Police investigate house sale scam
- Thread starter ger
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The is a state government compensation fund that has been set up to compensate people who are sometimes diddled in situations like this. All local conveyancers have to contribute to the fund. Victims are meant to be compensated if, say, a conveyancer goes bust or if monies are somehow misappropriated.
Problem is the government's lovely public servants rarely cough up the cash and those who are diddled often have to kick up a real stink before they get compensated.
As property owners I think we all feel for the diddled individuals. It will be interesting to see if the banks who fund the dodgy deals are compensated as well.
Problem is the government's lovely public servants rarely cough up the cash and those who are diddled often have to kick up a real stink before they get compensated.
As property owners I think we all feel for the diddled individuals. It will be interesting to see if the banks who fund the dodgy deals are compensated as well.
I've never been asked for ID when buying or selling a property, so how do they do verification?
Sure, the right name is on the title and the REA contract (the last REA we dealt with already did a search, found out the house was solely in my name and studiously ignored my partner while trying to get me to sign a contract with him) but the REA doesn't ask for my driver's license or anything.
Sure, the right name is on the title and the REA contract (the last REA we dealt with already did a search, found out the house was solely in my name and studiously ignored my partner while trying to get me to sign a contract with him) but the REA doesn't ask for my driver's license or anything.
The important point to come out of this story is
Mr Mildenhall was living in Cape Town when his Deanmore Road duplex in Karrinyup, that he owned outright since buying it for his now-deceased parents in 1989, was sold without his knowledge for $485,000 in June.
That the property was unencumbered and as such the only safeguard is the land titles office who obviously don't check signature very carefully or at all
If you have a mortgage against the property, even if it is minimal, then there is the bank hurdle to straddle and seems to be the better safeguard to ensure the the property remains in the owners hands.
Personally, we own or control a lot of property, with not much debt but every property title is encumbered to have a level of insurance aginst the subject of the news article.
Cheers
Mr Mildenhall was living in Cape Town when his Deanmore Road duplex in Karrinyup, that he owned outright since buying it for his now-deceased parents in 1989, was sold without his knowledge for $485,000 in June.
That the property was unencumbered and as such the only safeguard is the land titles office who obviously don't check signature very carefully or at all
If you have a mortgage against the property, even if it is minimal, then there is the bank hurdle to straddle and seems to be the better safeguard to ensure the the property remains in the owners hands.
Personally, we own or control a lot of property, with not much debt but every property title is encumbered to have a level of insurance aginst the subject of the news article.
Cheers
Yes there is a very big difference between buying a car,and buying a property and as the agent is employed to act for his or her principal
the contract is binding on the vendor and not the agent so it's get more complex,the agents will cover themselves under the rule of estoppel
the only safe way i know is too keep the titles of all the properties locked away in the Banking system,i dont trust safes ..willair..
The important point to come out of this story is
Mr Mildenhall was living in Cape Town when his Deanmore Road duplex in Karrinyup, that he owned outright since buying it for his now-deceased parents in 1989, was sold without his knowledge for $485,000 in June.
That the property was unencumbered and as such the only safeguard is the land titles office who obviously don't check signature very carefully or at all
If you have a mortgage against the property, even if it is minimal, then there is the bank hurdle to straddle and seems to be the better safeguard to ensure the the property remains in the owners hands.
Personally, we own or control a lot of property, with not much debt but every property title is encumbered to have a level of insurance aginst the subject of the news article.
Cheers
who would have known it was being sold unencumbered?
sounds like an inside job.
A title search would show all encumbrances...
The most likely scenario...
someone notices a house is vacant for long period of time,, thinks to themselves, "I wonder if it is for sale or if the owner wants to sell, might get myself a deal here."
Title search is carried out to ascertain who the proprietor is, so they can be approached...
Title search also shows the property is unencumbered...
Opportunist decides it would be cool to try to steal the property....
and here we are...
Boods
so many people are out there to scam that's it's scary.
in the last month i've had credit card fraud foiled (a big thanks to westpac's hawkeye for picking it up!) and only yesterday some indian sounding guy rang to report that i'd been having problems with my internet and needed to verify some details (we've recently moved house). he used my husbands surname, whereas the internet is in my surname (different names) so i picked it up straight away, told the caller such and hung up ... but i can understand how easy it would be for unsavy consumers to fall for the scams.
in the last month i've had credit card fraud foiled (a big thanks to westpac's hawkeye for picking it up!) and only yesterday some indian sounding guy rang to report that i'd been having problems with my internet and needed to verify some details (we've recently moved house). he used my husbands surname, whereas the internet is in my surname (different names) so i picked it up straight away, told the caller such and hung up ... but i can understand how easy it would be for unsavy consumers to fall for the scams.
we've had that as well recently!
someone using the card to pay on some sites in UK about a year ago (Westpac blocked it immediately and notified me with SMS, money were refunded later), and then an indian guy calling recently offering to fix the problems with internet.
I feel sorry for the buyer, especially if it was subject to their previous home selling. They'd then have no where to go if the rightful owner took his property back. Alternatively, if it's determined the buyers keep it - what if the previous owner has no where to go?
Also makes me question whether banks would repay all the fees they've accepted in establishing finance for the buyers (within foreseeable future knowing banks).
Even once / if it's completely resolved, it'd be an awful mess to be in
Also makes me question whether banks would repay all the fees they've accepted in establishing finance for the buyers (within foreseeable future knowing banks).
Even once / if it's completely resolved, it'd be an awful mess to be in
Public liability insurance???
Apparently the WA state govt is going to pick up the cost of this debacle.
Which leads one to wonder about the public liability insurance of that real estate agency, the re agent and public liability insurance in general.
What's the point of companies and individuals paying out mighty expensive insurance premiums which enriches insurance companies, if the taxpayer then has to step in and rescue private deals gone wrong?
Apparently the WA state govt is going to pick up the cost of this debacle.
Which leads one to wonder about the public liability insurance of that real estate agency, the re agent and public liability insurance in general.
What's the point of companies and individuals paying out mighty expensive insurance premiums which enriches insurance companies, if the taxpayer then has to step in and rescue private deals gone wrong?
