NEW JERSEY CRIMINAL LAWYERS

NJ Real Estate Fraud

Understanding Real Estate Fraud: A Comprehensive Guide

Real estate fraud is a serious crime that involves the use of false information to exploit the other party in a real estate transaction. It can manifest in several different ways, including fraud during closing, appraisal, and drafting stages. The two main categories of real estate fraud are borrower fraud and lender/professional fraud.

Borrower fraud involves falsifying information on loan applications, misrepresenting credit information, or omitting essential details during a transaction to obtain the title to the property. Professional or lender fraud, on the other hand, usually aims at obtaining additional money from a transaction through flipping property, deceptive advertising, misrepresenting credentials or licensing, or identity theft.

It’s important to note that committing fraud intentionally is a prerequisite for facing charges related to real estate fraud. Mistakes that occur during transactions are typically not classified as fraudulent behavior unless they were intentional. In some cases, both borrowers and lenders may collude to commit such acts.

Penalties for Real Estate Fraud

If convicted of real estate fraud in court, one may face severe consequences such as criminal fines and even imprisonment. Severe cases may result in a prison sentence of up to 30 years in addition to payment of criminal restitution to victims aimed at enabling them to recover their losses.

Types of Defenses Against Real Estate Fraud

Procedural Defenses

The plaintiff must strictly adhere to correct procedures when filing a case since failure to do so may lead to charges being dropped permanently due to procedural errors arising from incorrect filing. However, there are instances where a plaintiff may receive extra time without impacting the case’s viability.

Elemental Defenses

This defense comes into play when proving specific aspects of the alleged transaction becomes challenging for plaintiffs leading them unable to provide sufficient evidence that curtails their ability to prove fraud took place fully.

Damage Defenses

Even if the plaintiff can prove that fraudulent behavior took place in court, a defendant may argue that the plaintiff should not receive as much damage or compensation as they are seeking. Depending on the merits, different types of damages may be awarded to the plaintiff, including actual damages, attorney’s fees, and exemplary damages used to punish the defendant. When it’s evident that fraud wasn’t intentional, an acquittal can be obtained in court leading to one getting less severe charges.

Why Hiring an Attorney is Essential

Due to the severe legal consequences associated with real estate fraud charges, it is essential to hire an experienced attorney. These professionals offer guidance throughout the case and protect the defendant’s rights while providing legal representation in court proceedings. Moreover, they can provide reliable advice when required and ensure that the defendant navigates through the complexities of such cases successfully.

In conclusion, real estate fraud offenses are serious allegations with potentially life-altering consequences if convicted by a court of law. The importance of obtaining legal assistance from skilled attorneys cannot be overstated and should always be taken very seriously. Understanding the nature of these crimes and potential defenses against them is critical before deciding how to address them legally.