A proposed law aims to transform title insurance claims handling by placing more accountability on lenders and insurers to prevent real estate fraud prior to property transactions. This comes as deed theft incidentsâwhere criminals forge ownership transfer documentsâhave surged nationwide, with high-profile cases such as the fraudulent sale of Graceland. Victims often face emotional and financial turmoil, raising alarm among authorities like the FBI about the increasing rate of home title theft in regions like New England. The bill is currently under committee review and could become law soon.
If passed, the law would set an important precedent requiring lenders and insurers to actively work to prevent real estate fraud before transactions occur.
Deed theft has seen a rise, notably with sophisticated schemes leading to the unlawful transfer of property ownership, often leaving victims fighting legal battles.
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