The Silent Heist: How Thieves Are Stealing Vacant Land and What You Can Do About It

n the world of real estate, vacant land often seems like an afterthought. However, recent trends have shown that this overlooked asset is becoming a prime target for sophisticated criminals. Imagine waking up one day to find out that your property has been sold without your consent, and the new “owner” has every legal document to prove it. This is not a scene from a thriller movie, but a growing reality known as vacant land theft.

The Rise of Vacant Land Theft

Vacant land theft is a burgeoning issue in the world of real estate fraud. Thieves are getting more creative and bolder, targeting properties that appear to be unmonitored or infrequently visited. They impersonate landowners, forge documents, and even fool title companies into processing fraudulent sales. Property owners and real estate investors must stay vigilant to protect their assets.

Understanding the Process of Vacant Land Theft

Step 1: Identifying the Target

Thieves start by identifying vacant land parcels that are ideal targets. These are typically plots that have been left unattended for long periods. They might look for properties where taxes are still being paid, but no physical activity or development is happening.

Step 2: Gathering Information

Once a target is identified, the next step involves gathering as much information as possible about the legitimate owner. This can include accessing public records, social media profiles, and other online databases. The more information they can gather, the easier it becomes to impersonate the owner.

Step 3: Fabricating Documents

Armed with the necessary information, the criminals then forge documents to make it appear as though they are the rightful owners of the land. This includes fake IDs, falsified deeds, and other necessary paperwork that can withstand casual scrutiny.

Step 4: Engaging With Title Companies

With fabricated documents in hand, the thieves approach title companies to initiate the sale of the property. Reputable title companies have screening processes, but even these measures can sometimes be bypassed by sophisticated fraudsters.

Step 5: Closing the Sale

Once the sale is processed, the thieves quickly close the deal, often selling the property for a price well below market value to expedite the transaction. By the time the legitimate owner discovers the fraud, the criminals have already pocketed the money and disappeared.

Red Flags and Warning Signs

Unfamiliar Activity

One of the first warning signs of potential vacant land theft is any unfamiliar activity related to your property. This could be unexpected inquiries or offers to buy the land, or seeing new listings for your property online.

Discrepancies in Documentation

Always review your property records periodically to check for discrepancies. If you notice any unauthorized changes in ownership records, that’s a red flag that something might be amiss.

Neglected Communications

If you suddenly stop receiving tax bills or other official communications related to your property, it could be a sign that someone has tampered with your contact information.

How to Protect Yourself From Vacant Land Theft

Register for Property Alerts

Many counties offer property alert services that notify owners of any changes to their property records. Registering for these alerts can provide an early warning system against fraudulent activity.

Secure Your Documents

Keep all your property-related documents in a secure location. This includes deeds, tax records, and any other paperwork that proves your ownership. Make digital copies and store them in a secure cloud-based service.

Regularly Monitor Your Property

Even if you don’t live near your vacant land, make it a point to visit periodically. If you can’t, consider hiring someone to check on the property for you. Regular monitoring can deter potential thieves and help you catch any suspicious activity early.

Hire a Good Real Estate Attorney

If you suspect that your property has been targeted or if you want to take preventive measures, hiring a real estate attorney can be invaluable. They can help you understand your rights, review your property records, and take legal action if necessary.

What to Do If You’ve Been a Victim

Contact the Authorities

The first step is to report the crime to local law enforcement and provide them with all relevant documentation. This will initiate an official investigation into the fraudulent activity.

Notify Title Companies and Financial Institutions

Inform any title companies and financial institutions involved in the fraudulent transaction. They can assist in freezing any further actions and help in reversing the fraudulent sale.

Consult a Real Estate Attorney

An experienced real estate attorney can guide you through the process of reclaiming your property. They can help you file the necessary legal motions to nullify the fraudulent sale and restore your ownership.

Inform Potential Buyers

If your property was listed for sale without your knowledge, inform potential buyers about the fraud. This prevents unsuspecting individuals from becoming victims of the same scam.

The Role of Technology in Preventing Vacant Land Theft

Blockchain Technology

Blockchain technology offers a promising solution for preventing real estate fraud. By creating an immutable ledger of all property transactions, blockchain provides a transparent and secure way to verify ownership and transfer records.

Advanced Verification Systems

Title companies and financial institutions are increasingly adopting advanced verification systems that use biometric data, AI, and machine learning to authenticate identities and detect fraudulent activities.

Remote Monitoring Solutions

Technology now allows for remote monitoring of properties through smart surveillance systems. These systems can alert property owners of any unauthorized activity, providing an additional layer of security.

Educating Yourself and Your Community

Attend Workshops and Seminars

Many organizations offer workshops and seminars on real estate fraud prevention. Attending these events can provide valuable insights and practical tips for protecting your property.

Share Information

Educate your friends, family, and community about the risks of vacant land theft and the steps they can take to protect themselves. The more people are aware of this issue, the harder it becomes for criminals to succeed.

Utilize Online Resources

There are numerous online resources available that provide information on real estate fraud prevention. Websites like the Federal Trade Commission (FTC) and the American Land Title Association (ALTA) offer guidelines and updates on the latest fraud schemes and prevention strategies.

Conclusion

Vacant land theft is a growing concern for property owners and real estate investors. Understanding how these crimes are committed and taking proactive steps to protect your property can safeguard your valuable assets from falling into the wrong hands.

