Real estate law regulates the process of buying and selling a home or commercial property. It provides protection for anyone buying and selling a home and who enter into a contract with contractors, builders, and real estate agents. Real estate law also protects buyers from paying illegal real estate fees.
These are fees paid by a buyer or mortgage borrower during a real estate transaction that they are not supposed to pay. A real estate transaction can take many forms from buying a home to acquiring a mortgage. It can also be a fee paid from one party to another to obtain business.
One example occurred in 2013 when the Fidelity Title Insurance Company settled a $2.3 million case alleging real estate fraud. The title company was accused of paying real estate agents kickback fee, or an incentive, in exchange for service providers using their company. A title company provides insurance for property owners to ensure there are no liens or defects against the properties. Typically those completing a real estate transaction have a choice regarding which title insurance company receives their business.
Another example happened to California homeowners who were trying to save their homes from foreclosure, but were victims of a scheme. They allegedly paid upfront fees ranging from $1,000 to $10,000 to eliminate mortgage debt. The debt was never satisfied by the people receiving the upfront fees.
Yes, it is. Real estate fraud happens when a party intentionally uses some sort of misrepresentation or false information to obtain a competitive edge in a real estate transaction.
Yes. Contact a real estate lawyer if you believe you are a victim of an illegal real estate transaction. They can assist you in recovering any damages you may be entitled to as a result of an illegal real estate transaction and help protect you from further harm in connection with the transaction.
Last Modified: 10-28-2015 01:06 PM PDTLaw Library Disclaimer
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