NJ Real Estate Fraud
Real Estate Fraud: What You Need to Know
Real estate fraud is a severe issue that occurs when one party deceives another during a real estate transaction. It involves using false or misleading information to trick the other party into making a deal or obtaining extra money from the transaction. While mortgage loan fraud is the most common form of real estate fraud, it can also occur in several other ways, such as closing, appraisal, and drafting stages.
There are two main types of real estate fraud: borrower fraud and lender/professional fraud. Borrower fraud is committed if an individual provides fake information to obtain the title of a property. People engage in borrower fraud by falsifying information on loan applications, misrepresenting credit information, or omitting significant details required for the transaction.
In contrast, lender/professional fraud happens when an individual wants to gain more money from the deal by questionable means. This includes flipping dubious properties, engaging in deceptive advertisements, misrepresenting credentials and licensing, or committing identity theft. Real estate fraud can involve both borrowers and lenders working together intentionally.
Real Estate Fraud Penalties
If you are convicted of real estate fraud, you may face several legal consequences that can significantly impact your life. You may have to pay criminal restitution to the victim to allow them to recoup their losses. You could also be charged with steep criminal fines or spend time in jailsevere cases even carry up to 30 years in prison.
Defenses for Real Estate Fraud
Several defenses can be utilized for real estate fraud cases depending on specific circumstances. They include:
– Procedures Defenses: If proper procedures are not followed precisely when filing a case by prosecutors’, then charges may fail
– Statute of Limitations: There’s a window period within which legal action must be instituted; after expiration; it’s permanently dismissed.
– Elemental Defenses: used when prosecution fails at proving certain aspects of the fraudulent act or can’t prove it entirely.
– Damage Defenses: Defendants may argue that the plaintiff shouldn’t collect as much compensation as they’ve claimed in their lawsuit or seek to have exemplary damages excluded. Exemplary damages are awarded to punish the defendant.
Why You Need a Real Estate Fraud Lawyer
Real estate fraud is a critically serious legal matter that requires an experienced attorney’s representation. Attempting to navigate through such complexity without a professional lawyer’s help is not advisable. An attorney specialized in real estate fraud can provide legal advice, offer support throughout the case, and represent you in court if needed. The attorney’s extensive knowledge and expertise of real estate transactions enable them to support their client .
Preventing Real Estate Fraud
To ensure secure and safe real estate transactions, it is crucial to prevent fraudulent activities effectively. Home buyers and sellers alike should be aware of the signs of potential fraud, including offers that are too good to be true or high-pressure tactics from agents or brokers.
A great way for homebuyers and sellers alike to prevent fraud is to hire trustworthy real estate professionals during any transaction they engage in. Also, engaging the services of experienced attorneys can significantly lower the risk of falling victim to fraudulent activities.
In conclusion, real estate fraud is one matter you cannot afford ever to take lightly. Understanding its various forms and penalties for committing it can help protect you against this illegal activity. Engaging an experienced attorney brings relief knowing your case has qualified representation. It’s also essential for both buyers and sellers always to exercise due diligence while transacting business with other people when in doubt, always seek professional legal advice before committing yourself financially insufficiently known ventures).
NEW JERSEY CRIMINAL DEFENSE ATTORNEYS