Is title lock necessary

Is title lock necessary DEFAULT

Your home’s title is a very valuable document. While you won’t see it until your mortgage is paid in full, your title should be kept safe and secure to protect you from title fraud. Since your home’s title is the all-powerful document when it comes to determine who owns it, and if any liens are placed against it, your home’s title is the target for many thieves. Here’s what you should know about a home title lock, including what it is and why you might get it.

What is a Home Title Lock?

A home title lock is a service offered by many companies, often as a monthly or annual subscription. With a monitoring service, you’ll receive alerts whenever court filings are made that may impact your home’s title. These alerts can make you privy to potential attempts at title fraud and help you stay ahead of other things that threaten your home’s title, like debt collection efforts.

What is Title Insurance?

Whenever you buy or refinance your home, a basic insurance policy is essential — although many people overlook it. Owner’s title insurance plays a crucial role in protecting your finances, like in the event where you’re refinancing and paying off Bank A in full with Bank B’s funds. If the money gets stolen on its way between banks, you could be legally liable for both mortgages.

Title insurance can help protect you from all types of mortgage fraud in many situations. For instance, owner’s title insurance, helps keep you safe if someone challenges your ownership of a property.

There’s a misconception that homeowners pay for good title insurance when financing or refinancing their home. In truth, the lender’s policy only protects the bank. Owner’s title insurance is essential if you want to protect yourself.

How is a Home Title Lock Different from Title Insurance?

A home title lock service is different than title insurance. You’re likely to subscribe to a company’s monitoring in addition to title insurance. After all, they’re two different services and work best in tandem.

A home title lock cannot replace title insurance, but it can complement it. With the right title insurance policy in place, a home title lock will help make you aware of potential threats as soon as possible. The team of experts can also help you understand the situation and get help from your title insurance company.

Of course, a home title lock isn’t insurance. This service will not help cover any of the financial burden of title issues or mortgage fraud, and that’s why a title insurance policy is critical to have alongside your subscription.

The Benefits of a Home Title Lock Subscription

A home title lock is a subscription service that helps protect you from things that may impact your home’s title, offering an early indication of mortgage fraud, among other potential threats. You’ll often pay monthly or you can opt to pay for a year upfront. You should consult each company’s prices and terms before subscribing.

When signing up, you’ll give your contact information, among other things, so that the provider can monitor your title’s status and any court filings relating to it. If a change is detected, the company has a team of experts who they promise will help you navigate through the circumstances.

It’s important to note that a home title lock is not a replacement for title insurance. That’s because, while the service will alert you to any changes, the company has no legal obligation to provide financial support to help you correct those changes or cover any financial burdens that come of them.

Is a Home Title Lock Necessary?

If you’re the type of person who sleeps better at night knowing you have the added security of services like a title lock, it may very well be a worthwhile investment. After all, you can cancel it at any time, so there’s no long-term commitment. Plus, many major companies offer it, in case you were wondering about the service’s validity.

However, financial experts point out that a home title lock doesn’t do anything beyond what you could already do yourself, for free. If you take the time to regularly check your property records on your county’s website — assuming your county offers convenient online access — you can save yourself the $15 to $20 a home title lock service generally costs each month.

Depending on your county, you may be able to automate the process in the event that they offer a consumer notification service. Some counties allow you to sign up to get a text or email if any changes impact your property record, like a change in ownership.

Pros and Cons of a Home Title Lock

If you’re on the fence about whether or not a home title lock subscription is worthwhile, consider these pros and cons.

Pros

  • It’s affordable. For about $150 annually (depending on the company you choose), you can have greater peace of mind knowing someone is keeping an eye on your title for you.
  • It’s convenient. Don’t have time to check your title yourself or maybe don’t live in a county with east online access? A subscription service makes sense.
  • It’s dependable. The on-going monitoring of a professional company offers more protection than randomly checking your title yourself when you remember.

Cons

  • It’s an expense. Being a subscription service, you can cancel at any time, but every dollar you put towards a home title lock service is a dollar you’ll never get back. Since it’s only useful as long as it’s active, you might want to think carefully before signing up.
  • It could be redundant. If you’re signed up for consumer notifications through your county or you’re willing and able to routinely check property records yourself, a home title lock is redundant and won’t offer any real added benefits.

 

Deciding if a Home Title Lock is Necessary

Still thinking about a home title lock subscription? As you make your decision, just remember that it’s completely optional. No lender or other party can require you to have it. If you’re still on the fence, consider heading to your county’s website or calling the offices to see what services your area offers.

