Insurance if the seller is a fraudster ?

by Readers Question

9:33 AM, 21st February 2017
About 2 years ago

Insurance if the seller is a fraudster ?

Make Text Bigger
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. fraud

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

Jason McClean

10:11 AM, 21st February 2017
About 2 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.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

And the landlord vote goes to - ?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More