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Cyber Fraud Continues to Strike The Closing Process
By: Michael Rothman, Senior Manager, Legal Education, Attorneys’ Title Fund Services, LLC
Read on to learn what real estate agents need to consider.
Cyber fraud appears in seemingly endless varieties. Consider these two:
Scenario #1. Closing agent’s net proceeds wire is fraudulently diverted. Seller directs listing agent to instruct closing agent not to turn over the keys to buyer until seller’s proceeds are confirmed received. Buyer’s lawyer responds that her client has the keys and taken possession. She further demands that closing agent promptly record the deed. Who is in the right?
Scenario #2: Closing agent’s payoff wire of seller’s mortgage is similarly stolen. However, no one learns of this fraud until weeks later, when seller receives calls from his mortgage company looking for an overdue payment. By then, buyer has long moved into the home and the deed has been recorded. Who will be responsible to pay-off the open mortgage?
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