We would like to bring to your attention that fraudulent vacant land transactions are on the rise in our area.
As a title and escrow company, we take this issue very seriously and are committed to taking steps to combat this type of fraud. You may or may not have seen in the news or heard around town that there has been an uptick in fraudulent activity for vacant land transactions across the nation. Fraudsters are researching these parcels to a high level of detail and are well-versed in the real estate process. To identify these potential fraudulent transactions, our teams are on high alert for specific “red flags” including but not limited to, the seller being in another state or country, price seeming undervalued, rush to close, etc.
To ensure that our clients' interests are protected, we are implementing a new policy. When we receive a request to open a transaction for the sale of vacant land, we will send a letter to the mailing address listed on the tax bill. This letter will serve as a confirmation that the property owner is aware of the sale and that they have authorized it.
If the landowner is indeed the one selling the vacant land, then the letter will serve as a thank you for their cooperation. If on the other hand, the landowner is not aware of the attempted sale of their property, the letter will serve as a warning and an opportunity for them to take appropriate action.
We believe that this policy will help to prevent fraudulent vacant land transactions and protect our clients' interests. We encourage you to share this information with your clients and assure them that we are doing everything possible to protect their investments.
Thank you for your attention to this important matter. If you have any questions or concerns, please do not hesitate to contact us.