Navigating Escrow in Real Estate Transactions: Key Considerations; Escrow Instructions; Compliance; Duties; Remedies
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will address navigating escrow through the life cycle of a real estate transaction's closing. The panelists will provide an overview of the escrow process and describe best practices for real estate counsel to guide their clients through closing--from carefully drafting/amending precise escrow instructions to recovery options for their clients if the instructions are not strictly followed.
Outline
- Introduction to escrow
- Initial considerations
- Parties and non-parties to escrow
- Types of escrows/settlements
- Escrow agents
- Escrow agent's relationship to title insurer and to the transaction's parties
- State-specific considerations
- Operation of an escrow
- Drafting/amending escrow instructions
- Opening and closing an escrow
- Dangers of fraud
- Administrative considerations
- Liability of escrow holder
- Recovery options for noncompliance with the instructions
- Escrow claims and litigation
- Potential defendants
- Causes of action and limitations
- Proving the plaintiff's case
- Proving the defendant's case
- Other considerations
- Best practices to mitigate risk and limit liability
Benefits
The panel will review these and other important issues:
- What is the relationship between the parties to the transaction, the escrow agent, and the title insurer?
- What should be included in the escrow instructions to best protect the parties to the escrow?
- To what extent should escrow parties' counsel be involved in the escrow process?
- What are methods of recovery from the escrow agent and/or title insurer if the transaction is not closed in strict compliance with the escrow instructions?
- What are potential claims that the parties to the escrow can make if the escrow instructions are not strictly followed?
Faculty
Jason E. Goldstein
Shareholder, Co-Chair Mortgage Banking Group
Buchalter
Mr. Goldstein specializes in resolving complex business disputes for a diverse cross-section of clients, ranging from... | Read More
Mr. Goldstein specializes in resolving complex business disputes for a diverse cross-section of clients, ranging from national banks to insureds, private money lenders, credit unions, individuals, loan servicers, landowners, pharmaceutical companies, vaping companies, equipment finance companies, brokers and investors. He is Co-Chair of the firm’s Mortgage Banking Group, a fellow of the American College of Mortgage Attorneys (ACMA) and a member of the ACMA Title Insurance Committee. Mr. Goldstein has an extensive legal background in state and federal courts across the country, which includes business litigation, real property related litigation, “private money,” title insurance claims and litigation (as well as CGL, D&O, etc.), escrow claims and litigation and misappropriation of trade secrets litigation. He also handles litigation involving wrongful foreclosure, lender liability defense, leases (commercial, residential and equipment), general contractors, receiverships and judicial foreclosures.
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John L. Hosack
Shareholder
Buchalter
Mr. Hosack focuses his transactional practice on commercial real property loan documentation, loan workouts, REO sales... | Read More
Mr. Hosack focuses his transactional practice on commercial real property loan documentation, loan workouts, REO sales and foreclosures. He represents secured lenders and property owners at trial and on appeal in complex real property disputes, including lender liability, fraud, class actions, breaches of contract, wrongful foreclosures, mechanic’s liens, stop notices, judicial foreclosures, receiverships, escrow claims and title insurance claims.
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Joffrey G. Long
Private Money Lender
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Mr. Long has been active as a private money lender for more than 41 years. He has also been qualified by numerous... | Read More
Mr. Long has been active as a private money lender for more than 41 years. He has also been qualified by numerous courts and testifies frequently as an expert witness in private money lending and related matters. His company makes, (as a lender) arranges, (as a broker), and acts as a loan servicer for real estate loans. Mr. Long is the Past President and Education Chair of the California Mortgage Association, the California trade association for private money lenders, brokers, and loan servicers.
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