House sales are considered a giant expenditure for most Americans. Sadly, fraudulent activity still occurs in this industry, and it’s important for homeowners and home buyers to be aware of the latest types of fraud and schemes occurring in the real estate industry. Fraudulent home sales are defined as a criminal behavior, but the victim often suffers extensive financial damage as well. It may be necessary to seek out monetary damages from the person responsible in civil court.
What is a Fraudulent House Sale?
Perpetrators of house sale fraud attempt to gain access to property rights to a home that doesn’t belong to them. Victims may discover that their homes are no longer in their possession, or they may be baffled when new people arrive at the home under the assumption that they have legally purchased it. Following are some of the ways in which criminals attempt to fraudulently sell your home out from under you:
- Title fraud: The property title is fraudulently changed
- Title theft: The home’s title or deed is stolen
- Mortgage fraud: The misrepresentation of property that results in fraudulent transactions
- Foreclosure fraud: The house is fraudulently foreclosed on, and the owner falsely believes they lost ownership over the home
- Value fraud: Misrepresenting the home’s features and value
Damages Incurred by a Fraudulent Home Sale
Fraudulent home sales cause financial damages to both the victims and the potential home buyers. It is often time-consuming and costly to investigate fraudulent home sales. Typically, an investigator working with the state will become involved in your case. Thankfully, an individual who is discovered to have committed real estate fraud can be held legally liable in both criminal and civil court. In most cases of fraudulent home sale, it is necessary for the victim or victims to pursue a lawsuit against the perpetrator. The financial damages are generally steep, and it can cost even more to initiate a reversal of any negative or fraudulent activity that occurred.
Preventing Real Estate Fraud
While you can’t always stop real estate fraud, there are a number of ways you can protect yourself from becoming a victim. Never rush into making a real estate transaction, and always research the real estate agents you are involving in your process.
Contact a Cherry Hill Real Estate Attorney for a Consultation About Real Estate Fraud in New Jersey Today
If you have been the victim of a fraudulent home sale in New Jersey, contact the experienced real estate attorneys at The Law Office of Joel R. Spivack. For more than 25 years, attorney Joel R. Spivack has been helping families all across NJ realize their real estate dreams. He understands that when you’re a home buyer, the last thing you want to deal with is being taken advantage of when you’re about to jet off on this new adventure. The real estate attorneys at The Law Office of Joel R. Spivack have been helping victims of real estate fraud in Cherry Hill, Camden, Gloucester Township, Haddonfield, Collingswood and all throughout New Jersey. Call us anytime at 856-488-1200 or fill out the online contact form to schedule a confidential consultation. We have an office conveniently located at 1820 Chapel Avenue West, Suite 195 Cherry Hill, NJ 08002.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.