Fraudulent Transactions

  • I am opening a new file and something does not seem right. The buyer stated he learned about our firm on the internet, he is not currently residing in the United States, and he is sending the deposit check directly to our firm. What should I check?
    • This gut feeling could happen for any number of reasons. Below are some items to consider:
    • If a real estate agent is participating in the transaction, give them a call. (Do not e-mail the real estate agent as the agent’s e-mail may have been compromised, which is potentially how you were brought into the transaction.)  Ask the real estate agent if they met the buyer in person or were also contacted online. 
    • Require more than one form of identification before accepting the employment.  Make copies and re-check the identification at closing. 
    • Contact the record owner of the property and verify the sale.  (Obtain seller contact information independently of the real estate agent and buyer.)