Protecting Your Personal Non-Public Information During Your Home Purchase is crucial to your personal information. The sale of a home can be one of the most exciting and also one of the most stressful times for both a buyer and a seller. There are many items and costs to consider, from typical closing costs and escrow fees to the title insurance cost and home insurance. One thing neither the homebuyer nor the seller should have to worry about is their security during the transaction, as there are closing funds and personal documents involved in the transaction. Unfortunately, a home sale can be a prime time for hackers to tap into email accounts, steal property owner information and potentially create fraudulent bank accounts to direct closing funds into their own accounts.
So what can you do to protect yourself from these hackers when closing on a house? First and most important, be sure you’re working with trusted, reputable companies during the purchase or sale of your home. You’ll be pulling your credit report, sharing your income tax returns and bank statements and will exchange much of your personal information. You’ll likely have a realtor, inspector, appraiser, bank or mortgage company as well as a title company involved. The professionals you work with should have secure systems to communicate sensitive information such as property owner information, the buyer and seller’s personal information, title information, closing fees and more. While realtors are not, title insurance companies and attorneys in the State of Florida are required to carry errors and omissions insurance, which could be useful in the case of fraud or wire transfer theft.
It is often recommended to use real estate and title insurance companies that have been referred to you from friends or family or companies who have great online reviews and transparent processes because these are likely companies with great reputations and established trust in your community. You’ll also want to be certain your title company works with top-notch underwriters and legal counsel, as these professionals will also have access to your personal information. A fantastic realtor and trusted title company are essential when choosing the team of professionals you’ll work with in your real estate transaction. These trusted advisors will help ensure your sale goes smoothly and your personal information stays protected.
You should also make it your business to keep a close eye on each part of your transaction and stay in touch with the professionals you’re working with from start to finish – from finding the right property for your family or business to property title search and examination to inspections to closing settlement. Your title company should record the transfer documents with the county to finalize the transfer. You should also be aware of how your title company manages physical documents – how do they store them once your transaction is complete?
At Title Partners, we have an experienced team of professionals who know your security is a top priority when purchasing or selling a property. Our company has been serving the state of Florida for over 22 years. We understand the importance of keeping your personal information private, and we ensure our clients’ information stays protected by storing important documents and personal information in secure servers, where clients have access to them via a secure network connection.