If online property records and perhaps even a consumer notification system are already available to you, free-of-charge, you can very well do what a company will charge for on your own, for free. It just requires a few minutes of your time each month to consistently check your records.

The real estate process, from start to finish is a complex process with a lot of moving pieces and considering a title lock is just one of them. With LemonBrew, you will be supported throughout your entire real estate journey. With LemonBrew Abstract, we’ll help you navigate title insurance and the closing process to ensure your closing is on time. Get started today!

Sours: https://www.lemonbrew.com/is-a-home-title-lock-necessary/

Home Title Theft: Should You Be Worried?

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A thief can steal your wallet, your car, your money and even your identity. But could an identity thief also steal your house? The short answer is yes, home title theft can happen. But you should know the details first before you start worrying too much about this new form of identity fraud.

Nevertheless, the idea that someone is trying to steal the title to your home is horrifying. Imagine a thief forging your signature and secretly taking over the deed to your residence, and then actually taking out a fraudulent home-equity loan – against your equity. To give you some peace of mind, here is what you should know about home title theft, the chances of it happening to you, and what you can do to protect yourself.

What is home title theft?

Home title theft, also known as title fraud, happens when a criminal scours publicly available electronic property records to find a home that has accrued equity. Most frequently, they track down ownership of a home that’s either empty, a second residence or one occupied by an elderly resident.

The thief creates a new identity with supporting documentation like fake ID, Social Security card, and other personal identifiers. This is followed by the criminal forging the homeowner’s signature onto a fraudulent bill of sale and transfers legal ownership of the house to themselves. Home title theft is a new type of identity theft that also involves more serious forgery, real estate and mortgage crimes punishable with up to 10 years or more of prison time.

What happens if I become a victim?

Once the home deed is in the criminal’s name, they can take out home equity loans and disappear with the money, leaving the homeowner with the bill. Unfortunately, most people don’t find out that title theft has occurred until they receive a foreclosure notice in the mail from the bank holding the bogus home loan.

There are a few signs of potential title theft problems you can watch for including:

  • You stop receiving bills at your residence
  • Rising utility bills at vacant or second homes
  • You stop receiving tenant rent payments
  • Mortgage information from a lender you’ve never done business with
  • New loans or lines of credit in your name
  • Notice of foreclosure

If you suspect you have a home title theft problem, you’ll want to immediately call the mortgage lender and title company involved to identify and correct the problem. That will get the ball rolling.

Is home title theft a big problem?

You may hear blaring advertising on radio and TV telling you the home title and mortgage fraud is the fastest growing crime in America. It’s creative marketing, but at best this is very misleading as to the scope of the problem. There are very few statistics available for home title theft cases.

The FBI estimated a couple years back that 9,600 U.S. homeowners were victims of title fraud. That’s a microscopic percentage – slightly more than 0.0001% of the roughly 87 million U.S. homes owned. It was a cause of concern and gained attention because it was declared a new type of identity theft. To date, the Federal Trade Commission still does not report on home title theft cases.

So, does home title theft happen? Yes. Is it likely to happen to you? No. Is stealing a title and taking money from a fake home equity loan as easy as forging title documents on your home? No, because it involves obtaining and transferring a title or deed, deceiving a title company, plus county recorders of deeds as well as lenders, each of whom have several layers of protection in place.

All that said, home title theft is a new form of identity theft. Victims likely have larger identity fraud problems to deal with including compromised computers, email and social media accounts, legal battles, and a ruined credit profile.

Does home title insurance protect me?

Yes, but only if you’ve opted to purchase “owner’s title insurance” at your home closing. Owner’s title insurance is a one-time fee often included with closing costs when you buy your home. If you opted in on an owner’s policy title insurance, you’re covered.

Don’t confuse this with “lender’s title insurance” required by mortgage lenders at closing to assure them the property is free and clear of liens or claims before loan closing.

Do advertised “Title Lock” programs actually protect me?

Not really. You cannot technically “lock” your home title, and these programs are not title insurance policies. What they offer is periodic monitoring to alert you to after a change of deed has occurred – after your identity has been stolen and title fraud is already in full motion. They also talk of helping reclaim ownership of your home. The reality is, you never lost ownership of your home. A crime has been committed. You have an identity theft case, and a criminal legal battle to prove you did not sell your home and take out that loan.

You’ll need identity, credit and cybercrime fraud experts working on your behalf. Protecting against potential cases of home title fraud requires a much more comprehensive protection plan than the advertised title lock services.

