DeNittis Osefchen Prince has developed a sub-set to its Consumer Fraud and Protection class action practice in the area of real estate transactions and compliance with the Real Estate Settlement Procedures Act (RESPA). RESPA and various consumer protection laws require real estate vendors (i.e. real estate brokers, mortgage brokers and lenders, mortgage and hazard insurers, title agents and title companies) to adhere to strict guidelines in the manner in which they do business and in the fees they charge in a real estate transaction to protect the public from a history of questionable conduct. DeNittis Osefchen has been at the forefront in protecting real estate consumers by winning cases on behalf of thousands of real estate purchasers and sellers who have been overcharged fees or subject to illegal actions by real estate agencies, real estate brokers, condominium associations, condominium management companies, title agencies and tile insurance underwriters. We have litigated more class actions on these issues than any other firm in the State.
Routinely consumers are overcharged illegal fees in the sale or purchase of their home and they are not even aware of it. Cases we have successfully litigated and which consumers should be on the lookout for are the following:
- Administrative Fees or Broker Services Fees (also known as “Junk Fees”) charged by realtors at settlement closings;
- Exceptionally high recording fees for recording of deeds, mortgages, and mortgage releases for the property by title agency handling the closing;
Fees and charges by Condominium Associations and Condominium Management companies at closing
- Improper calculations and charges for title insurance premiums
The following is an example of some of the real estate vendor overcharging cases we have successfully litigated:
Conti v. Weichert A $525,000 settlement on behalf of a class 8,000 sellers of property in New Jersey over a six year period to settle claims of illegal Administrative Fee charged at closing. September 2011.
Blasini v. Prudential, Fox and Roach A settlement on behalf of approximately 4,000 buyers of property in New Jersey over a six period to settle claims of illegal Administrative Fees and Service Fees charged at the settlement closing. December 2011
Baraldi v. Trident Insurance Agency Company and Trident Group A settlement on behalf of approximately 17,000 purchasers of property in New Jersey over a six year period was reached to settle claims of alleged illegal overcharging for deed and mortgage recording fees at closing. Trident agreed to a claims procedure to refund any person who submits a claim and was overcharged, 100% of any and all money overcharged. October 2011.
If you suspect you have may have been overcharged contact DeNittis Osefchen Prince to review your closing documents from settlement. We would be happy to consult with you free of charge to determine if you have been subject to illegal fees or overcharging in the selling or buying of real estate.