Blog Archives

What is the Purpose of Title Insurance?

There are several moving parts to purchasing real property.  One important part involves title insurance.  Imagine a scenario where you owned your property for several years and someone unexpectedly comes along and informs you that they have rights to your property.  These types of scenarios are not that uncommon.  This is the very purpose of title insurance.  To protect you against unforeseen claims to your property. These unexpected claims, or rather encumbrances, can range from easements that prevent you from using a portion of your property, to unreleased mortgages and liens that have the same ability as your mortgagee to foreclose on your house for failure to pay. As such, before you close on the purchase of your property, it is critically important for you

Posted in Title Insurance

Why the Appraisal Contingency Matters?

A few years ago, Schorr Law’s lead trial attorney, Zachary Schorr was quoted in an article entitled “An Appraising Eye”, which was included in a new home buyer’s guide. The article talked about the importance of the appraisal in the home buying process. We now would like to focus on why the appraisal contingency matters. An appraisal contingency is a condition in a typical real estate contract that allows the potential buyer of the property to back out of the transaction if the property does not appraise at the purchase price. For example, consider the following scenario: Buyer agrees to buy a property for $1 million Buyer has $200,000 for a down payment Buyer’s lender will only lend buyer 80% of the purchase price, buyer

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Posted in Contingencies, Contracts/ Agreements, Purchase and Sale

Zachary Schorr Quoted in the Wall Street Journal!

Last week, Schorr Law’s lead trial counsel was quoted in the Wall Street Journal both in the print and online versions of the paper.   The article, “When Home Buyers Change Their Minds“, provides insight about a  buyer’s ability to back out of their purchase of real property at various stages in the process.    In particular, it discusses what happens when a buyer gets “cold feet” and decides that she/he no longer wants to go through with the deal and instead back out. You can read the whole article here. At Schorr Law, we often see many of these types of disputes, where either a buyer or seller of a property no longer wants to go through with the purchase or sale of real property. Our

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Posted in Purchase and Sale

Material Facts Unknown to the Buyer/ Tenant

Recently, a non-disclosure case involving eminent domain was decided in favor of the landlord and its real estate agents (collectively the “Defendants”). Somehow the court gave Defendants a pass for not disclosing the government’s intentions of condemning a portion of the subject property to the entering tenants.  Nevertheless, it is always best for owners and agents to disclose all material facts not known by the other party in connection with the purchase and sale of residential or commercial real property, or a long-term commercial lease. Normally, an impending eminent domain proceeding is a material fact that landlords must disclose to potential tenants. Indeed, it is well-settled law in California that a property owner is under a duty to disclose material facts affecting the value or desirability

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Posted in Non-Disclosure

3 Opciones Cuando un Vendedor de Casa Quiere Salir de Contrato

No hay nada mas frustrante que comenzar el proceso de comprar una casa, o propiedad, y que le vendedor de la propiedad atente a salir de el contrato después que escrow haya abierto. A este tiempo, el comprador ya ha gastado su tiempo en buscar el hogar perfecto, ha presentando varias ofertas, y ha pasado tiempo negociando los términos del contrato que pensaban estaba finalizado. Si un vendedor de casa atenta de salirse del contrato sin ninguna base valida por haberlo hecho, y después que escrow haya comenzado, el comprador tiene estas tres opciones: Demandar que el vendedor cumpla con los términos del contrato. En California, muchos contratos de compra y venta residenciales son redactados usando la forma de la Asociación de Agentes de Bienes Raíces de California.

Posted in Purchase and Sale, Real Estate Attorney Los Angeles, Specific Performance

What is Title Insurance?

