What Is Real Estate Fraud?
Real estate fraud is when an agency or individual provides misleading information in a real estate transaction. It can happen in a variety of ways and can involve multiple parties, sometimes resulting in a class-action lawsuit. As an example, a seller provides inaccurate information regarding the size of townhouses or apartments they sold. In this case, the fraud can result in multiple buyers impacted by the deception.
The Most Common Types of Real Estate Fraud
While there are many types of real estate fraud, we cover a few of the most common below:
According to the FBI, in a recent press release, loan fraud is one of the fastest developing white-collar crimes in the U.S. The omission of critical data or misrepresentation of material information related to the real estate property resulting in fraudulent transactions.
Wrongly foreclosed properties can lead a homeowner to think that they lost ownership of their home, resulting in them giving up their homes and moving out.
Title fraud is when the ownership (title) of the property is changed through fraudulent methods. An example would be - an individual sells a property that belongs to another by pretending to be the owner. In a case like this, the real owner is probably not aware of the transaction.
Value fraud is when a buyer is deceived about the actual value of the property. Value fraud can be accomplished by the seller or agent omitting or misrepresenting relevant information about the property and its features.
How Can You Prevent Real Estate Fraud?
Throughout a real estate business transaction, there are many opportunities for real estate fraud. That’s why it is best if all parties involved follow specific steps to prevent real estate fraud from happening.
Below are a few ways to stop real estate frauds.
Avoid rushing real estate transactions, whether it’s selling or buying.
Do your homework, research the real estate agents and brokers involved in the transaction.
Always get an appraisal of the property you are buying or selling. This step will help establish a fair market value of the property and is usually required when financing. Problems arise when purchases are made in cash and do not require an appraisal.
Understand the property title details before you proceed with a real estate transaction. An experienced real estate closing attorney in Lake Charles, LA. will be a valuable asset in avoiding real estate transaction fraud.
Do I Need a Lawyer?
Real estate fraud is becoming a serious issue, and you stand to incur tremendous losses. Even the most vigilant and knowledgeable buyers can be subject to deception. That's why it is highly recommended you involve an experienced local real estate lawyer when investing in property.
Real Estate Fraud, Real Estate Law, Real Estate Attorneys, Real Estate Lawyers, Real Estate Title Closing Attorneys, Lake Charles, LA,
On behalf of Lundy Lundy Soileau South LLP, posted in Real Estate Law on August 18, 2019.
Nearly every landlord in Louisiana has a horror story: the elderly couple with six cats who never used a litterbox; the college frat boys who threw loud, drunken parties seemingly every other night; the family who let their children run amok and break every appliance in the apartment. You might, so far, have been lucky enough to avoid renting to the worst types of tenants, but that doesn’t mean your renters are ideal. In fact, some might be causing enough of an inconvenience that you wonder if you can evict them.
You might be an easygoing landlord, but even tenants who break minor rules may get worse over time or cause enough cumulative damage to end up being costly after they’ve moved out. The following infractions are some of the most common ones that tenants end up getting evicted for:
As FindLaw explains, landlords have the right to evict tenants for violating their lease terms. This is to help you protect your investment, limit the damage a poor tenant is causing and allow you to continue making an income from the rental property. You will need to go through legal channels to evict a tenant, including obtaining a warrant for eviction from the court, having it served and giving tenants a reasonable amount of time to move out. Real estate law may be complex, so this information is not meant to be taken as legal advice.
If you have found yourself renting to a tenant mentioned above call the real estate attorneys in Lake Charles, La at Lundy Lundy Soileau & South for a consultation on your rights as a landlord. We can review your current lease agreement and if necessary, write one that is both legal and comprehensive in scope, helping you to protect your investment and responsibility.
Lundy Lundy Soileau & South – Real Estate Lawyers – Lake Charles LA, protects the rights of landowners and investors in Southwest Louisiana.
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As a resident in Louisiana who is looking to move elsewhere, you're going to need to enter the housing market again. Since this can be complex, Lundy, Lundy, Soileau & South, LLP, are here to help guide you through what you need to know as you prepare to buy or sell a house.
The first thing to know is that it's a buyer's market currently. It means that the buyers are the ones determining price points, the desirability of property, and more. As someone looking to purchase a house, this can work in your favor. However, if you're looking to sell your home, you should be prepared to run into some potential hurdles.
Also, know that the market is constantly fluctuating. You can't really predict how long it will take you to sell your home, even if you can get a good idea based on how other comparable homes in your area are selling. This can be difficult if you need to get out of your house within a certain period of time. You will almost always find the market friendlier if you aren't running up against deadlines, but unfortunately, that isn't always possible.
This is why it can help to have someone on your side who understands real estate. If you have any interest in entering the housing market, take a look at our web page on real estate law, linked here. Regardless of the goals you have, being able to turn to an experienced real estate attorney for guidance with your purchase and sale agreements is a valuable tool to have at your disposal.
