Jun 2024
Avoid Scammers With Title Insurance

Avoid Scammers With Title Insurance

By Marc Shaw

In May 2024, Elvis Presley’s estate-turned-tourist attraction, Graceland, was nearly stolen by scammers using a fraudulent real estate scheme. The FBI’s annual Internet Crime Report totaled 9,521 reported real estate scams and title theft instances last year. Even beloved pieces of American history aren’t safe from scammers! How can you protect yourself from real estate fraud and title theft? Start with World Wide Land Transfer. 

Defining Home Title Fraud 

Home title fraud can be incredibly costly. It occurs when scammers impersonate homeowners to sell or refinance a property, and the rise of the internet and modern technology has made it even easier to commit. These days, obtaining a false identification card or notary stamp is simpler than ever – just like it’s quite simple to create a forged document online. 

In the case of Graceland, forged documents claimed that the recently deceased Lisa Marie Presley had used Graceland as collateral for a $3.8 million loan. The property’s current owner, Riley Keough, sued for alleged fraud to protect the estate. Shortly after, the alleged scammer confessed to the New York Times that they use personal documents like birth certificates to target homes belonging to elderly or deceased people – typical of scammers. 

The Importance of Title Insurance 

There are a few ways to protect yourself and your property from scammers, one of which is title insurance. Title insurance offers homeowners and lenders a combination of preventative measures, legal defense, and financial coverage to ensure your ownership rights are secure. Title insurers conduct thorough searches to identify any potential issues like liens, encumbrances, or ownership disputes. The right policy will also protect you from title defects like forgery, fraud, undisclosed heirs, and errors in public records. 

Protect Yourself & Your Property 

At World Wide Land Transfer, we’re committed to helping our clients stay protected against real estate and title fraud. By investing in title insurance, you’re safeguarding yourself and your property from potential, costly threats. You can watch for potential signs of fraud or identity theft by closely monitoring your credit card and bank statements and reporting any suspicious activity. Additionally, note any strange paper mail or e-mail from a company you do not recognize, especially if it concerns finances. 

If you have any questions about how to protect yourself against scammers, reach out to WWLT and learn more about our title insurance rates.

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