Picture this: You’re away, enjoying your life, only to discover a stranger has sold your home. It sounds like a plot twist from a movie, but for some unfortunate homeowners, it’s been a real nightmare. Title fraud occurs when someone uses forged documents or fake identification to steal your identity and gain ownership of your property. Once they have your “title,” they can sell your home or remortgage it—leaving you to deal with the consequences.

To safeguard your home and avoid falling victim to title fraud, here are some proactive steps you can take:

• Keep personal information private: Be cautious about sharing sensitive details with others.
• Monitor your financial activity: Regularly check your bank and credit card statements, as well as your credit report, for any unusual activity, and report discrepancies immediately.
• Shred documents securely: Dispose of papers containing personal information using a shredder to prevent identity theft.
• Retrieve your mail regularly to avoid mail theft.
• Update Your Address: When moving, ensure that you update your address with your contacts and service providers, and have your mail forwarded to your new address.
• Do an Online Search: Search your property online periodically to see if it is fraudulently listed.
• Get title insurance. It will cover losses from title fraud, the legal costs of restoring your right to the property title, and in the case your home was fraudulently sold, the unwitting buyer will get their money back.

 

It’s also important to note that vacant properties, homes that are fully paid off, or those owned by individuals who may be vulnerable—such as seniors—are more likely targets for title fraud.

Your home is one of your most significant investments. By staying vigilant and taking preventative measures, you can ensure its safety and protect yourself from scams.