What can I do to prevent this?

  • Check your home title records. In most counties, you can access the county property ownership records online free of charge. If available, register for your county’s consumer notification service, which signs you up for alerts any time a document is recorded on your property.
  • Use a licensed title agency. When purchasing a property, be sure to use a reputable, licensed title company.
  • Purchase “owner’s title insurance”. Consider purchasing this at closing to protect against any claims or liens against your property now and in the future.
  • Watch out for new or missing bills. When utility bills and other statements start disappearing or changing randomly, your identity and your home title could be at risk.
  • Monitor your credit. Look for mortgage or home equity loan inquiries or activity you don’t recognize. Sign up for a premium ID theft and credit monitoring service to ensure you are always on top of changes to your credit.
  • Evaluate your security practices. Home title theft is a digital crime. It’s a very good idea to make sure you are properly protected with your computers, mobile devices, passwords, financial accounts, and social media. If you aren’t super cyber-savvy, consider having security experts do a full cybersecurity checkup for you and your family.

The bottom line

There’s no need to pay additional or separately for a home title protection service. The best thing you can do to protect against this and all other forms of identity theft and cybercrime is to invest in a comprehensive personal and home cyber protection plan like iDefend that includes personalized, one-on-one expert service.

iDefend covers home title theft and all other forms of cybercrime and identity fraud. Discover a powerful new way to protect yourself and your family against all cybercrime, identity theft and online privacy risks in a single protection plan – with iDefend.

Sours: https://www.invisus.com/resources/home-title-theft-should-you-be-worried/
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Can Someone Steal Your Home Through Title/Deed Fraud?

home title theft property deed fraud

Savvy thieves are able to forge documents, commit fraud, and steal the title/deed to your home, potentially to sell the property to someone else and reap the proceeds, or use their fraudulent ownership to access a lending tool and extract the home’s equity.

Such an occurrence is extremely unlikely, as it would be difficult to pull off successfully, and there are ways for homeowners to protect themselves.

The urge to panic, however, is fed by a steady stream of posts and ads on social media sites, including Twitter and Facebook, warning that homeowners should consider title theft an imminent threat.

“The FBI is now calling ‘title theft’ one of the fastest-growing white-collar crimes in America,” screams one post on Twitter. “Don’t become a victim of home title theft! Protect yourself, your family, and your property … ,” warns another post on Facebook.

These posts and ads come from companies that sell a product they describe as title lock insurance—and their aggressive marketing has produced a backlash that has experts and some media warning the products aren’t necessary, and don’t provide any meaningful protection or value.

Let’s dig a bit deeper into the key issues for homeowners: whether title theft is a likely threat; how it works and what could result; whether a homeowner is protected by law as the “true” owner; whether title insurance is necessary or advisable, and the best steps homeowners can take to protect themselves.

Is Title Theft a Concern or Likely Threat?

  • Title theft is not a likely threat because it’s difficult and complicated to achieve in most municipalities and states. However, it is a concern because it can, and does, happen.
  • Connecticut is one of five states that require witnesses to the signing of property deeds along with an acknowledgment by a notary public or commissioner of the superior court. One of the witnesses can be the notary, as deeds in property transactions in Connecticut and most other states are required by law to be notarized. So the primary safeguard against title theft in Connecticut is requiring a notary to take the sellers’ acknowledgments on the deed when the sellers are conveying the property or mortgaging it.

How Does Title/Deed Theft Work?

  • Anyone can log onto a land records website covering many Connecticut municipalities, including Litchfield, and download a legal description of a property for $2 that can be used to create a fraudulent deed.
  • The signatures of rightful property owners can be sourced from publicly available land records, allowing perpetrators of fraud to mimic them as the sellers of the property. Armed with a fraudulently created deed and conspirators to impersonate and/or copy the signature of the real owners, the fraudsters are able to transfer or sell a property by recording the transaction in the land records without the knowledge of the actual owners. This might involve the help of an unscrupulous attorney and notary—or it might involve duping a notary. So a small team who know what they’re doing can create havoc.
  • It’s also worth keeping in mind that while Connecticut doesn’t allow remote notarizations, they are being allowed currently as part of Gov. Ned Lamont’s COVID executive orders.

What Could Result from Deed/Title Fraud?

