Deed theft is when someone illegally transfers the ownership of your property to themselves without your knowledge or consent. Is this even possible, you ask? Hells yes. The thief can use stolen personal information to forge a deed and make it appear as if they are the property owner. They can then sell the home, rent it out, or take out a mortgage on it. In fact, many people didn’t even know that someone has stolen their house until months or years later. Owners have spent thousands fighting these scams. Some even loose their homes. Fortunately, New York State has implemented new laws and protections to fight deed theft. Here’s what you need to know to protect yourself.
Understanding the New NYS Deed Theft Law
As of June 2024, New York has significantly strengthened its laws against deed theft. The new legislation categorizes deed theft as a form of grand larceny and extends the statute of limitations for prosecuting such crimes. This means that perpetrators can now face harsher penalties and legal actions for a longer period.
Tips to Protect Yourself from Deed Theft
1. Regularly Check Your Property Records
Regularly reviewing your property records is one of the simplest and most effective ways to ensure no unauthorized changes have been made. If you still have a mortgage, your bank does this for you. If you are paid off, now it’s just you. Go to your county clerk's office or online portals that provide access to public records. Keeping an eye on your property's deed status can help you catch any fraudulent activity early.
2. Monitor Your Mail and Bills
Be vigilant about your mail, especially bills and property tax notices. Missing bills or unexpected changes in billing addresses could indicate that someone is tampering with your property information. If you notice any discrepancies, contact your local authorities immediately.
3. Use Title Insurance
Title insurance can offer significant protection against deed theft. This insurance protects the homeowner from financial loss due to defects in the title to the property. Ensure you have comprehensive title insurance coverage that includes protection against forgery and fraud.
4. Report Suspicious Activity
If you suspect any fraudulent activity related to your property, report it immediately. New Yorkers who believe they are victims of deed theft can contact the Office of the Attorney General (OAG) by calling 1 (800) 771-7755 or emailing deedtheft@ag.ny.gov.
5. Beware of Scams and Fraudulent Offers
Be cautious of unsolicited offers to buy your property or companies promising to “fix” your title issues for a fee. Many scammers use these tactics to gain access to your personal information and property documents. Always verify the legitimacy of such offers through trusted sources.
6. Legal Recourse for Victims
If you fall victim to deed theft, it’s crucial to act quickly. The new law provides victims with more robust legal recourse. Under the enhanced legal framework, victims can file complaints and seek restitution more effectively. New York Attorney General Letitia James has been a vocal advocate for these protections, emphasizing the importance of safeguarding homeowners from such deceitful practices.
7. Stay Informed and Proactive
Knowledge and vigilance are your best defenses against deed theft. Stay informed about the latest laws and protections by subscribing to updates from reliable real estate news sources. Additionally, consider joining homeowner associations or community groups where information about local scams and protective measures is often shared.
Deed theft is a serious threat that requires proactive measures to prevent. By regularly monitoring your property records, securing title insurance, and being aware of potential scams, you can significantly reduce the risk of falling victim to this crime. Remember, if you suspect any fraudulent activity, report it immediately to the authorities. With the new protections in place, New York homeowners have a stronger legal shield against deed theft, but staying vigilant is key to safeguarding your property.
If you have additional questions about protecting your home from deed theft…Askhollingsworth.
Image Source: DALL·E