Naccarati v. Rexford Properties
On October 31, 2006, Rexford Properties LLC and Richard K. Ehrlich (collectively Rexford) entered into a settlement agreement with Paulo Naccarati and Jotionitalat, LLC and Luiz and Gildete Naccarati (collectively the Naccaratis) during trial. The settlement required Rexford to transfer, pursuant to previously executed purchase agreements, two properties to Paulo and the LLC, and a third property to Luiz and Gildete, through a close of escrow within 30 days of the settlement date, and gave the trial court discretion to grant any partys request to extend the escrow 30 days. The Naccaratis requested and were granted such an extension. Some of the purchase money and documents necessary to close escrow had been placed into escrow by December 29, 2006; the remaining money and documents were placed into escrow on January 2, 2007 (the 60th day after the settlement date, extended by the New Years holiday). Pursuant to the county recorders practice, however, the deeds could not record until the morning of January 3 because the money and documents had not been placed into escrow before 7:30 a.m. on January 2. Since the deeds could not record on January 2, Rexford instructed the escrow holder not to close the escrows. When Rexford continued to refuse to close the escrows, Paulo and Luiz brought motions to enforce the settlement agreement, which the trial court granted. Court affirm.
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