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No one wants to fall prey to scam artists. Better guidance from real estate agents would be a big help. After all, a staggering fifth of fraudulent money transfer requests pretend to be coming from real estate professionals.
So, why aren’t clients getting stronger warnings?
Continue reading “Say the F Word: Real Estate Agents Need to Warn Us About Fraud”
We all know about porch pirates… but look out for title pirates. They’ll take your whole porch.
Title piracy is deed fraud. It happens when someone uses a deed to deliberately take over someone else’s real estate. It’s an unusual crime, but according to the National Association of REALTORS® (which cites FBI figures), it’s been on the rise since the pandemic hit.
Continue reading “Ahoy There, Matey! Look Out for the Title Pirates”
Michael B., a real estate broker, has changed his mind. He’s now pleading guilty in a felony fraud case involving deed theft. In Florida, fraudulent real estate schemes are not unusual. But when a real estate broker in active status is pursued for deed fraud, that’s the kind of case that stands out.
Yes, you read that right. This is a case of house stealing by a real estate broker. Licensed by the state of Florida, this person could and did list homes on the MLS. Not only is this person alleged to have stolen and sold other people’s homes; now, he has actually admitted to the scheme. The broker might manage to avoid any jail time.
According to Florida’s state prosecutor, the Tampa-area broker faked deeds and mortgage documents in order to sell ill-gotten titles to innocent people. He also used his stolen real estate to secure loans.
Continue reading “Deed-Stealing Florida Broker Pleads GUILTY”
New York State Attorney General Letitia James is championing a cause near and dear to our hearts: safe and secure deeds.
On the last day of July 2023, the A.G. announced an indictment of a Long Island resident for deed theft. Joseph Makhani faces two counts of criminal possession of stolen property and one count of fraud.
Makhani allegedly filed forged deeds and related documents in order to take two Harlem brownstones. Makhani’s state tax returns indicate that he got these homes for $10 a piece. The actual, combined value of the two buildings? More than $4.7 million.
This isn’t just about property value. Lives were upended. As A.G. James declared, “The fear and confusion unleashed on New Yorkers when they learn their homes have been stolen out from under them is something no one should have to endure…”
Continue reading “Deed Theft Crackdown: New York’s on a Roll”
Imagine a licensed real estate broker — of all people — accused of taking other people’s homes and selling them.
Imagine someone deciding to fake a deed to steal the house of an elderly homeowner who’s ill and in a nursing home.
These are both real stories, now unfolding in Florida.
Continue reading “In the News: Struggling and Elderly Homeowners Targeted by Deed Fakery”
Evelio and Milagros Esteban are in their 70s and they’ve been homeowners for years. But recently they ran into trouble paying their mortgage. That was when they mistakenly transferred their home deed to another Miami resident, who offered to help them rent out their home. Thinking they were signing a Section 8 housing application — which would help them rent out space affordably to low-income people — they in fact signed a quitclaim deed.
Continue reading “Elders and Real Estate Fraud: A Burgeoning Problem”
Quitclaim deeds show up commonly in fraudulent real estate transactions. This type of deed fraud can impact elderly people, buyers purchasing real estate from strangers without warranty, renters who are paying someone who is not a legitimate owner, and anyone involved who might buy, sell, or own property.
Here, we examine how it happens and how to detect it.
Continue reading “The Quitclaim Deed and Fraudulent Real Estate Transactions”