No Comments

Another example of how the media doesn’t understand how real estate works…

Believe it or Not!, Real Estate 101 Comments Off on Another example of how the media doesn’t understand how real estate works…

In a story created by the Daily News (yes created, not reported), the Daily News “stole” the Empire State buidling by filing fraudulent deeds on the property transferring ownership to themselves.

The story then goes on to report, that once ownership is obtained, its easy for the new owner to obtain a mortgage.

While I am not sure of the real estate laws in New York, in most states in the country, doing what the Daily news did would be considered a slander of title…but hardly a transfer.

The story goes on to report that the office of the city register doesn’t bother to verify deeds prior to filing.

Ok, so Daily News, here is your Real Estate 101 lesson. By filing a document (any document including a deed), you are “noticing” the public about your interest in the property. Any investor/buyer who purchased the property, would obtain a property title report from a title conmpany would insure against bogus claims of ownership.

Todd Clarke @ December 26, 2008

Sorry, the comment form is closed at this time.