With the internet, your number of choices for tools to use during the homebuying process are astronomical, making it difficult to make sense of which are necessary and which are not for your protection.
One of the newer tools on the market is a title monitoring service, which offers deed monitoring for a monthly subscription.
Their ominous ads may scare you or your customers into thinking it’s something you need, but experts agree it’s not. Some of these ads have even been accused of deceitfulness since, according to the FBI, home title theft is not one of the nation’s fastest-growing crimes like these services’ advertisers want you to believe. There are better ways to protect yourself.
If you’re paying for one of these services, they notify you that fraud has occurred on your deed, which could be days or months after the fraud has actually happened. If fraud does occur, these companies don’t necessarily provide any help with the consequences.
Title monitoring services do not and should not replace title insurance. Additionally, a homeowner’s title insurance policy or enhanced owner’s policy will usually cover you if a fraudulent deed is found in the past or future of owning your home. Someone with an enhanced policy could file a claim, which may provide coverage to pay the cost of investigation and the fraud itself.
Also, in many counties throughout the country, you can access deed information online with the County Register of Deeds and easily monitor it yourself.
Ultimately, it is you or your customer’s decision to use a title monitoring service, but it’s an additional and unnecessary cost. Instead, buyers should work closely with companies that have lasting protection and years of experience behind their names, like Transnation Title Agency. Call your local Transnation Title office today so we can help you or your customers with any closing needs.