Counsellors Title: Committed to Combating Real Estate Fraud
Fraud is an ever-present threat in today’s world, taking on many forms and inflicting significant financial harm on consumers. In the real estate sector, the rise of fraudulent activities poses a serious risk to homebuyers. Vigilance and security protocols are key to keeping the bad actors away.
At Counsellors Title Agency, located in Toms River, New Jersey, we have been at the forefront of combating real estate fraud for nearly three decades. Our award-winning team of experienced title insurance professionals has processed nearly $20 billion in policies since 1996, and our expertise has never been more critical in safeguarding the property rights of our clients.
Understanding Real Estate Fraud
Fraud is defined as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right.” In real estate, this can manifest in various ways, from seller impersonation fraud to wire fraud, elder financial exploitation, and money laundering. The Federal Trade Commission (FTC) reported that American consumers lost a staggering $10 billion to fraud in 2023, a 14% increase from the previous year. This surge underscores the importance of vigilance and proactive measures in protecting homebuyers and their investments.
Seller Impersonation Fraud: A Growing Threat
One of the most alarming trends in real estate fraud is seller impersonation, where criminals pose as property owners to sell homes they do not own. This type of fraud often targets non-owner-occupied properties, such as vacation homes or investment properties, which may not be closely monitored by their rightful owners. The delay in discovering the fraud can result in significant financial loss and legal complications.
In 2023, 28% of title insurance companies reported experiencing at least one seller impersonation fraud attempt. At Counsellors Title Agency, we recognize the gravity of this threat and have implemented advanced tools and resources to detect and prevent such fraudulent activities before a real estate transaction is finalized. Our title insurance policies also provide a crucial layer of protection for buyers who may fall victim to seller impersonation fraud, ensuring that their investment is safeguarded.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/