By Lisa A. Tyler
National Escrow Administrator
Remember last year, when the cyber–crime network attempted numerous times (as in hundreds) to divert proceeds by emailing wire transfer instructions for account holders who were not a principal to the real estate transaction? The industry shut them down by prohibiting assignment of seller proceeds to parties unrelated to the transaction. Well, the crime has morphed again. Read "JUST when you think you have it figured out" to discover the intricacies of the latest trends in cyber–crime involving wire transfers.
Stolen checks issued by title companies have been a problem for years. The occurrence seems to follow a cycle or a pattern where it grows, and then goes. The industry is in the midst of a growing cycle right now and it is easy to tell. Find out how by reading "DIRECT deposit."
Life in the real estate industry can be unpredictable, brutally competitive, and not for the faint of heart, especially when you are defending the Company against fraud, forgery and cyber–crimes. The National Escrow Administration has been defending the Company since 2005. In this edition we take a brief moment to provide insight into our team's backgrounds and personalities, so our readers will know us a little better. The article is a must–read entitled "GETTING to know your team of fraud fighters."
Did you know the trustees of a family trust cannot certify occupancy to waive 1099–S reporting on a real estate sale transaction? Did you know both a husband and a wife must each sign a certification? Discover more information by reading "CERTIFICATION for no information reporting."
Be sure to answer the monthly 1099—S question to make certain you understand the tips on properly reporting sales in order to avoid penalties!