Real estate title fraud is a type of white-collar crime where fraudsters attempt to transfer the ownership of a property to themselves or secure a mortgage onto the property without the true owner's knowledge or consent. This is achieved by forging documents, impersonating property owners, and exploiting vulnerabilities in the property title registration system.
Red Flags to Watch Out For
While real estate title fraud can be complex, there are certain red flags that may indicate the possibility of fraudulent activity:
Unusual Activity: If you receive unexpected communication regarding your property or notice unexplained transactions related to your property title, exercise caution.
Altered Documents: Be wary of altered or suspicious-looking documents, such as title deeds or property transfer agreements, that you did not initiate.
Missing Mail: If you suddenly stop receiving property tax bills or related correspondence, it could be a sign that someone has changed the mailing address on file.
Unusual Requests: Be cautious of unsolicited requests to provide personal or financial information related to your property, especially through non-official channels.
Protecting Yourself Against Title Fraud
You do not have to stay stagnant, there may be actions you can take to better protect yourself against title fraud:
Regularly Monitor Your Property: Regularly review property tax bills, ownership records, and other relevant documents to ensure they accurately reflect your ownership status.
Title Insurance: Consider obtaining title insurance, which can provide coverage against losses due to title fraud and other property-related issues.
Self Mortgage: A self mortgage is not like a traditional mortgage you get from your bank. A self mortgage is basically a charge you put onto your property yourself. This will encumber the property, thus not allowing the fraudster to sell or mortgage the property without you knowing about it.
Secure Personal Information: Safeguard personal information such as property deeds, mortgage documents, and identification to prevent unauthorized access.
Strong Passwords and Two-Factor Authentication: Use strong passwords for online property accounts and enable two-factor authentication where possible to add an extra layer of security.
Legal Measures to Mitigate Risk
JL Law is well-versed in real estate law and can assist you in taking the following legal measures to mitigate the risk of title fraud:
Property Title Audit: Conduct a comprehensive audit of your property titles to ensure accuracy and address any discrepancies.
Legal Representation: When buying or selling property, engage our legal services to ensure that all documents are legitimate and transactions are secure.
At JL Law, we understand the importance of safeguarding your real estate investments. If you have any concerns about title fraud or would like to take proactive legal steps, please do not hesitate to reach out to us. Our team is dedicated to providing you with the expertise and guidance you need.
Stay vigilant, stay informed, and remember that your peace of mind is our priority.