Imagine returning to a property you’ve owned for decades and planned to build a home on only to discover a stranger has already built there without your knowledge. It can and does happen -- and with increasing frequency as scams targeting real estate becomes more common across the nation.
Georgetown County has recently taken action to help protect property owners from this type of fraud. The county contracted with software solutions company i3 Verticals to offer property fraud alerts through the Georgetown County Register of Deeds office. Property owners can sign up for free to receive alerts via email when documents are recorded that match information they enter. This can help property owners catch and report fraudulent activity early.
According to the Federal Bureau of Investigation, property and mortgage fraud is one of the fastest growing crimes in the U.S. A report issued earlier this year found that 1 in 20 Americans who bought or sold a home within the past three years have been victims of some type of real estate fraud, with the median amount in consumer losses exceeding $70,000. How could this happen? Scammers use public records to mine information and pose as someone else. They could pose as someone involved in a legitimate real estate transaction to redirect and steal money. Or they could pose as the owner of a property and negotiate the sale of property they don’t actually own.
By signing up for free alerts through the Georgetown County Register of Deeds, property owners can be immediately notified by email if a document is filed to the office under a name or business they have requested to receive alerts on. The automatic system empowers property owners to flag any fraudulent transactions immediately and protect their funds. Property owners can sign up at gtcounty.org/178/Register-of-Deeds.
“It only takes a few seconds to sign up,” said Walt Ackerman, Georgetown County’s Director of Administrative Services. “This is one more tool we offer to help keep our residents and property owners safe. We encourage everyone to take advantage of this service, and also to encourage their friends and family to sign up.”