and other issues affecting the ownership of your property. A one-time purchase made when you buy your home, title insurance can be invaluable if fraud occurs. If someone illegally transfers your title, the insurance will help cover legal costs and other expenses to resolve the issue.

• Owner’s Title Insurance: Provides coverage for the homeowner’s interests, not just for the lender, offering you a layer of personal protection.

Consider a Title Lock Service

Title lock services monitor your property records around the clock. These services can quickly notify you of any changes, allowing you to address issues before they escalate. However, keep in mind that a title lock service does not prevent title fraud but rather alerts you to it as soon as it happens.

• Check Credentials: Make sure to research the credibility of any title lock service you’re considering. Some services may charge high fees but provide limited coverage, so choose wisely.

Be Wary of Phishing Scams and Identity Theft

Title fraudsters often rely on stolen identities to carry out their schemes. Guard your personal information and be cautious about sharing details like your Social Security number, birthdate, and other identifying information, particularly online.

• Use Strong Passwords: Secure all online accounts, particularly those related to finances and real estate, with strong, unique passwords.
• Stay Informed: Be aware of common scams, like phishing emails or phone calls that attempt to gather your personal information under false pretenses.

Maintain Accurate Records

Keeping copies of property documents, mortgage statements, and any other paperwork related to your home makes it easier to prove ownership if an issue arises. Store your documents in a safe place, and if possible, keep both digital and physical copies.

Seek Legal Advice When Needed

If you suspect that someone has tampered with your property title, consult a real estate attorney immediately. Early action is essential, as legal procedures may be required to reverse any fraudulent transactions.

• Legal Documentation: An attorney can assist you in submitting affidavits or court documents to clarify and secure your rightful ownership.

Your Eid-Co home was built to give you and your family a lifetime of enjoyment. By staying vigilant and taking preventive measures, you can significantly reduce the risk of title fraud. Safeguard your home and stay aware of the signs to protect your valuable asset using the tips highlighted in this article. Doing so will ensure that your home will remain in your family for generations to come!