Stay Aware of the Growing Risks of Title and Deed Fraud in Pennsylvania

Growing Concern Over Title and Deed Fraud in Pennsylvania

The Pennsylvania Association of Realtors® has raised alarm regarding a significant rise in property title and deed fraud, particularly affecting homeowners in the northeast region of the United States. The association is sounding the call for vigilance among property owners as the threat becomes increasingly prevalent.

In a recent survey conducted by the National Association of Realtors®, 63% of Realtor® leaders reported firsthand experiences with deed or title fraud within their local markets. This statistic is particularly alarming considering that 92% of leaders from northeastern states acknowledged the issue, pinpointing the region as a hotspot for these fraudulent activities. An estimated 52% of the reported cases involve residential land, while only 12% relate to owner-occupied homes, making the risk somewhat insidious for everyday homeowners.

Understanding the Risks of Title and Deed Fraud

Title and deed fraud often transpires through the use of forged signatures and fraudulent documentation aimed at deceitfully transferring property ownership. Victims typically remain unaware they have been targeted until they receive atypical tax notices, bills for mortgages they did not authorize, or when they encounter someone else attempting to sell or rent their property.

Bill Lublin, president of the Pennsylvania Association of Realtors® and CEO of Century 21 Advantage Gold, emphasized that "Title and deed fraud is often a silent crime, but the damage can be very real." He urged the importance of being informed about these risks to safeguard one’s investments.

Protective Measures for Property Owners

To mitigate the risk of falling victim to fraud, the Pennsylvania Association of Realtors® recommends several proactive steps:

1. Sign Up for Alert Services: Property owners should enroll in alert services offered by the county recorder of deeds’ offices to monitor any unusual activity related to their property.
2. Monitor Correspondences: It is essential to keep a close eye on all physical mail and public records associated with the property for unexpected changes or notices that signal potential issues.
3. Engage Professionals: Collaborate with a Realtor® and a title professional to corroborate ownership history and acquire title insurance, which can potentially safeguard against losses.
4. Report Suspicious Activity: If any dubious filings are noticed, it is critical to report them promptly to the county recorder, real estate attorneys, and local law enforcement agencies.

Lublin further noted, "Realtors® play a crucial role in identifying suspicious activities. By increasing awareness and providing guidance, we aim to empower homeowners to protect their properties and transactions effectively."

Ongoing Efforts and Future Strategies

In tandem with the increasing risks, nearly 30% of regions lacking current anti-scam policies are undertaking the development of preventative strategies. These strategies often involve collaborations with local Realtor® associations and relevant stakeholders, highlighting a community approach to combat the growing trend of fraud.

Among the preventative solutions gaining popularity is the implementation of an electronic notification system designed for property owners. Such a system would enable immediate communication about significant changes or alerts related to their properties.

In an era where the real estate market is continually evolving, homeowners in Pennsylvania and other states must remain vigilant against the ever-present risks of title and deed fraud. For individuals contemplating buying or selling properties, the Pennsylvania Association of Realtors® offers a valuable tool through which they can find a local Realtor® and learn about the latest developments impacting the home buying process.

For more information or to search for a Realtor® in your area, visit parealtors.org/find-a-realtor and discover the updates available at parealtors.org/whats-new. As we advance into the future, the Pennsylvania Association of Realtors® continues to serve its members—over 38,000 strong—dedicated to promoting safe real estate practices in the state.