A forged deed in Venice exposes vulnerabilities in the property title system, highlighting the ease of fraud and the complexity of reclaiming ownership.
Capital Bridge Partners Daniel Rabb and Ken Wei held the mortgage on a building in Venice. They said the owner never paid, so they filed a foreclosure. That's when they discovered there was a problem. They claim the person forged a document reconveying the property to him. 'We immediately called up the trustee that handled the foreclosure and had signed this rescission,' said Rabb. 'She said that's not us. It's totally fake. In fact, our notary stamp is spelled wrong.
''Theoretically, the clerk at the county court needs to look up that stamp number,' real estate attorney Arash Sadat said. 'Whether they do that or not every time, I'm not sure.''The clerk at the recorder's office needs to be looking at these deeds to make sure there's a notary stamp on it,' he explained. 'The person who notarized it is approved and registered in the state of California as a notary and the deed also has to be signed.' 'The system is definitely an honor system, and it doesn't work,' Wei said. 'It doesn't work to stop fraud. It puts the onus on the property owner, and the legal system is not adapted to this modern technology. Anybody can create notary stamps.'You would think if it's something so obvious, getting a home title back should be simple. But it's not. It involves going to court. 'The person who forged the deed is now the property owner,' Sadat explained. 'So, for you to get title back to that property, they would have to either grant you a deed, restoring your property or you have to go to court and have the court make an order saying you are the titled owner of this property.''To take a case, really any case through trial, it's easily $50-$100,000 plus in attorney fees alone,' Sadat said.'If everything goes our way and nothing happens, and we file everything on time and we are astute, it's -- at best -- a year, more like 15 to 18 months,' Rabb said. 'If he puts up any sort of resistance, it could be a couple to three year
FORGERY PROPERTY TITLE LEGAL SYSTEM FRAUD REAL ESTATE
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