What You Need to Know About Real Estate Identity Theft

It’s an unfortunate truth that identity theft has infiltrated nearly every situation and relationship that you can imagine, and it’s easy to see how that would include real estate transactions. When you first begin to work with your real estate agent, a great deal of information is exchanged. What’s more is the incredible amount of personal data that you share with your real estate attorney and mortgage broker throughout the loan process and at closing. Details such as your contact information, social security number, bank account data, and so much more are the highlight of these exchanges. It’s worth taking a few extra steps to protect yourself. An experienced real estate agent will make every effort to keep you safe from real estate identity theft, but here’s what you can do to keep yourself safe, as well:

Ask your agent how sensitive information is stored.

In this day and age, having your personal details filed away in someone’s desk in their home office is not the wisest choice. You need to know that any paperwork that contains your personal information is going to be stored in a secure facility or at the agency’s main office – not someone’s home.

Don’t give your information to everyone who asks for it.

You’re going to be shopping around for an attorney, an insurance provider, a title company, a home inspector, and so much more. You’ll be asked for your social security number. You’ll be asked for your bank account number. Your birthday. Your last few permanent addresses – you name it. Don’t be afraid to ask the other party why they need that information, what they plan to do with it, and how they plan to keep it safe. If you’re not satisfied with their answer, don’t provide your personal details until you are.

Know what you’re signing.

Read every document that is given to you and be sure you understand its purpose before you sign. You should also ask whether or not it is a paper that you should keep. Save copies of the necessary documents, and shred the excess. Whatever you do keep should be securely stored, preferably with all of the other documents that you accumulate throughout your years of owning the property.

These may sound like very basic suggestions, and perhaps a bit overly attentive, but you can never be too careful. Identity theft is nothing to ignore; it puts your personal reputation and your financial future at risk. What’s worse is that once you’re in that sticky situation, it takes quite some time to repair.

If you’re interested in learning more about how you can have a smooth, stress-free real estate transaction, contact us at (847) 226-8681 or via email at ebooth@ericboothrealty.com.