Homebuyers are strongly encouraged (but usually not required) to purchase additional owner’s title insurance, which protects their investment if there are legal challenges to ownership down the road.
This can also protect against title fraud or title theft. Title fraud, in which a scammer transfers the title of a home into their own name, can happen to anyone. It is more common in popular vacation states such as Florida and California, due to their high volume of vacant homes and properties.
If your life circumstances change — say, if you get married and you and your spouse will live together in a home you already own — the process to change your home title is relatively simple and inexpensive. The paperwork can be tricky, however, so enlist the help of a title professional and a real estate attorney to make sure it’s done correctly.
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