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Rental Scam before CL existed...

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scarleta

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After reading TG rental scam I think this is appropriate to post as a separate topic.
It happened few years back before CL was popular.
This woman( Ms.X ) rents a part of the house in the upscale part of the city. The owners are older couple and live in the basement. Then after few years the owners move out to the suburbs. The basement gets rented out.
The owners keep the house and the tenants ,as they have been with them for a while rent is very reasonable so everyone stays happily.They rent the basement out.
Since the garden, trees etc needs up-keeping the owners put Ms X in charge of doing the job or hiring someone and supervise the job.
Ms.X also eagerly offers to help out to rent out to new tenants whenever someone moves out. The owners are ever so appreciative they don''t have to do a long drive to interview and select new tenants.
Her rent gets further reduction as a result.Ms.X also negotiates a monthly fee for her job. Since they know her for many years they have no problem trusting her.
Ms X keeps the house and surrounding impeccable. Whenever the owners make a trip to check on things they are so impressed.So they stopped coming altogether.Ms. X is never late sending rent payments. She collects from everyone in the house and she pays to the owners. Whenever someone moves out Ms X increases the rent to the new tenants.Ms X likes that and pockets lots of profits.
Few years passes and Ms.X moves out not telling the owners, she increases the rent to new tenants again.
She continues her visits the house and surroundings weekly and looks after the house and the garden. The neighbors assume she is the owner of the house that just moved out and the house is being rented out.
.Few years after Ms.X decides its time to sell the house PRIVATELY with no agents.
She finds a buyer and of course makes the selling price very attractive.
THE DEAL WENT THROUGH.
The new owners moved in and decided to do some renovations to the house.
Shortly after it was realized that they DID NOT OWN THE HOUSE!!!!( Maybe Ms.X did not keep up with the rent cheques??)
It was a mess and Ms X was nowhere to be found.
I thought this needed a separate posting.
 
Date: 8/6/2009 2:52:04 PM
Author:scarleta
After reading TG rental scam I think this is appropriate to post as a separate topic.
It happened few years back before CL was popular.
This woman( Ms.X ) rents a part of the house in the upscale part of the city. The owners are older couple and live in the basement. Then after few years the owners move out to the suburbs. The basement gets rented out.
The owners keep the house and the tenants ,as they have been with them for a while rent is very reasonable so everyone stays happily.They rent the basement out.
Since the garden, trees etc needs up-keeping the owners put Ms X in charge of doing the job or hiring someone and supervise the job.
Ms.X also eagerly offers to help out to rent out to new tenants whenever someone moves out. The owners are ever so appreciative they don't have to do a long drive to interview and select new tenants.
Her rent gets further reduction as a result.Ms.X also negotiates a monthly fee for her job. Since they know her for many years they have no problem trusting her.
Ms X keeps the house and surrounding impeccable. Whenever the owners make a trip to check on things they are so impressed.So they stopped coming altogether.Ms. X is never late sending rent payments. She collects from everyone in the house and she pays to the owners. Whenever someone moves out Ms X increases the rent to the new tenants.Ms X likes that and pockets lots of profits.
Few years passes and Ms.X moves out not telling the owners, she increases the rent to new tenants again.
She continues her visits the house and surroundings weekly and looks after the house and the garden. The neighbors assume she is the owner of the house that just moved out and the house is being rented out.
.Few years after Ms.X decides its time to sell the house PRIVATELY with no agents.
She finds a buyer and of course makes the selling price very attractive.
THE DEAL WENT THROUGH.
The new owners moved in and decided to do some renovations to the house.
Shortly after it was realized that they DID NOT OWN THE HOUSE!!!!( Maybe Ms.X did not keep up with the rent cheques??)
It was a mess and Ms X was nowhere to be found.
I thought this needed a separate posting.
This is why Title companies are involved in real estate transaction to protect both parties so there are no liens and in this case who actually owns the house. Never do a deal without title company. They are responsible for conveying clear title to the new owners and if something comes back, they will assume liability as this is what they are legally paid to do.
 
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