The Lake Charles Law Firm of Lundy Lundy Soileau & South have been serving the residential title closing and commercial property purchase agreement needs of Louisiana residents for 34 years. As real property is usually one of the largest purchases, and investments a family or business will make in their lifetime, it makes sense to have a professional on their side ensuring a smooth transfer of ownership.
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Real estate has long been recognized as specialty practice, under the law, with unique issues that can - and do - arise in the process of buying and selling of both residential and commercial real estate. When it comes to commercial real estate title closings in Lake Charles LA, it is important to choose an experienced lawyer to perform this service.
Negotiate and Document Deals
Whether coming to an initial set of terms or working through a dispute that arises mid-way through the transaction, an adroit real estate attorney is beneficial in protecting your rights and advocating for your best terms. Having a knowledgeable counselor on your side makes it much more likely that you will get a favorable outcome and clean title.
Once you reach an agreement for the purchase or sale of property, a real estate attorney can assist by drafting and reviewing the resulting purchase agreement. The old maxim, “an ounce of prevention is worth a pound of cure” applies in these situations; a short-sighted or inartfully-worded agreement can lead to costly litigation down the road so it pays to have a professional involved at the agreement’s inception.
Spot and resolve title matters
There is a reason title insurance is a must in real estate transactions. Recording errors unknown easements, and surprise liens are just a few of the many unforeseen complications that can arise. Attorneys who handle commercial real estate closings in Lake Charles LA should understand the title issues that arise in Louisiana parishes.
Title insurance is not technically required under Louisiana law but chances are your lender will require it. A policy may protect you from financial loss due to a title dispute but you will be in a much better position if an experienced lawyer takes a look at a potential title issue before it becomes a much bigger problem.
The last thing you want is to end up in a legal dispute, but the reality is it happens. Disagreements over the meaning of contract terms, lack of disclosures over property defects, late-arising boundary disputes, and zoning and permitting trouble are just a sample of the endless legal disagreements that can arise. An experienced attorney will be able to help you understand the scope of the problem and possible solutions while formulating a strategic approach.
Depending on your goals and the terms of any contracts involved, there may be several options for dealing with residential or commercial real estate disputes. Lawyers who understand their clients’ goals may be able to craft a creative resolution that avoids litigation altogether. Signed agreements may contain provisions requiring arbitration. If both parties are willing to work together, mediation may be a desirable option. In some cases, there can be no solution other than litigation; in that case, an experienced real estate litigation attorney is exceptionally important.
Speak with a Louisiana real estate attorney
Real estate deals can present hidden traps. Instead of being caught off-guard, speak with a trusted residential and commercial real estate attorney in Lake Charles, LA. The lawyers at Lundy, Lundy, Soileau & South are committed to the professional, effective resolution of real estate matters. Call today to find out how we can help.
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In divorce proceedings, the expression “property” refers to both intangible and tangible possessions. Tangible property entails land, houses, electronics, campers, boats, and vehicles while intangible property entails bank accounts, pensions, and retirement funds.
All property is categorized as a community or separate possession. All possessions owned by someone before they were married are considered separate property. However, any property you acquired together with your spouse during marriage is regarded as community property.
Fruits of Separate Property
According to Louisiana law, both the civil and natural fruits of separate spouses’ property are community property. For instance, the cows you owned before marriage are yours but the revenue or milk produced during your marriage from the same cow is considered community property.
However, a spouse can reserve the fruits of their separate property per a notary or authentic act. In case of need, you can consult with a real estate attorney in Lake Charles, La.
Presumption of Community Property
In this state, there is a presumption of all debts and assets obtained during marriage regarded as community property. However, during the split of community possessions, the presumption ought to be rebutted to secure the distinct property of each spouse.
At times spouses commingle their distinct property to become community property. And since one partner may have a bigger portion than the other, it necessitates examining of documentation and records to rebut the supposition that the whole property is community property.
On the marriage date, automatically, the couple enters into what’s referred to as the matrimonial regime. In Louisiana statute, it’s defined as a structure of laws that control the management and ownership of property between married partners in addition to third parties. Basically, the matrimonial regime considers who and when the properties acquired in marriage can go to. The three kinds of matrimonial regimes are contractual, legal and partly-legal partly contractual.
When the moment of dividing community property comes, both partners can either agree or allow the court order to itemize the property to be owned by which spouse. And since both of you are entitled, you are permitted to precisely own half of any possession in the treasure chest despite the amount contributed by one or the other. Thus, a legal regime entitles each of the couples to half of the whole community property.
General Separation of Property
With some couples, sustaining the community property legal regime operates well, but for others, they are fine with the matrimonial agreement when handling separate property. Whichever the case, it’s a good idea to consult with your spouse and decide on what works better for the interests of both of you.
When possessions are in distinct regimes, every spouse may utilize and enjoy their personal property as per their desire and without the permission of their partner. That means, they can sell, donate, use, or gift any of their separate property. Nevertheless, questions will still arise regarding the shared liabilities and expenses.
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