  • In one case that made the news, Long Island homeowners returned from a lengthy vacation in Europe to find someone else living in their house. The new residents said they had bought the property.
  • In 2020, a Long Island man was sentenced for a deed fraud case in which he stole a vacant Brooklyn brownstone worth more than $1 million from a retired teacher.
  • Another case recently featured by a Los Angeles TV station is chilling. Carron Payton, a disabled woman who owns property in central LA, received a notice from the county office saying she had gifted her house to a man named Frank Galvan. He had an accomplice who signed the deed as Payton, according to the TV report, which speculates that a fake driver’s license was part of the fraud, as the notary did check the woman’s identification. Payton filed a police report, a complaint with the county, and hired a lawyer. Galvan had moved the property through a couple more paper transaction and then refinanced to remove a substantial sum of money. The lender in that transaction is suing the real Carron Payton, and her lawyer said it will take at least another year to straighten things out.

Are You Protected as the True Owner of Property Taken Through Fraud?

The answer is yes, though the process of exposing the fraud and reversing its impacts can be difficult.

  • You still own the home because any deeds conveying it to another party are fraudulent, as is your forged signature.
  • Those involved in the scheme have committed criminal acts and can be prosecuted.
  • An attorney can help sort out the situation effectively and as quickly as possible.

Is Title Insurance Necessary Or Advisable?

Those who argue that title lock insurance isn’t necessary or worth the cost cite the reasons above in explaining why defrauded homeowners can take comfort. Beyond that, their principal argument has been this:

  • Title lock insurance isn’t insurance at all but rather a deed monitoring service that periodically reassures homeowners all is well and alerts them in the event of suspicious activity. If a problem does arise, the services typically offer no resolution assistance. A property owner who has been defrauded should retain an attorney to pursue the matter.

What Are The Best Steps Homeowners Can Take To Protect Themselves?

Those purchasing properties in Connecticut are not required to obtain owner’s title insurance, which protects the buyers from negative outcomes caused by title defects, which might include liens, boundary issues, back taxes, and estate or probate issues. Lenders who make loans secured by mortgages invariably require title insurance to protect the validity and priority of their mortgages.

In the past, title insurance has not typically covered future fraud or title theft, but in Connecticut and many other states homeowners can now obtain title insurance with enhanced fraud protection. It is only offered for improved property—not lots or undeveloped land—and adds an extra 10 percent to the premium cost.

The other option for established homeowners who fear title theft involves finding one of the so-called title lock companies that now do offer to pay the legal fees of clients who have been victimized by title/deed fraud.

home title theft deed fraudIf you have concerns about your property’s title, deed fraud, title theft, or any other issue related to real estate and property ownership, contact me via the button below, or get in touch with any member of Cramer & Anderson’s highly experienced team of Real Estate attorneys.

 

 

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Sours: https://www.crameranderson.com/can-someone-steal-your-home-through-title-deed-fraud/
Have you heard of a product called Title Lock?

How to Protect Your Home From Deed Theft

Home Title Lock is one of the services that says it will monitor your home’s deed 24/7 to prevent title fraud; it costs $15 a month ($150 annually, two years for $298). But you can protect yourself—for free—by periodically checking your property record on the website of your county’s register of deeds. Look for deeds that you or your attorney didn’t prepare or sign, or loans you didn’t take out, as well as liens of contractors, subcontractors, real estate brokers or attorneys whose services you didn’t hire, or court filings, says the Cook County (Chicago) recorder of deeds.

Even better, many counties now provide a consumer notification service. Register for free, and you’ll quickly receive an e-mail or text any time a document is recorded on your property.

The New York City department of finance advises homeowners to make sure the appropriate authorities have the correct mailing address for you or the person who should receive notices about your property. In your absence from your home, have mail forwarded or ask someone you trust to pick up mail or visit your home. Visit a vacant house periodically to ensure that no one has taken up residence illegally.

You may get clues when title fraud occurs: You stop receiving your water bill or property tax assessment or bill, for example. Utility bills on a vacant property rise suddenly, or you find people living there. You stop receiving your tenants’ rent payments and learn that they’ve been making the payments to another person and location. You receive payment books or other information from a lender with whom you haven’t done business. Or you find yourself in default on a loan or notified of foreclosure proceedings.

If you experience or find something amiss, notify the register of deeds and local law enforcement. In New York City, for example, homeowners who think they are victims of deed fraud are urged to act quickly to report fraud to the city’s sheriff, get a certified copy of the fraudulent document from the city register’s office, report the crime to the district attorney’s office in the borough where the property is located, and consult an attorney to help confirm ownership of the property. (Legal action known as “quieting the title” may be required to resolve any questions about your ownership of the property.)

