Title professional, John Friedman, joins Jason to discuss if the title to your house can really get stolen. Buying a property can be the biggest investment you make. It is therefore only natural that you would want to make sure that your title to your house is fully protected.
John Friedman is a New Jersey State Council. He is a title professional at First American Title.
Tune in until the end to learn:
- Why it is not easy (but possible) for someone to steal the title to your house.
- What happens to you if someone steals the title to your house.
- What you can do to fully protect yourself from having the title to your house stolen.
[00:30] Who is John Friedman, Esq.?
[00:53] Have you heard the ads about the title of your house getting stolen?
[01:33] The protections in place that prevent people from stealing the title to your property.
[02:33] Can your property get stolen despite the protections in place?
[03:39] What happens if someone actually gets a mortgage on your property?
[05:48] Is standard title insurance enough to protect your title?
[09:54] Who is eligible for enhanced title insurance and how much is it?
[10:27] How can you get in touch with First American Title?
3 Key Takeaways
- There are many protections in place preventing people from stealing the title to your property. Title insurance companies evaluate real estate transactions carefully and determine who the owner of the property is. Buyers also need notaries to be involved when buying property, and it is a notary’s job to verify that each person in the transaction is who they say they are.
- Sometimes, it does indeed happen that the title to your property gets stolen. Sometimes, the lender doesn’t require title insurance and/or the notary is on it (the perfect storm).
- If someone buys the title to your property in an invalid way, they won’t be able to put you on the street. The issue now is that you would have a cloud on the title that you would have to clean up. The question is, who pays for it? Buying enhance title insurance can cover your back in such scenarios.
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[01:49] “Well, you know, technically, you know, somebody can go and they could print form deed and they can sign that deed and try to convey the title to a buyer, but we also have to remember there are certain protections in place to stop that from happening.” - John Friedman
[04:12] “If somebody tried to sell your property, it would be an invalid mortgage (if someone tried to put a mortgage on your property). So for all intents and purposes, you know, you're okay. The problem is now you have this cloud on the title... you have to get that cleaned up and that's where you're talking about some money.” - John Friedman
[07:47] “Your standard title policy is going to cover forgery and impersonation (in the present)...Well, the enhanced policy has a provision that says, okay we're going to cover forgery but we're also going to cover forgery that happens in the future - and that’s really the key.” - John Friedman
[09:55] “That policy (enhance title insurance) isn't available in every scenario. You have to be an individual who was purchasing a 1-4 family completed structure. So your typical person who's buying a piece of property, you're eligible to purchase an enhanced coverage policy.” - John Friedman