Insurance if the seller is a fraudster ?
Does anyone know of an insurance policy that a buyer can purchase to safeguard against the unlikely though catastrophic event of a fraudster pretending to be the seller of a property and the sale goes through to completion.
To be clear, the protection I’m seeking is for the would-be buyer, not the legitimate property owner whose property is hijacked.
This legal case demonstrates that the buyer’s lawyer wasn’t found liable as the fraudster provided false identification www.legalfutures.co.uk/latest-news/law-firm-duped-imposter-successfully-defends-claim-1m-property-fraud leaving the unfortunate buyer with a terrible financial loss!
Many thanks
Peter
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Farce of credit searches and court judgementsNext Article
Baker Street Property Meet - Wed 29th March 2017
Member Since June 2014 - Comments: 175 - Articles: 99
10:11 AM, 21st February 2017, About 9 years ago
Hi Peter,
This is not personal lines insurance at all, it is professional indemnity insurance that your solicitors and agents need to put in place. In this case it would not have paid out because the court found no liability.
You cannot insure against the court saying no liability as far as I am aware. Check warranties with the solicitor and get in writing what they will cover themselves. That’s the best you can do I suspect.
Sorry I cannot help further.