The Dangers of Title Fraud

Real estate fraud is a distressing reality that can severely impact both buyers and sellers in the property market. The consequences of such fraudulent activities can be financially devastating and can even result in legal complications. That’s why The Olsen Team makes it a priority to protect our clients every step of the way. Awareness of the various forms of real estate fraud is crucial in safeguarding oneself from falling victim to deceitful schemes. Make sure your real estate team has the experience and knowledge to prevent fraud before it happens.
 

TITLE FRAUD is just one type of real estate fraud that individuals should be aware of:

Title Fraud, also known as deed fraud, is a type of real estate fraud where a criminal gains unauthorized control over a property by falsifying documents. Typically, the perpetrator manipulates the property’s title by forging the owner’s signature or using other deceitful means to transfer the title into their name. Once they have control of the property, they can secure a mortgage against it, extract the funds, and disappear, leaving the legitimate owner to deal with the repercussions.

The process of title fraud often starts with the theft of the property owner’s identity. The fraudster can obtain personal information through various means, such as hacking, phishing, or stealing physical documents. With this information, they can create fake documents that appear legitimate enough to transfer the property’s title into their name. By doing so, they can deceive lenders into providing loans or mortgages based on the property’s fraudulent ownership.