Three Ways to Avoid Wire Fraud When You’re Closing on Your New Home

In the digital age, criminals have a lot of new ways to exploit technology for personal gain. But that doesn’t mean they’ve stopped using their old tactics to steal. In fact, many of them still rely on “social engineering” to extract passwords and other information from unsuspecting users. It shouldn’t surprise you to learn that prospective home buyers are frequently targeted, particularly when they’re in the countdown to purchase their home. That’s why it’s so important to protect yourself, and your communications, when you approach closing.

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FNT helps you protect your investment in your new home with title insurance

When you finally find the right home and make an offer, you probably started the process by looking at a lot of homes that weren’t the right fit. Today’s home buyer typically views eight or more homes before making an offer, and choosy buyers often view dozens. It takes an average of four months for most prospective buyers to make up their minds, and they wait impatiently by the phone to find out if their offer is accepted. Once the property is under contract, the next step is making the necessary preparations for closing the real estate transaction.

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What are Title Clouds?

Before any real estate transaction can be consummated, the seller has to prove that he or she holds clear title to the property. If he or she owes back taxes or has any outstanding legal judgments, creditors can put liens on the property title that must be resolved before the property can be sold. In some cases, all that it takes is settling up financial obligations. But some real estate transactions can get stopped dead in their tracks by bigger problems. Title encumbrances are commonly referred to as “title clouds” because they can cast a shadow over the closing.

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