If you are buying or selling real property in the state of California, you will at some point encounter the concept of title insurance.  In fact, real estate brokers typically use standardized purchase and deposit forms, which include express provisions for the issuance of title insurance as a condition of purchase. So what exactly is title insurance, and who does it protect? Usually when you think of insurance, like home insurance or car insurance, you are thinking about a policy which will protect you from some harm which may happen in the future — a car accident or house fire, for example.  These policies are usually valid for a year, unless you pay a renewal fee. Title insurance is somewhat different.  For one thing, title insurance will

Posted in Ownership, Purchase and Sale, Real Estate Attorney, Real Estate Attorney Los Angeles, Recorded Title, Title Insurance

Zachary Schorr Chosen as Winner of the 2017 Corporate Intl Global Award

We are pleased to announce that Corporate INTL has notified Schorr Law that our Lead Attorney Zachary Schorr has been chosen as the winner of the 2017 Corporate Intl Magazine Global Award: ‘Real Estate Litigation Lawyer of the Year in California’. This is the second year in a row that Mr. Schorr has received this honor.  The Corporate INTL awards are given to attorneys who have been successful for the past year and have shown excellence in both expertise and service. Mr. Schorr is happy to receive this award, and is honored to be recognized as such. Thank you Corporate Intl! Our top rated and awarded attorneys can help you with various real estate matters, including but not limited to: purchase and sale disputes (non-disclosure, escrow deposit disputes, contracts, specific

Posted in Escrow Deposit Disputes, Litigation, Non-Disclosure, Ownership, Partition, Purchase and Sale, Quiet Title, Real Estate Attorney, Real Estate Attorney Los Angeles, Specific Performance, Wins

Pros and Cons of Bridge Loans

  A bridge loan is a loan of money to cover a gap in time and money between two transactions, typically the gap is the buying of one house and the selling of another.   There are pros and cons to using a bridge loan, which we explain below. Bridge Loan Pros A bridge loan is a good source of temporary funds where a party is waiting on a contingency to occur but wanting to proceed with a purchase before the contingency occurs.  For example, the most common situation we see is where a residential buyer finds a new home they would like to purchase and make either a contingent offer – an offer contingent on the sale of their home – or simply wants

Posted in Ownership, Purchase and Sale, Real Estate Attorney Los Angeles

California Civil Code § 2079.13 After Horiike v. Coldwell Banker Residential Company

  California Civil Code § 2079.13 After Horiike v. Coldwell Banker Residential Company, et al. Horiike v. Coldwell Banker Residential Brokerage Company (Cal., Nov. 21, 2016, No. S218734) 2016 WL 6833005 (“Horiike”) presents an interesting judicial interpretation of Civ. Code, § 2079.13. In Horiike, a Coldwell Banker agent listed a Malibu, California property for sale. After receiving an offer, the listing agent made a number of disclosures and recommendations regarding the square footage of the Malibu home. That sale fell through. The listing agent then received a second offer from a buyer represented by a fellow Coldwell Banker agent. During the course of this sale, the listing agent failed to make the same disclosures and recommendation regarding the square footage. This buyer purchased the property

Posted in Disclosures, Purchase and Sale, Real Estate, Real Estate Attorney Los Angeles

The Rams Effect in Los Angeles

The Rams coming back to Los Angeles was one of 2016’s trending topics, as Angelinos were excited to have an LA football team once again. With the return of the Rams, and a new stadium being underway, came a big impact in Los Angeles real estate. Just last month in October, there was an apartment complex in Hawthorne (an area near Inglewood) that sold for a breaking $25.8M! The price per square feet for that apartment complex was a whopping $305. Commercial properties in the area are selling from $300 up to $2,400 per square feet. Some of these commercial properties are even being advertised as being “next to Rams Stadium!” There are a lot of small business scattered near and around the area where

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Posted in Commercial Lease, Purchase and Sale, Real Estate, Real Estate Attorney Los Angeles

Zachary D. Schorr’s Expert Appearance on the Dr. Phil Show

Zachary D. Schorr’s Expert Appearance on ABC’s Nightline

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Super Lawyers

Zachary Schorr Superlawyers

Zachary D. Schorr has been named to the Southern California Super Lawyers (Rising Stars) list for attorneys in Real Estate for 5 straight years - 2012, 2013, 2014, 2015 and 2016. Each year, no more than 2.5 percent of the lawyers in the state receive this honor. In 2016 he was also included as one of the top 100 lawyers in Southern California in this category. The selection for this respected list is made by the research team at Super Lawyers.

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If you are currently involved in a real estate dispute, either commercial real estate or residential, and are looking for a Real Estate Attorney in Los Angeles with a cost-effective, results oriented approach designed to meet your case's specific needs, contact the attorneys at Schorr Law. Our real estate firm has the specific knowledge and experience necessary to get you the best possible results.

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