Deceit abounds everywhere and the booming real estate industry is no different. Deed deception has been on the rise since 2009 and is undermining the viability of the land recording system. The public should be concerned about the trend because it is generally discovered years later when an owner decides to sell their home.
A researcher will eventually come into the recorder’s office and discover that the land has been conveyed to someone else without the knowledge of the recorder’s office or the rightful owner. Since land records are publicly held, anyone, whether they are a legitimate interested party or someone with criminal intent, has access to land files and the ability to record land transfer certificates.
Fortunately, there are several fraud prevention safeguards in real estate transactions in the United States. A Notary is the first line of defense. This public official is the first line of defense against deed fraud because most county recorders are legally unable to verify information on a deed or other related document. It is the responsibility of the notary to fulfill their due diligence duties in verifying the identity of all individuals signing purchase agreements and to be on the alert for individuals who are forced to sign documents against their will.
The reason for the trust placed in the Notary Public certified official is the rules that govern notary procedures. This individual is trained to require that signers be in their presence when a document is being executed, as well as to know what constitutes proper identification in their state. Also, a certified and duly licensed state Notary must make sure that all signers show their identification before the notary affixes their official stamp to any document. A Notary Public is also responsible for making sure the document to which their official Notary stamp shall be affixed is entirely complete before it can be notarized.
Of course, there are several other fraud prevention safeguards for every real estate transaction, such as title insurance — to make sure that the chain-of-ownership has no discrepancies in it, and to check for other encumbrances, such as easement rights and liens, that have been placed upon or removed from a property.
A final line of defense in a real estate transaction is escrow. Escrow is a term used for the depositing of funds, a signed deed, or other instrument by one party for the delivery to another party upon the completion of certain conditions or events. Entering into escrow provides all concerned parties the assurance that no funds or property will be exchanged until all of the instructions have been executed. In this way, escrow safeguards funds and or documents while title searches are underway and/or loan documents are completed.
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