Although many people could consider a real estate transaction similar to any other, there are risks associated, including title fraud, contract flaws, claims and liens against property, etc.

This blog explores three types of real estate fraud you should be cautious of.

1 - Title fraud

A person typically poses as the owner to claim possession of a piece of property. The con artist might borrow money or resell the property.

Scammers may employ hacking techniques to access your personal information, and title fraud is inextricably linked to fraudulent behaviour. Contact an estate lawyer in Grande Prairie if you suspect title fraud.

2 - Mortgage fraud

Usually, the realtor aids in mortgage fraud, involving the lawyer and the lender. Before the homeowners realized that the property was well above their financial means since the agent fabricated papers to approve the mortgages, it seemed to be a typical loan.

3 - Foreclosure fraud

In foreclosure fraud, the con artists compel the victim to submit a legal declaration granting them a claim to the estate. Scammers may claim that the property owner violated one of their terms and use that as justification for taking the estate.

Before you sign any documents, get them reviewed by a real estate lawyer in Grande Prairie to ensure their validity and safeguard your rights.

To conclude

The preferred way to avoid becoming a victim of real estate fraud is to hire an estate lawyer in Grande Prairie, stay aware of common scams, and be watchful. The team of attorneys at Stringam LLP have vast experience in various types of real estate cases.

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