Avoid Being Part of a Real Estate Scam!

With increasing reports of real estate scams worldwide, here are some ways recommended by fraud experts to avoid being caught up in sales fraud when the transaction involves an out-of-state buyer or seller.

· Ask everyone to prove that they are who they say they are. Have the out-of-state party provide a photocopy of their driver’s license or passport that has been notarized.

· Verify signatures. Compare the signature on the real estate contract to other signatures on their driver’s license, passport, the original sales contract, etc.

· Make sure the warranty deed hasn’t been altered. Get a copy of the original from the title company.

· You select the professionals. Require the out-of-town party to use a real estate professional, attorney, or title company of your choosing.

· Require a face-to-face meeting. The safest way to ensure that they are who they say they are is to require that they show up at closing.

Source: AOL Real Estate, Sheree R Curry (09/14/2010)as posted on Realtormag.com