Title fraud is a type of real estate fraud where a person falsely claims to be the rightful owner of a property and sells it to an unsuspecting buyer.
They may forge documents, use fake identities, or manipulate the public records to make it appear as if they are the rightful owner.
To avoid title fraud, you can take the following steps:
1. Do your research: Before purchasing a property, research the history of the property and the seller to ensure that they are legitimate.
2. Hire a title company: A title company will perform a title search and ensure that the person selling the property is the rightful owner.
3. Verify documents: Before closing on a property, verify the authenticity of all documents related to the sale, such as the title, deed, and mortgage documents.
4. Get title insurance: Title insurance can provide protection in the event that there is a problem with the title to the property.
5. Be cautious of deals that seem too good to be true: If the price of a property seems significantly lower than market value, be cautious and consider seeking the help of a professional to investigate.
By taking these precautions, you can reduce the risk of falling victim to title fraud.