4 Tips for Preventing Property Fraud

Posted by JC Stock on November 25th, 2019

A house is one of the biggest assets a person owns. It can be mortgaged or sold to receive a large amount of money based on its value. For this reason, criminals attempt to obtain the title to one's property through illicit means. They exploit an individual's personal details to forge a deed, which is the legal document that's used for the transfer of ownership. Here are some tips that'll help you protect yourself from this type of fraud. 

Protect Your Personal and Financial Information

Property fraud is often committed together with another criminal offense called identity theft. In the process of stealing one's title, swindlers also try to acquire one's personal and financial information needed for paperwork in the register of deeds. This data includes the name, Social Security number, and bank account details.  

To protect your info, never share it with people you don't trust. Scammers use deceptive text messages and emails that trick people into sending them their details. Also, don't save your valuable data on your phone, computer, and other storage devices. These identity thieves hack networks and rummage through trash bins for hard drives and other gadgets that were carelessly thrown out.

Keep Track of Your Credit Report

For any suspicious activity, it's crucial to review your credit report regularly. This contains the records of your accounts, current loans, and other key data concerning your debts. If there's anything amiss, such as a newly opened account that you don't recognize, you can inform the authorities about this immediately and have your credit frozen. This'll prevent the identity thief from using it to gain the title to the real estate and profit from it.                                            

Monitor the Status of Your Deed

Another way to catch unusual activity early on is to check the status of your deed. This way, you'll know if there were changes done to your real estate without your consent. Several local registries are available online for viewing, and they may offer services that'll notify you if any actions have been done to your property.  

Consider Getting Title Insurance

A precautionary measure you can take is to purchase title insurance. By having one, you'll be guaranteed protection from financial loss in case you become a victim of this unfortunate circumstance. The policy will cover the following:

• Encumbrances against property
• Fake documents and flawed records
• Forged signatures
• Transfer of ownership

By noting these tips, you can protect your house from being stolen by malicious scammers. To take a step further, you can hire a company that provides property title monitoring services. They'll help you keep an eye out for any fishy situation.