Have you ever heard of title fraud? It isn’t the most common scam, but when it takes place, the consequences can be serious. In fact, real estate fraud cost South Carolinians over 5 million dollars last year.
It’s important to understand what title fraud is and how you can protect yourself from scammers.
What is title fraud?
Title fraud takes place when scammers falsely transfer the title of your property into their name.
According to the National Association of Realtors, “A scammer might forge your signature to transfer the property’s title to themselves using a fake ID … This makes it appear that you willingly transferred over the title of your home to them, and they now own it. Another scenario is where a scammer attempts to list and sell a property or take out a loan against it, claiming to be the owner...”
Their goal is financial gain; by taking your home as an asset, they can sell it, use it as collateral for loans, and much more. This can wreak havoc on your financial life.
How can you protect yourself?
Thankfully, there are a few ways to protect yourself from title theft.
First, recognize common warning signs that title fraud is taking place. These can include receiving mail or bills addressed to someone else, not receiving your yearly property tax bill, or strange activity on your credit report.
Second, take advantage of notification services. Many counties in South Carolina have systems in place you can use to set up alerts for title/deed fraud:
- Greenville County
- Laurens County
- Oconee County
- Spartanburg County
By signing up for alerts, you will be notified as soon as any activity occurs and can act quickly if it is fraudulent.
How can I learn more?
To learn more about title fraud, visit https://www.nar.realtor/the-facts/consumer-guide-understanding-protecting-yourself-from-title-fraud.
This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.
