Home title lock is a service that claims to protect homeowners from property title fraud. The cost of this service can vary depending on the provider and the level of coverage selected. In this article, we will discuss what a home title lock is, how it works, and the average cost of the service.
What is Home Title Lock?
Home title lock is a service that aims to protect homeowners from property title fraud. Property title fraud occurs when a criminal gains access to a homeowner’s personal information and uses it to transfer ownership of the property to themselves or another party. Once the criminal has control of the property title, they can take out loans against the property or sell it without the owner’s knowledge or consent.
Home title lock works by monitoring public property records and alerting homeowners if any changes or transactions occur on their property title. If a homeowner receives an alert, they can take action to stop any fraudulent activity before it causes significant damage.
How does Home Title Lock work?
Home title lock works by monitoring public property records for any changes or transactions related to a homeowner’s property title. This monitoring is typically done through a combination of automated software and human analysts who review the public records regularly.
If any changes or transactions are detected on a homeowner’s property title, the home title lock will send an alert to the homeowner via email, text message, or phone call. The alert will include details about the transaction, such as the name of the new owner or the amount of a new loan taken out against the property.
Once a homeowner receives an alert, they can take action to stop any fraudulent activity before it causes significant damage. This may involve contacting the authorities, hiring a lawyer, or working with the home title lock service to resolve the issue.
How much does a Home Title Lock cost?
The cost of a home title lock can vary depending on the provider and the level of coverage selected. Some providers offer a basic monitoring service that only alerts homeowners if changes or transactions occur on their property title. Other providers offer more comprehensive coverage that includes legal representation and reimbursement for any financial losses resulting from property title fraud.
On average, the cost of a home title lock ranges from $10 to $30 per month, or $120 to $360 per year. Some providers also offer discounts for purchasing multiple years of coverage at once or for bundling home title locks with other home security services.
It is important to note that a home title lock is not a guarantee against property title fraud. While the service may alert homeowners to fraudulent activity, it cannot prevent it from occurring. Homeowners should also take other steps to protect themselves from property title fraud, such as monitoring their credit reports, securing their personal information, and working with a reputable real estate attorney.
Conclusion
Home title lock is a service that aims to protect homeowners from property title fraud by monitoring public property records and alerting homeowners if any changes or transactions occur on their property title. The cost of the service can vary depending on the provider and the level of coverage selected, with an average cost of $10 to $30 per month.
While a home title lock can provide an added layer of protection against property title fraud, it is not a guarantee against this type of crime. Homeowners should also take other steps to protect themselves, such as monitoring their credit reports and securing their personal information. By taking a proactive approach to home security, homeowners can help reduce their risk of property title fraud and other types of financial crimes.