Stay vigilant, educate yourself, and don’t hesitate to seek professional help if you suspect any fraudulent activity. Remember, a well-informed and proactive approach is the best defense against real estate fraud.

Consider booking a consultation with one of our experienced real estate attorneys for personalized advice and legal assistance. Together, we can ensure that your property remains secure and your investment protected.

Dave Nimick: Is it overpaying if…?

Putting the real in Real Estate with Dave Nimick logo

When buyers tend to think about having overpaid for their home.

Making the smartest decision that you can at the time you are making it in order to prevent buyer’s remorse.

How the market defines what a home is worth.

Identifying what overpaying means to you.

Key Takeaways:

The only two constants in real estate are that sellers want to sell for the most money, and buyers want to pay the lowest amount possible for a home.

The market will have ups and downs, so be comfortable with your buying decision upfront.

A home is worth what a qualified buyer is willing to pay for it, what the seller is willing to accept, and what the home appraises for.

The smartest decisions are based on both logic and emotion.

“You cannot predict the future. You want to make your real estate decision based on your current AND future needs.” —  Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: [email protected]

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.

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Understanding Title Insurance

Understanding Title Insurance

Title to a property is a record detailing the owners of the property and rights associated with the ownership. Title typically shows a progression of ownership from the first owner to the current one. Title is a fairly simple concept, but when it goes wrong it is a nightmare. That is where title insurance comes in, and why it’s important to understanding title insurance.

Title Insurance

Title insurance guarantees that the title on a property is marketable when you purchase the home, condo, land, etc. You should always pay for title insurance. It typically costs a few hundred dollars and will save you a bundle if problems arise.

When you buy title insurance, a title insurance company researches the title for the property. The insurance company will look to see if the title is clear. Clear simply means that the seller is truly transferring title to you and no other person can claim ownership. While this sounds fairly simple, rest assured that title problems arise all of the time.

Title Problems

You might be wondering how you could possibly have title problems. Here are a few examples:

  1. Divorcing Couples Divorce is unpleasant and sometime very ugly. In particularly nasty situations, one spouse may attempt to sell a home without telling the other. To gain clear title, you need both spouses to sign off on the sale. If you dont, you are going to become a party of the divorce proceedings. Now, wouldnt that be fun?
  2. Estate Sales If you are purchasing a house as part of an estate sale, there can be real problems. The heirs may not be getting along and in an effort to get whats mine, may try to sell the residence without including all the heirs in the transaction. If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
  3. Ingress and Egress Issues Title to a property can have technical issues related to egress and ingress. Occasionally, one finds title to a property that is so messed up that the owner doesnt have the right to enter or leave the land because to do so would require crossing another persons property. In short, the property is landlocked and something must be worked out with the neighbors. Typically, a solution comes in the form of hard, cold cashlots of it.

These are just a few issues that can arise with title. With real estate, unique issues can arise all the time.

If you buy title insurance, you dont have to worry about problems with title. If a problem arises, you calmly pick up the phone and call the title insurance company. The insurance company will come up with a solution, even if it means paying you for bad title.

Mortgage Fraud

Effective June 1, 2009 all residential properties (single family homes, condominium units and buildings with up to four units) in Cook County, Illinois will become subject to the amendments to the Illinois Notary Public Act contained in Illinois Public Act 095-0988 (the “Act”) in an effort to combat mortgage fraud in Illinois residential real estate transactions. The practical effect of the Act is that Illinois notaries will have to comply with the Act for all covered Cook County conveyances.

The Act is a pilot program applicable only to Cook County real property conveyances from June 1, 2009 through July 1, 2013. The Act will require Illinois notaries to take and save a copy of the right thumbprint of all individuals selling residential property in Cook County. The Act provides that if a right thumbprint is not available, alternative digits can be used. The thumbprint record must be saved by the notary for seven years and is not subject to copying or inspection under the Freedom of Information Act. The Act proscribes a Notarial Record form for the collection and retention of the record of the thumbprint. The Act does not exclude developers of individual condominium units in multi-unit projects from the fingerprinting requirements. Developers who do not want their in-house notaries to be bothered with the Act’s record retention requirements should plan on attending closings at a title insurance company for at least the next five years !

Effective June 1, 2009 all residential properties (single family homes, condominium units and buildings with up to four units) in Cook County, Illinois will become subject to the amendments to the Illinois Notary Public Act contained in Illinois Public Act 095-0988 (the “Act”) in an effort to combat mortgage fraud in Illinois residential real estate transactions.  The practical effect of the Act is that Illinois notaries will have to comply with the Act for all covered Cook County conveyances.The Act is a pilot program applicable only to Cook County real property conveyances from June 1, 2009 through July 1, 2013.  The Act will require Illinois notaries to take and save a copy of the right thumbprint of all individuals selling residential property in Cook County.  The Act provides that if a right thumbprint is not available, alternative digits can be used.  The thumbprint record must be saved by the notary for seven years and is not subject to copying or inspection under the Freedom of Information Act.  The Act proscribes a Notarial Record form for the collection and retention of the record of the thumbprint.  The Act does not exclude developers of individual condominium units in multi-unit projects from the fingerprinting requirements.  Developers who do not want their in-house notaries to be bothered with the Act’s record retention requirements should plan on attending closings at a title insurance company for at least the next five years !

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