How to Avoid Frauds When Purchasing a Home

Learning About Title Fraud and Other Types of Home Fraud

When purchasing a home there are a few things that can put your investment at risk. It is important to know what to look for and to keep in mind the different factors that can affect your investment. Title fraud is one of the things that you need to be aware of. Although title fraud does not happen as often as other types of fraud it can still occur. The following information will help you understand more about what title fraud is and how you can stay protected against it.

What Is a Title?

The title is the legal paperwork that states the ownership of a property. Having the rightful ownership of a land or home is what can allow you to sell it. If you are not the legal owner of such place you do not truly have the right to sell it and therefore the sale even if completed can be obsolete. In the event that someone purchases the property off of someone who does not have a clear ;or legal title, they are putting their investment at risk because the ownership of such property is not legally transferred to them.

How Can Title Fraud Take Place?

It may sound absurd that someone can sell a home if the title is not rightfully theirs but this isn´t as simple as it sounds. There are several ways in which this can go wrong, from work identity theft to liens on the title. That is where a thorough title search and title insurance come in. ;A title search is what helps prevent all sorts of scams or inconsistencies in the ownership of the property from putting your investment at risk. Title insurance is the preventive measure that all mortgage companies and wise owners take to deal with any problematic situation that may come up based on a title problem from the past.

Find the Right Title Insurance Agency to Help Your Property Stay Protected

Patriot Title Agency, Inc. offers the best solutions for all your title insurance needs. They can take care of all your title insurance doubts and questions so that you close a more confident deal on the home of your dreams. Call them right now at ;1-866-475-3005 and stay informed on everything you need to know to protect your property from title problems.

Identity Theft Is the Leading Cause of Most of Title Frauds

The most common form of title fraud is identity theft. This can occur in different ways. For example, if a vacant property is owned by someone who lives in a different state or place and is hardly ever checked on, a scam artist can take advantage of the situation. Nowadays it is incredibly hard for this to truly happen because mortgage companies make title searches and title insurance a requirement. However, there can still be ways around it especially if the house is offered at a very low price at which the buyers can pay cash and aren´t necessarily obliged to get a title search or purchase title insurance.

Types of Frauds That Buyers Need to Be Aware Of

Although false impersonation or identity theft are the most common forms of title fraud there are still other types of issues that can come up. Illegal deeds of a property are another cause for problems when it comes to the purchase of your home. Altering certain documents and legal paperwork is another form of fraud. Lastly, there is also a different type of fraud that can also affect home buyers. Giving false information about the condition of a house with the conscious intent of altering its real value is a fraud that can cost you money as a buyer. That is why it is important that you consult a trustworthy professional to appraise the value of the home. For more information on the basic thing, you need to check on before purchasing a house, read our previous post, here. ;

Reduce the Chances of Property Fraud and Protect Your Investment with the Help of Title Insurance Experts in Stark County

The simplest most efficient way to prevent and deal with these type of problems is to obtain home owner´s title insurance when purchasing a home. Title insurance protects your rightful ownership and in some cases can cover the costs of defending your title if necessary. Obtain what you need to ;protect your property and your money at Patriot Title Agency, Inc. Call them at ;1-866-475-3005 ;today to learn about the different coverage options available to you.