Title professional and attorney John Friedman, joins Jason to discuss if the title to your house can really be 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 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.