Fraud is ever-present in the commercial real estate industry. Here a few tips for protecting yourself from fraud in real estate transactions.
First and foremost, if you are exchanging personal or confidential information including bank account numbers, be cautious about doing it by email and never rely only on the email. Always call to verify. Whether you’re dealing with a professional or a friend, confirming that informational verbally is your single best protection.
Be aware that most title companies today are in fact sending their wire instructions once, asking you to confirm them, and will not change them via email in the future. If you receive last minute instructions to send your funds elsewhere, consider this a red flag and reach out to the party you are dealing with directly. The surest form of communication is to look at the Title Commitment or other earlier information you received to get correct information and to call the company.
Also, you need to be very careful when you’re opening emails – especially if you weren’t expecting one. Fraudsters are creating phishing emails that appear to come from somebody you know. If you’re getting an email that you’re not expecting from somebody and it’s asking you to do something, don’t do it. Pick up the phone and call the person to confirm they sent the e-mail.
Commercial Partners Title Company
Commercial Partners Title Company has decades of experience facilitating commercial title transactions of all types. We have built a reputation as being experts in commercial transactions, and pride ourselves on our commitment to customer service. Contact us today to learn more about our fill range of service offerings and see how we can help you through your next commercial transaction. Our team of underwriters, title closers, and escrow agents are ready and waiting to guide you through the process.