Over the past few years, there has been an increase in a type of fraud known as “deed theft.” This heinous action can deprive people of their homes and result in enormous financial losses for those affected. But what is deed theft, how might it happen, and how could it potentially impact you?
What is Deed Theft?
In simple terms, deed theft refers to any situation where someone illegally takes possession of real estate away from its rightful owner or owners. This can result in someone effectively losing control of their own property, forcing them out of their homes or requiring them to rent back their own home from the person who stole it from them. In addition to being a major financial loss, it can also have a substantial sentimental impact, especially for people who may have lost a property that was in their family for generations.
How Does Deed Theft Happen?
Typically, deed theft is the result of forgery or fraud, with perpetrators either presenting falsified documents claiming ownership of the property, or tricking the current owners into signing over the property under false pretenses. These often involve elaborate schemes that specifically target vulnerable people and properties: vacant homes, vacation homes, investment properties, and homes belonging to elderly or disabled people are some of their favorite targets. They also like to seek out homes that are stuck in probate due to the previous owner passing away, where they can pretend the deceased owner sold the property to them shortly before death.
What Are the Consequences of Deed Theft?
When people become victims of deed theft, they may find themselves deprived of a property which may have cost them hundreds of thousands or millions of dollars to purchase, not to mention the cost of any renovations or repairs they have done over the years. The person who stole the property may evict the legitimate owner from their own homes, rent it out to strangers, or even try to resell it for a profit.
What Should You Do?
If you have been the victim of deed theft, or fear that someone else may be attempting to take advantage of you, the best thing you can do is speak to an experienced real estate lawyer. They can review any legal documents involving your property and ensure your rights are protected. The sooner you call, the sooner they can get to work for you.
For more than 50 years, the New York lawyers at Elovich and Adell have represented clients like you in real estate cases. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.
