Real Estate Fraud

Real estate fraud actually encompasses a broad subject who covers deception or malicious schemes in the real estate industry. There are typically two major types of real estate fraud to consider, mortgage fraud and title fraud.

In Mortgage fraud, it is usually financial institutions that become victims of unscrupulous individuals. These financial institutions lend the money to purchase property. However, individuals will artificially inflate the value of the property in order to get a higher mortgage than the actual price. In Title Fraud, most victims are homeowners when individuals using false or stolen identity transact with them in order to transfer the title under the fraudsters name. This type of fraud can also evolve to mortgage fraud when the fraudster applies for a mortgage on the falsely acquired title.

Toronto Realtors Ask for Land Transfer Tax Break

Toronto’s new land transfer tax imposes an increase in property tax which realtors and home buyers are trying to contest arguing that it is an unfair method of raising City revenues. Future homeowners will be facing a property tax that will increase double the rate of inflation from which home buyers are saying that they deserve a break.

In November and December of 2007, there has been increased activity in the real estate market attributed mainly to the fact that purchases made during this period are exempt from the newly implemented land transfer tax. The Toronto Real Estate Board will be closely monitoring the 2008 market and is looking at the 2008 operating budget of the City which proposes 3.75 percent increase in residential property tax which is almost double the 2007 inflation rate of 1.9 percent.

Estate Planning

Basically, estate planning is a process that involves people. It may include your family, friends, other people and in some cases, charitable or non-profit organizations. It also of course involves your estate or properties in whatever form of ownership those assists are in. It will also include preparing for your future requirements in case of an event that will render you incapable of taking care of yourself.

Important details that you can settle with estate planning includes: how your properties will be managed for you and your beneficiaries benefit and who will manage them. Another is what circumstances would cover the distribution of your assets including the manner how they will be distributed. Finally, how will your health be managed and taken cared of when you lose the ability to do it yourself.

Probate for Estates

When an adult (depending on what is considered an adult in your area, usually it is 18 or 21 years old) dies without living a will, this is known as intestate. In cases like this, the estate of the person will divided not by the surviving family or relatives but by the courts basing on the prevailing laws in their location. Usually, the spouse gets a greater percentage of the estate, in some cases, the parents if there is no spouse, even children from a previous marriage are considered.

The surviving heirs can request for a court appointed administrator to handle the estate on a temporary basis until all taxes and debts are paid and the division of the estate is finalized. The administrator is just like an executor of the estate, he will also represent the estate while there is no final judgment from the court. The administrator will be paid by the estate for the services he renders.

Social fund spent on real estate

It is a little sad to learn that over 20.1 Billion of the nearly 33 Billion yuan ($4.68 billion) of the nearly 33 billion yuan ($4.68 billion) embezzled from Shanghai’s social security fund was invested in the real estate sector. This sparked an 18-month investigation into the scandal for which Shanghai’s former Party chief Chen Liangyu has been arrested.Their fraudulent activities were first noticed/uncovered in June of 2006. It was later known that the money was financed to various companies, including the Shanghai-based Bailian Group and Feidian Investment, which investments have been used mainly in property and highways.

Real estate safety enhanced

It is very admirable that Vancouver Island Realtors are taking necessary measures to protect both themselves and the communities they work on and serve.  A recent program was launched, dubbed as Realty watch, by 1,195 agents.  And, while this program is designed to prevent crime against realtors, members are allowed by technology to directly communicate with each other.This program is relatively simple and it has been a tool used for several years already by Lower Mainland Real Estate boards. Realtors who spend much of their time driving around community doing different business, will serve as the “eyes” and “ears” for the police.

Fraud in Real Estate

The increase in the rate of fraud in real etate industry is really alarming. The fraud and other schemes are directly proportional to the boom of the real estate property market. Every year, there are more than a hundred families from different class of life are being victimized. Fraud cases involving real estate have shown to have doubled every succeeding year.

Just recently, two mortgage brokers, LaVonne Hamilton and David Kennedy were separately sentenced for their respective fraud schemes in Jackson, Mississippi.

The Internal Revenue Service Criminal Investigation (IRSCI) initiates investigations regarding real estate fraud cases. IRS is playing a big role in the continuous fight against these cases.

Seven tips about online estate selling (7 of 7)

7. Never Rush things
Never rush things especially if you are reaching the finalization of the deal. Never get too excited, be particular in every detail and never say a yes until you are fully certain about the conditions.
If you do things without thinking it over you might get a bad deal out of your property.
Search for the best offer, you are the owner of the property so buyers have no right or power to pressure you into the deal. You should be the one setting the pace. Be careful of making decisions out of whim and never finalize unless you are ready to carve the deal in stone.

Market your estate ONLINE

Do you have an estate property that needs to be converted into cash? But you don’t want to employ the service of an estate agent?

That’s easy, go online.

Posting your estate online is probably the easiest and the most effective method of selling your house without an estate agent. Not only will it save you dollars and time, but your post about your estate will be viewed by more people as well.

Marketing your estate property online does not require advanced net knowledge or deep marketing skills. All you need to do is to know what you want and knowing how to do it.
Search for sites that advertise properties, some are free and some require a little payment.

Apartment Rentals Dip

Apartment rentals in areas as plush as Silicon Valley have dropped to a very low 3.8%, considered to be the biggest rate drop in the whole US might be sign of more trouble for the housing industry. Rental rates have been going down since the market went into collapse sending many property owners clamoring to keep their existing tenants while offering ever lower rental rates to entice new ones. Properties that used to go for premiums are now being rented out at discounted prices to keep them occupied and property owners are shifting to discounts and more perks to keep tenants where they are. Read the rest of this entry »