The good news is that you are planning to buy a new home!Remember to not forgo exploring the sensitive topic of title insurance,which is the best way to protect against title fraud and protect your investment. Here are a few reasons to make sure you are armed with this valuable tool. Your peace of mind regarding your valuables is worthwhile.
What is title insurance?
You may be wondering exactly what title insurance is. That’s a great question! Title insurance is essentially similar to renter’s insurance but with the protection of your actual deed. Not only does it protect your current dealings for closing on a property, but it protects you from previous or future homeowners who may have skimped on a few regulations by ensuring that your dealings were legit and that you followed any by-laws under your tenure or ownership.
What can happen without title insurance
Fraudulent parties can use your name and address to steal your title if it’s not protected. They can use that information to sell your home without you even knowing. That is until you are evicted and out on the street with no place to go.
In addition, these scammers can take out equity from your home which will affect your bank accounts directly. When they take that equity, any money scammed is put right into their pockets while you are left with a low or even zero balance for your ordinary bills, savings, or even investments. The lenders you may have used will still want their funds back and without adequate insurance to back this up, you will be responsible for paying out of pocket.
What you can do
The simple answer is to equip yourself with title insurance before you finalize your home purchase. Our title insurance specialists can protect your funds and your home. We can provide you with alerts of any unauthorized actions. In the case of any potential criminal activity, you will be able to file a dispute and freeze or cancel any accounts that may have been compromised. Any monies taken out against your will can be sent to our fraud department and scrutinized to make sure the illegal activity is not your responsibility.
Now that you know how to protect yourself from the risks of title fraud, contact us to see all your protection options. We are here to help make sure that you understand the policies and keep your home safe from this type of theft or discrepancy. Our reputable team will be sure to restore your title to its initial terms. Rest easy knowing that your home and credit will be protected!