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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

Contingencies in Purchase and Sale Contracts

  In real estate terminology a contingency is a part of a real estate contract that essentially provides the buyer with a contingency or condition that allows the buyer to back out of the contract without penalty for a certain limited period of time during escrow. Another way to think of the role of a contingency is that the buyer submits an offer to buy the property contingent upon certain conditions being met. If those conditions are not met, then the buyer can cancel the contract. In a typical real estate contract in California, a buyer will submit an offer to purchase real property contingent upon the property appraising at the contract price, the buyer obtaining a loan from a commercial bank at a certain

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Posted in Contingencies, Contract/ Agreement Revision, Purchase and Sale, Real Estate Attorney Los Angeles

Los Angeles Purchase and Sale Agreement Attorney: Understanding The Importance of Purchase and Sale Contingencies

For most people, buying a home is one of the largest financial decisions that a person or couple will make.  In California, unlike other states, the transaction is usually handled through real estate agents and brokers and without the presence of an attorney.  In other states, attorneys are required to be involved in the escrow process.  While, we understand that it is sometimes quicker to not involve an attorney, doing so can have a high cost, especially when you are dealing with purchase and sale contingencies. For example, our Los Angeles based real estate attorneys know the ins and outs of dealing with purchase and sale contingencies.  Purchase and sale agreement contingencies are the conditions precedent or conditions that the buyer must remove before passing

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Posted in Contingencies, Purchase and Sale, 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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