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Vacant Land Scam Alert - A Bulletin from the CATIC Claims Department
Overview
From attorney impersonation to wire fraud and property scams, fraudsters continue to target the real estate sector. Recently, we are seeing a developing focus on vacant properties. Fraudsters are posing as the owners of vacant properties and listing "their" property online.
Details
Example Scenario: The fraudster contacts a realtor via email and tells them to list the property below market value, a calculated move to generate as much interest in the property as possible. Should a buyer appear, the fraudster requests to have the documents executed and notarized remotely and to then send the documents to the seller representative for delivery to the buyer's side. After the funds are transferred to the fraudster, they vanish without a trace.
Such a scheme is one in which the buyer's title agent, if separate from the seller's title agent, has little or no control. They are simply provided with documents in a manner no different from every transaction that is facilitated in our current climate. In states in which buyers and sellers are represented by separate counsel, sellers almost never meet in the buyer's attorney's office, so direct identification is impossible. What can you do to stop this fraud? Click here to learn.
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