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What Is the Function of Escrow?

An escrow is a neutral place where the parties to a purchase and sale agreement and deposit documents, money and other miscellaneous items with a third party who only delivers them to the other party to the transaction upon the occurrence of certain conditions. In California, the typical escrow involves the buyer’s deposit of the purchase money in exchange for the seller’s deposit of the deed for title to the property.   Usually the delivery of these items are concurrent conditions of escrow. The idea being that neither party is compelled to perform until they have assurance that the other party is concurrently performing. The escrow holder is typically the agent of both parties upon their submission of instructions, documents and funds to the escrow.   Accordingly,

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Posted in Escrow, Purchase and Sale

Buyer Fails to Close Escrow – Liquidated Damages to Seller

Many purchase and sale agreements in California contain liquidated damages provisions.  To avoid uncertainty and litigation if a default occurs in a contract for the sale of real property, the parties to a contract may use a liquidated damages clause to determine the measure of damages in advance.  (Ridgley v. Topa Thrift & Loan Assn. (1998) 17 Cal.4th 970, 977.)  In a contract to purchase and sell residential property, a provision that all or any part of a payment made by the buyer will constitute liquidated damages to the seller on the buyer’s failure to complete the purchase of the property is valid to the extent that payment in the form of cash or check, including a postdated check, is actually made, if the provision

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Posted in Escrow, Liquidated Damages, Purchase and Sale

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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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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