The investor and loyal Chicago Title Company customer was purchasing two residential properties as rentals for $225,000 each. The properties located in Riverside County, California, were shown to be free and clear of encumbrances and both were vested in the same Nevada Corporation.
Both title orders were assigned to super sleuth Dolores Gurrola, an extraordinary title assistant with Chicago Title Company in Glendale, California. She ran the name of the corporation through the Nevada Secretary of State website and found one filing on December 31, 2007, showing the status of the corporation as permanently revoked.
The officers named in the filing were Jed I. Knight and Bud Light, and all filed documents showed they established the corporation in 2007. Dolores also found a brand new filing on March 28, 2018, under the same corporate name with a new officer by the name of Tahra Dactyl.
Dolores looked at the signed documents received from the independent escrow office to record. Tahra Dactyl had signed both deeds conveying title to the properties. Dolores asked the independent escrow officer to provide documentation the corporate entity was transferred to Tahra Dactyl. Not surprisingly, nothing was sent in response. Dolores escalated the matter to her manager, Tony Taranto.
Tony called Jed I. Knight and Bud Light, and confirmed they were not selling either property. The two gentlemen were extremely grateful for Tony's actions in making them aware someone was not only stealing their entity, but their assets as well.
In addition, the investor was a very good customer of Chicago Title and was grateful Tony and his team prevented them from having to go through the ugly mess of potentially unwinding both transactions once the crime was discovered.
Tony said he and his incredible team of title professionals have seen this type of fraud attempted many times. His crew of heroes has been diligent in reviewing entity formation documents, and preventing claims and losses to the Company as well as the true property owners.
Super sleuth Dolores Gurrola is a hero among heroes for saving the Company from two potential claims. For her expertise and diligence she has received a letter of recognition from the Company as well as a $1,500 reward.
MORAL OF THE STORY
Certain individuals are appropriating corporate identities in California by creating a new company with the same name as one that had previously been dissolved and then attempting to convey it. Refer any of this type of scenario to your manager.
In this case, it would be only a matter of time before the real property owner would discover the property had been illegally conveyed. The buyer would then have to file a title claim to the Company.