Indeed, Deed Fraud Is Painfully Easy

For many older Americans, their home is their greatest asset and it’s critical to their financial well-being. Deed fraud can put all that at risk.

Deed fraud, also known as title theft, occurs when someone illegally transfers ownership of property by filing forged deed documents.  Perpetrators can then go on to sell the home. While not common, real estate experts say they’ve seen an uptick in recent years. And it can be a mess to untangle when it does happen.

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How it works

• Criminals use public records information and stolen personal data to commit deed fraud.
• The stolen deed along with the owner’s stolen identity can then be used to sell the property, and the criminal takes off with the proceeds.
• Scammers primarily target homes that are not occupied, like undeveloped land, second homes, and vacation homes.

What you should know

• Homes with no mortgages or high equity are particularly attractive to criminals.
• If someone steals your title, the good news is that the law is on your side; the bad news is that it could take money and time to reverse.
• If you carry title insurance, which most homeowners do, you’re likely protected.

What you should do

• Most lenders require title insurance if you have a mortgage, but if you bought your house with cash, you may not carry it. Look into your options. (But avoid title lock insurance, which the FTC says is bogus.)
• Check to see if your state has free alerts for owners when their property is the subject of a filing (this map highlights the states that do). Or check with the county recorder’s office in your area to see if they have a notification system.
• If you own vacant land, an unoccupied home or a rental property, make regular visits to inspect it. If you’re not in the same town, have someone keep an eye out for ‘For Sale’ signs or development.
• If this happens to you, report the crime to law enforcement, and contact your county recorder’s office and title insurance company.