The service costs 19.95 month (199 annually. Wouldn't that potential expense make it worthwhile to consider buying title theft insurance? Perhaps, assuming the policy covered such expenses. A number of companies offer monitoring services, including Home Title Lock, which says it will monitor your home’s deed 24/7 to prevent title fraud. That will require the assistance of an attorney. In the extremely unlikely event that someone goes go the trouble and risk of committing all these crimes, the cost of clearing the title is the biggest risk to a homeowner. The court may also require restitution for damages caused by the forgery, such as the costs of clearing the title. However, when you are paying roughly 20 per month for a single service like this, it doesn’t feel like you are receiving a good value. Bottom line: Home Title Lock does a good job at performing the service it promises to provide. Kahler: Forgery is a felony in all fifty states, punishable by jail time and heavy fines. It seems to overemphasize the threat of deed fraud. Light: And any such moves are against the law. If they show up in your driveway with a moving van, however, they-not you-are the ones at risk of losing their money. If a buyer is naïve enough to buy property without a legitimate appraisal or title insurance, it is possible they could be conned. No legitimate attorney or real estate firm will allow you to buy a property without this insurance. If a title company misses a defect, they must pay for any damages. It will alert the buyer or lender to any defects prior to closing. Title insurance protects buyers against defects in the title, including liens, fraud and forgery. Only the most naïve buyer will fail to obtain title insurance. Kahler: Even with a cash buyer, a thief's chances of success are small. Light: But there are cash deals in real estate. The required credit reports, employment and income verifications, back tax returns, appraisals, and title insurance are bound to alert you and the lender that something is wrong. Lenders, title companies, and real estate firms have so many safeguards in place that there is almost no chance a fraudulent transfer won’t be discovered. Third, it is next to impossible for the thief to mortgage or sell the property to a knowledgeable lender or buyer.
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