Sours: https://www.kiplinger.com/article/real-estate/t048-c050-s002-how-to-protect-your-home-from-deed-theft.html

Lock is necessary title

Title Lock Insurance is a waste of your money

Why you probably do not need title lock

Why you probably do not need title lock

We’ve all seen the television ads:

"The FBI SAYS YOU MAY NOT OWN YOUR HOME. Home Title theft is a serious cyberthreat and growing problem that can and will affect you. Save yourself and your home - with TITLE LOCK."

But do you really need this? And if you do, what are you getting?

Here to help us understand the threat to your home’s title is our own FOX 5 real estate expert John Adams, who, in full disclosure, is himself a homeowner.

Q:  What is this TITLE LOCK thing all about?

A:  It’sa clever combination of terms that sound important, but that present no threat to the vast, vast majority of american homeowners.


Q:  But John, I have heard you say many times that the title to your home is a vitally important document that proves you are, in fact, the owner.  Why wouldn’t you want to protect that?

A:  You do, but this product is not going to do anything for you.


Q:  How can that be?  Isn’t this just like title insurance?

A:  No, it is nothing like title insurance, but the promoters want you to believe it is. Title insurance is a one-time purchase that protects you or your heirs against any claim against the validity of your ownership prior to the date you bought your house.

Yes, that is important and I always strongly recommend that every buyer purchase this coverage.  But this title lock is totally different.


Q:  So what’s the difference?

A:  Title Lock claims to protect you against TITLE FRAUD, not a legitimate claim. Under TITLE FRAUD, a scammer forges your name on a deed, then files it in the records room of your county courthouse, then takes out a loan, using the home as collateral.


Q:  Can that happen?

A:  Yes, it is a very rare but growing scam.


Q:  So, in that case, if I no longer own my house, would I have to leave my home? 

A:  No, because you still DO own your home.  The new scam owner obtained his claim to ownership by a FRAUDULENT deed.  He would have to prove that your signature on that deed is valid and that YOU signed it.  You didn’t!


Q:  Then what happens?

A:  Well, the technical term of what happened is FORGERY IN THE FIRST DEGREE, and shall be punished by imprisonment for not less than one nor more than ten years.


Q:  But what about if he took out a mortgage using the property as collateral?  Don’t you still have to pay that?

A:  No,
the scammer never legally owned your house, so the lender has no legal claim on your property.  If they tried to foreclose, that would be considered “wrongful foreclosure.”


Q:  So who pays back the money to the lender?

A:  Well, in an ironic twist, the lender probably required the scam borrower to pay for LENDER’S TITLE INSURANCE to protect the lender against fraud just like this.  The title insurance company would probably have to eat the loss, then try to recover against the scam borrower.


Q:  So, if I buy TITLE LOCK insurance, how does that protect me?

A:  It doesn’t. First, it’s important to know that TITLE LOCK is not insurance of any kind.  It does not protect you in any way from a scammer fraudulently transferring your title.

Instead, TITLE LOCK is a deed monitoring service that periodically checks to see if title has been transferred OUT of your name. If it has, they notify you AFTER IT HAS HAPPENED.  They offer NO assistance in solving any problems that may be created.

Second, you can’t LOCK a title in Georgia or any other state I have looked at.  Anybody with a pen and paper can fill out a blank deed and forge your name to it, then file that deed at the courthouse.

If that happens, the law assumes you will act eventually to protect your ownership, and charge the scammer with FRAUD.


Q:  OK, but how would I find out that it has happened?


A:  A pretty good indication would be when someone knocks on  your door and says they are the owner of your house and you must leave. At that point, you would call your attorney and justice would (eventually) prevail.

Q:  Isn’t that going to be expensive?

A:  It is much less expensive than losing ownership of your house to a scammer.


Q:  Does this type of thing actually happen?

A:  Yes.  It is particularly targeted against the elderly, those who may not understand their rights, and against those who are trusting souls.  It is most successful against those who own their home free and clear of debt.


Q:  So, in your experience, is there ANY value to a TITLE LOCK service?  It only costs about $15 a month?

A:  It is NOT a LOCK, nor is it INSURANCE, it is a periodic monitoring service that offers you no assistance whatsoever if someone uses forgery to try to steal your title.

In most counties, you can access the county property ownership records online free of charge and check for yourself. In my opinion, it is simply a totally unnecessary expense.

