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REAL ESTATE LAW BLOG

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    Jordana Sarrell, Esq., LL.M.

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WARNING! WIRE FRAUD ON THE RISE! ALWAYS VERBALLY CONFIRM WIRE INSTRUCTIONS RECEIVED VIA EMAIL!

12/12/2017

 

At SSB law we have implemented strong and vigilant internal protection techniques to prevent hacking and wire fraud.  We verbally confirm all wire instructions received via fax or email.  And to err on the side of caution, our IT department has taken steps to ensure our outgoing email is secure and protected against being hacked.

Due to increased fraud, buyers, seller, realtors and lenders should confirm all wiring instructions received via email by phone directly with our office before transferring funds.  

If you receive an email containing WIRE TRANSFER INSTRUCTIONS call us immediately to verify the information prior to sending funds.  If you receive a call, call our office at 561-807-7107 to verify wire instructions.

This scam works because the criminal has hacked into one or more of the parties’ email accounts and can read, intercept, delay, or change anything sent via email. If the hacker knows all of the parties’ cell phone numbers or that they have agreed to call each other or take some other action to verify wiring instructions, the hacker will be able to disrupt the verification process you have set up.

Phishing emails might appear to come from a legitimate business or recognized user. Spear phishing is a more targeted email attack sent to a select number of users, while a whaling attack, also known as Business Email Compromise (BEC), is a more targeted variation of spear phishing aimed at executives or personnel who manage wire transfers. 

Once hackers gain access to an email account, they will monitor messages to find someone in the process of buying a home. Hacks can come from various parties involved in a transaction, including real estate agents, title companies, attorneys or consumers. Criminals then use the stolen information to email fraudulent wire transfer instructions dressed up to appear as if they came from the victim. To this end, criminals will use either the victim’s actual email account (which they may actually control) or create a fake email account resembling the victim’s email.

How to Report Cyber Fraud If you feel that your business or information may be compromised through a cyber attack:
-Inform local law enforcement or the state attorney general as appropriate Report stolen finances or identities and other cyber crimes to the Internet Crime Complaint Center at www.ic3.gov.
-If a wire transfer was involved, also file a complaint at bec.ic3.gov. 
-Report fraud to the Federal Trade Commission at www.onguardonline.gov/file-complaint
-Report computer or network vulnerabilities to US-CERT via the hotline: 1-888-282-0870 or www.us-cert.gov


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My Lender Says I don't Need a Survey but the Title Agent Ordered One Anyway!!???

12/5/2017

 
First let us start with the basics - what is a boundary survey?  

A boundary survey is, in the most basic of terms, a drawing, map of the property showing precisely where the house lies within the boundary lines, the patio and/or additions as well as the locations easements and/or encroachments, if any.  The survey will confirm the legal description of the property, disclose any encroachments, easements or rights of way (drainage easements, sewer easements, etc) and pinpoint locations of fences, driveways, and other relevant information pertaining to the property being purchased.  A common type of encroachment is a utility easement running through a driveway or rear of the property given to the local utility agency for maintenance of water lines, sewer lines, cable, etc.  The survey also confirms legal access (ingress/egress) to the property.  

Lenders, in literal terms, do not require a survey.  Yes, that is true.  Lenders do however, require that the title agent issuing the lender's title policy delete the survey exception which is a standard exception on all title policies and provide a Florida Form 9 / ALTA 9 endorsement to the lender's title policy issued at the closing of the loan.  

Lenders are in need of more comprehensive title insurance coverage and require affirmative coverage over any matters shown on the survey that could interfere with their secured interest (the property).  Such matters are protected by the issuance of the ALTA 9 endorsement.  Examples of which include coverage for loss due to incorrectness of assurance that certain matters do not exist (violations of zoning laws), violations of platted setback lines, encroachments, encroachments of improvements onto easements, etc.  In simple terms, should an encroachment or setback pose issue and compromise the integrity of the lender's interest in the secured property, the endorsement will allow for the lender to make a title insurance claim to protect their interest.  Without the endorsement, the lender is subject to loss of part or some of their secured collateral (the property) due to an encroachment or setback violation, etc.  

Even in cash transactions, a survey should always be purchased by the buyer because it provides assurances to the buyer for a variety of matters.  It allows the buyer to determine if there are any title matters disclosed on a survey that render the title unmarketable, confirms that boundary lines and legal descriptions, and provides notice of any encroachments onto the property by way of easements or other rights of way that will interfere with your property lines.  For example an easement in the rear of your property for a utility company that is 5 feet into your property line will prevent you from putting up a fence at the edge of your property line and require the fence be 6 feet from the property line.  It helps you discover that the fence line is not the true property line.  

Below is an example of a survey which shows a 6 foot easement along the western boundary line; 10 foot utility easement running through the driveway and the fence not actually within the boundary lines of the property (in the rear).  
Picture

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Jordana Sarrell, Esq.

Archives

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