How an alert real estate lawyer prevented fraud with a simple phone call
Many types of real estate frauds occur in residential and commercial real estate transactions. Some of these can be fairly unassuming and can trip up even an experienced, diligent lawyer.
Here is a fraud incident reported from Saskatchewan (Yes, fraud can happen in the prairies too). It’s an indication of why lawyers should always stay on alert when it comes to protecting their client’s interests.
A lawyer in Saskatchewan was emailed a request to re-direct funds on the day of closing a sale transaction for their client. The email included a copy of a void cheque sent from their supposed “client.”
Fortunately, the lawyer exercised caution and picked up the phone to confirm this change in direction. As feared, it turned out, her client did not email redirection for the sale proceeds.
Of course, the client was very confused by the call, and in the end, the lawyer was thankful she trusted that little voice in her head that said something was off. She was able to save hundreds of thousands of dollars from falling into the wrong hands.
Extra due diligence is a must when dealing with real estate transactions and any last-minute changes.
The Chicago Title Assurance:
Real estate lawyers and notaries are encouraged to contact their Regional Managers at Chicago Title to understand better the fraud types and how to protect themselves and their clients.
To learn more visit ctic.ca.