Q: BONA FIDE PURCHASER SCAM: If 5 people got together and expedited this scam, what is the legal term that describes it?
Person No. 1 has a 94 year old cognitively impaired mother sign a Power of Attorney designating Person No. 1 as Attorney in Fact. Person No. 1 sells the 94 year old's home well below market value to Person No. 2. Person No. 2 quickly gifts the property to Person No. 3. Person No. 3 sells the property to person No. 4. Person No. 4 received the funding to purchase the property from Person No. 5. They all know each other and at no point in time did any of the participants inspect or appraise the property as it was their goal to establish a bona fide purchaser through numerous conveyances so that, in any case, they can keep the 94 year old's property for themselves no matter what happens. What can this scam be referred to as?
A: There's no question that you need to immediately contact an elder law attorney who handles financial elder abuse matters. I can't imagine that a title company ever insured title on all of these transactions.
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