Buying or selling real estate can be a daunting task, and unfortunately, fraud is a pervasive issue that can undermine your investments. At Stone & Sallus, our team of experienced real estate fraud attorneys in Los Angeles is dedicated to helping you navigate through the legal complexities and protecting your interests.
A Team You Can Trust
Our Los Angeles real estate fraud attorneys have extensive knowledge and training in the laws surrounding real estate and fraud. With their expertise, they can guide you through the legal process, ensuring that all your legal obligations are met, and any claims of fraud are avoided. Rest assured that our team will fight diligently for your case, leveraging their strong backgrounds in real estate law to ensure your peace of mind.
Image: Real Estate Fraud Attorneys in Los Angeles
Understanding Real Estate Fraud
Real estate fraud occurs when someone intentionally misrepresents or conceals information about a property, aiming to deceive others. It can take various forms, including mortgage fraud, predatory lending, foreclosure fraud, rental skimming, fraudulent deeds, falsification of documents, and fraudulent disclosure. Each of these forms of fraud can have severe consequences for those involved.
Areas of Fraud:
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Mortgage Fraud: This serious offense can result in prosecution and jail time for convicted offenders. Under California Penal Code 487 PC, theft by false pretense can be considered real estate fraud, carrying penalties of up to thirty years in jail and fines of up to one million dollars.
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Predatory Lending: Predatory lending is an unethical practice carried out by lending organizations, taking advantage of unsuspecting borrowers.
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Foreclosure Fraud: This occurs when someone sells a property undergoing foreclosure even though they don't own it.
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Rental Skimming/Rental Fraud: Rental skimming happens when property owners stop paying the mortgage but continue to pocket rental income.
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Fraudulent Deeds, Falsification of Documents: Falsifying documents is a criminal offense that involves altering, changing, modifying, passing, or possessing a document for unlawful purposes.
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Fraudulent Disclosure: Sellers of residential or commercial properties are obligated to inform prospective buyers of any known concerns. Failure to provide accurate disclosures can lead to legal consequences.
Remedies for Real Estate Fraud
If you find yourself embroiled in a real estate fraud dispute, our Los Angeles real estate fraud attorneys will help you devise an appropriate response tailored to your specific case. While each case is unique and requires individual evaluation, here are two common remedies for real estate fraud:
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"Out-of-Pocket": This remedy aims to restore the victim to their financial position before the fraudulent transaction occurred. It compensates the victim for the difference in value between what they gave and what they received.
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"Benefit of Bargain Rule": This principle allows defrauded buyers to recover damages from sellers by measuring the difference between the misrepresented value of the property and the actual value received.
Understanding the Legal Duty of Disclosure in California
In California, sellers are legally obligated to disclose detailed, written facts about the property they have on the market to potential buyers. This includes information about the physical condition of the property and any previous inspection reports. Failure to fulfill this duty can result in liability for damages. If you want to protect yourself in future real estate transactions, consult with a Los Angeles real estate fraud attorney.
We're Here to Help
If you've fallen victim to real estate fraud, our team at Stone & Sallus is here to provide the legal support you need. Whether you're dealing with mortgage fraud, predatory lending, foreclosure fraud, rental skimming, or fraudulent disclosure, our real estate fraud attorneys in Los Angeles are ready to fight for your rights. Schedule a consultation with us today at 310.889.0233 and let us help you navigate the complexities of real estate fraud. Your investments deserve protection from experienced professionals who understand the law.
