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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Real Property - Transactions

Date & Time
  • event Date

    Tuesday, September 19, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

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.

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 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 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
Miscellaneous

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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Description

While escrow agents are commonly used for closing real estate transactions, the escrow process can be complicated, requiring the navigation of relationships between the various entities involved, including parties to the escrow, escrow agents, and title insurers. Understanding escrow is essential for real estate counsel and litigators.

One of the most crucial considerations for counsel is the content of the escrow instructions, which should clearly outline the duties of the parties and escrow holder as well as details of the transaction. Whether drafting the instructions themselves or amending the escrow agent's form language, counsel should understand the relationships between all those involved, the duties owed, liability risks, and any state-specific requirements governing the escrow before proceeding.

Once the parties enter escrow, counsel should be mindful of how the escrow operates, including any administrative requirements, so as to successfully guide their clients through the transaction's closing.

Where any of the parties, the escrow agent, and/or title insurer fail to strictly comply with the instructions, counsel should be aware of recovery options including possible causes of action and how to prepare their case for litigation.

Listen as our expert panel discusses key considerations and issues related to the escrow process, including best practices for drafting/amending escrow instructions, understanding the duties owed between the process participants, and how to prepare for recovery in case of noncompliance with the instructions.

Outline

  1. Introduction to escrow
  2. Initial considerations
    1. Parties and non-parties to escrow
    2. Types of escrows/settlements
    3. Escrow agents
    4. Escrow agent's relationship to title insurer and to the transaction's parties
    5. State-specific considerations
  3. Operation of an escrow
    1. Drafting/amending escrow instructions
    2. Opening and closing an escrow
    3. Dangers of fraud
    4. Administrative considerations
    5. Liability of escrow holder
  4. Recovery options for noncompliance with the instructions
  5. Escrow claims and litigation
    1. Potential defendants
    2. Causes of action and limitations
    3. Proving the plaintiff's case
    4. Proving the defendant's case
    5. Other considerations
  6. 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?