Yoram Izhak and his firm, Lauderhill Mall Investment LLC, sold a property at 4200 NW 16th Street, Lauderhill, FL 33313, to Florida Holdings 4800 LLC. However, Izhak failed to disclose an outstanding $16 million loan from Ocean Bank on this property. Similarly, the title company, Old Republic National Title Insurance Company, neglected to inform about the existing mortgage. Neither Izhak nor his company cleared this mortgage.
Documents:
Parcels and Broward County Tax Record Updated
Warranty Deed when Yoram registred with Ocean Bank
Lauderhill Mall Investment LLC had a total of 7 property addresses linked to this loan. The first six properties were priced at $1,780,000 each, while the seventh was priced at $850,000. Despite Izhak and his company selling the building to Florida Holdings 4800 LLC without disclosing the $16 million mortgage, the title company should have registered these 7 properties, totaling $16 million, with the city. However, they only registered them for $11 million, indicating a potential discrepancy in the sales process. The whereabouts of the remaining $5 million from the original $16 million is unclear.
Given these circumstances, the Old Republic National Title Insurance Company should reimburse Florida Holdings 4800 LLC.