The Potential Effects on Title from ID Theft
Potential Effects on Title from ID Theft
Being Mr. or Mrs. Nice guy is not good business and if you own rental property, you are in business. Potential scenario, tenant, that you thought was a good person, honest and all that, turns out to be a very good scammer. This tenant has a title search done on the property to find out if any mortgages or other encumbrances against the property, best case for them, no existing mortgage. They already have a lease with your signature so they list the house for sale forging your signature, sell the house, again forging all the documents, and off they go with the proceeds. This is another form of ID theft that, like most, includes a forgery.
What could you have done to prevent this? Did you get some forms of identification form the tenant? Did you have a credit check run on these folks? Did you have an attorney draft the lease? Once again, as a rental property owner you are in a business, and need to protect yourself with some simple due diligence. A store bought lease may not be the best product available. Yes it may cost a few dollars, but think of the real potential loss.
Do you have a claim against the Title Insurance Company that insured the new buyer? Yes you may have, assuming that Title Insurance was acquired.
At Benchmark Title when our closers suspect anything strange due to the actions of the parties, and believe me peoples faces tell a lot, we will check the file for any prior documents signed by the parties and review them for potential irregularities. Have we ever found any? Yes we have. We have had people tell us they left their identification out in the car, go to get it and never return. Could this happen to you? You bet it could! Be aware, it pays you to be cautious and seek expert advise. Sometimes it may cost you a couple of dollars, but well worth the protection.
Any questions can be directed to Benchmark Title at 618-239-3750. Please feel free to call or email:
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