THE BOTTOM LINE:

Companies that offer TITLE LOCK services are fueling, then preying on fears that someone is going to “steal” their home from them.  The reality is that attempted title theft is quite rare, and is always unsuccessful, provided the true owner keeps an eye on his or her property.

Sours: https://www.fox5atlanta.com/news/title-lock-insurance-is-a-waste-of-your-money
Deed Theft or Home Title Fraud [Is It Real?]

What is Title Lock Insurance?

Title theft as a concept didn’t exist until the rise of the Internet. Now, it’s considered one of the largest forms of cybercrime in the world because it’s fundamentally a matter of identity theft. If people can gain access to your personal information, they can file false claims on one of your properties on your behalf and engage in all manner of nefarious activities, such as:

  • Selling the property
  • Taking rent payments from your renters
  • Defaulting on your mortgage
  • Running up your utility bills

Title lock insurance entered the game with the promise of protecting homeowners from title fraud. More of a monitoring service than actual insurance, title lock insurance actively examines title claims in public records around the globe to ensure that someone isn’t making a false claim against one of your homes. A title lock company offers peace of mind that your title is secure from outside interference that could cost you lots of money.

Why might I need title lock insurance?

There can be some utility in title lock insurance, especially if you have multiple properties — including second/vacation homes that sit vacant for long stretches of the year. Enterprising crooks know you’re typically more involved in the upkeep and maintenance of the primary home where your family lives. Hence, they’ll notice your lack of activity and make a move because they know you aren’t paying attention.

Title lock insurance can protect you from such attempts at title fraud by notifying you if something happens.

Comparing Title Lock Insurance vs Title Insurance?

But just as you contact one of those late-night commercials about title lock insurance, you remember that you purchased title insurance for each of your properties when you bought them. Specifically, you didn’t rely upon the lender’s title insurance; you obtained your own, as the lender’s protects them — not you. You start to wonder what the real difference is between the products and whether or not you need them both.

What is title insurance?

We’ve discussed the importance of title insurance in the real estate process in several past articles. It protects you from any legal or financial trouble if a title company locates competing claims to your property. Fixing title defects is one of the primary tasks of a title company, and your insurance goes a long way toward ensuring the process goes smoothly.

You should purchase the title insurance before a title company conducts a search of your potential property.

What’s the difference between them?

It seems pretty obvious on paper:

  • Title insurance protects you from any title defects that may have occurred in the past; and
  • Title lock insurance will notify you if anyone attempts title fraud in the future.

However, it’s important to understand the true nuances in the services provided:

  • Title insurance is a one-time purchase made before a house is yours to ensure you won’t be penalized if a title company finds title defects during a title search. This is why you need to own your own and not depend on the lender’s, especially if the title company incurs expenses as they fix the title defects so you can take ownership of the property.
  • Title lock insurance is really a monitoring service that routinely monitors public records for title fraud on one of your properties. If fraud is located, you then need to pay to get that situation fixed. Most, if not all, title lock companies do not help you actually fix the fraud.

In short, one provides a service that can save you substantial money, time, and effort, while the other provides a service that alerts you to the possibility that you need to take action if you don’t want to lose substantial money, time, and effort.

Should I Get Title Lock Insurance?

Honestly, we can’t answer that for you. We know many people who prefer the peace of mind that title lock insurance provides. While they know the prospect of title fraud is relatively low, these services provide a sense of security they appreciate.

However, some industry experts will tell you that title lock protection isn’t necessary. They state that, if you’re truly worried about title fraud, you can just check those public records yourself each month instead of paying a third-party service to do that work for you. While there is some merit to such a claim, people also shouldn’t have to become experts in real estate and property tax law just to make sure someone hasn’t stolen their identity.

Do I need title lock insurance and title insurance?

Whether or not you choose to purchase title lock insurance after you buy a home has to be your personal decision. We do recommend that you buy your own title insurance before that new property enters your possession.

As an experienced title company, Patten Title has helped many people — both single homeowners and real estate mavens with multiple properties — clear up title defects with ease and no financial burden, simply because they had excellent title insurance before the title search began.

If you’ve just bought a second home or you’ve accumulated a few properties as a landlord, we can understand why you’d be interested in title lock insurance. It can be a helpful security blanket against the specter of title fraud, especially if you’re unfamiliar with the places in the public record you need to check for criminal activity.

If you’d like to know more about both title insurance and title lock insurance, call Patten Title today, and one of our experienced title officers will be happy to help!

Sours: https://pattentitle.com/real-estate/title-lock-insurance-after-buying-home/

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