03 Feb Loans and Wire Fraud
What is title insurance? What does Empire Title do? Today, Deborah Elliott-Shultz welcomes Bill McAfee of Empire Title onto the City of CS Show to discuss Title Insurance.
According to Bill McAfee, title insurance is often misunderstood. Unlike most insurance, title insurance indemnifies the past. Which means from today into the past, they are going to report everything they find to the person taking out the insurance. There will be something the title company will take exception to certain things (which means they won’t cover it), but will let you know what those things are so you can decide what you would like to do-stop the purchase/sale of a property or the possibility of purchasing an Owner’s Extended Coverage.
Bill Gates may not need to have title insurance, but if you cannot legitimately pull the cost of your house out of your pocket then you really should have it. In Colorado, typically the seller purchases title insurance. However, both the buyer and the seller have the option to pay for title insurance
Deborah and Bill also discuss a very important matter in today’s show: wire fraud. Since 2013, over $1.6B has been lost in wire fraud. Bad guys have been able to hack agent’s emails and get all the details of home sales, the who, what, and where to make any communications from them look legitimate with the intention of getting you to send them the money for the sale instead of to the correct people. Unfortunately, if you wire them the money you cannot get it back and because these people often live out of the country, many go unprosecuted. What can you do to protect yourself? First, double and triple check where the money is supposed to go by calling and confirming with your agent and your title company. Second, your title company will not contact you with the details of the wire transfer via email unless expressly directed in person or over the phone. Third, in the state of Colorado, cashier’s checks are an acceptable way to transfer the money-although check with your title company as not all companies accept checks or money orders.
Come listen as Deborah and Bill give real life examples of the importance of title insurance. You’ll also find their discussion of wire fraud to be full of beneficial information. If you have any questions, the team at Empire Title would be happy to answer your questions. You can reach them at (719) 884-5300, or visit their website at etcos.com. As always, if you have any questions about today’s topic or anything real estate, Deborah can be reached at (719) 641-1357.