Where Should Title Deeds Be Stored? Risks Of Storing Title Deeds At Home

Where Should Title Deeds Be Stored? Risks Of Storing Title Deeds At Home

Where Should Title Deeds Be Stored? Risks Of Storing Title Deeds At Home

Title deeds, which are essential legal documents proving property ownership, should be stored in a secure and safe location.

Here are some commonly recommended places to store title deeds:

  1. Safe Deposit Box: Renting a safe deposit box is another secure option. These boxes are typically more secure than most homes and offer protection against theft or disasters. They can be rented for a small annual fee from financial institutions like banks. Many people choose to store their title deeds in a bank’s safe deposit box. This option provides a high level of security and protection from theft and disasters.
  2. Home Safe: Modern safes are reliable facilities for storing title deeds. They can be stored at home or undisclosed storage institutions. Safes offer features like fire and flood proofing, key locking, combination or digital locks, and bolt attachments. However, it’s important to note that title deeds should not be laminated, framed, or otherwise altered and ideally should be stored flat rather than folded. A fireproof and waterproof home safe is a practical choice for keeping title deeds at home. Make sure the safe is well-anchored to prevent theft.
  3. With an Attorney or Solicitor: Some individuals opt to have their attorney or solicitor hold their title deeds as part of their legal services.
  4. Title Company: If you used a title company during a property transaction, they may offer to store your title deeds securely.
  5. Digital Copies: In addition to physical storage, consider digitizing your title deeds and storing them securely online. This provides an extra layer of protection against physical loss or damage.

It’s essential to ensure that the chosen storage location is secure and easily accessible when needed. Additionally, inform a trusted family member or representative about the location of the title deeds in case of emergencies.

What Are The Risks Of Storing Title Deeds At Home?

Storing title deeds at home comes with several risks:

  • Fire Damage: One of the main risks of storing title deeds at home is fire damage. In the event of a house fire, your title deeds, along with other important documents, could be destroyed.
  • Water Damage: Title deeds could be damaged by water due to a burst pipe, a flood, or even a spilled drink. Water damage can render these documents unreadable and therefore useless
  • Theft or Loss: Title deeds can be stolen or lost, especially if they are not stored in a secure place. In some cases, criminals have stolen deeds while families were away and sold their homes by faking their identities
  • Natural Disasters: Natural disasters such as floods, earthquakes, or hurricanes can also pose a risk to the safety of your title deeds. These events can cause significant damage to your home and the documents stored within it
  • Home Title Theft or Fraud: This is a type of identity theft where criminals forge your identity to transfer your home’s title to their name. They can then sell the property or take out a mortgage against it. If your title deeds are easily accessible at home, it could potentially facilitate this type of fraud

Given these risks, it’s crucial to take appropriate measures to protect your title deeds if you choose to store them at home. This could include investing in a high-quality safe or storing them in a secure place where they are protected from potential damage.

However, considering the risks, it might be safer to store your title deeds in a secure offsite location, such as a safe deposit box at a bank, with a solicitor, or at a secure storage center.

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