Important FBI Alert: The Rise of Quit Claim Deed Fraud
Attention Property Owners and Real Estate Professionals: The FBI Boston Division is issuing a critical warning regarding an increase in quit claim deed fraud—a sophisticated scam targeting landowners and property investors alike. Fraudsters are using forged documents to illicitly transfer property ownership, resulting in significant financial loss and legal complications.
What’s at Stake?
Scammers are exploiting vulnerable properties, selling them, taking out loans, or even renting them, all without the knowledge or consent of the rightful owner. The consequences can be severe, leaving victims in costly and time-consuming legal battles to reclaim their property.
Key Statistics
From 2019 to 2023, real estate fraud resulted in $1.3 billion in reported losses nationwide. In the Boston region alone, 2,300 victims lost over $61 million. The true scale of the damage is likely even higher, as many victims are unaware or reluctant to report their losses.
What You Can Do to Safeguard Your Interests
For Landowners:
- Set up property title alerts with your local registry of deeds (message me for more information on how to do this).
- Regularly monitor online property records.
- Take note of any unusual changes, such as missing utility or tax bills.
- Arrange for periodic checks on vacant properties, either personally or through a property manager.
For Real Estate Professionals:
- Avoid remote closings and encourage in-person meetings when feasible.
- Always verify the identity of clients through reliable methods, such as in-person checks and document verification.
- Confirm all transaction details directly with the property owner, especially if they are unavailable for face-to-face communication.
If you suspect fraud, report it immediately to the FBI’s Internet Crime Complaint Center (IC3) at www.ic3.gov.
For help or more information on how to protect your property rights, contact our office. We’re here to ensure your peace of mind.
