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SirAndy |
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Resident German ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Admin Posts: 41,688 Joined: 21-January 03 From: Oakland, Kalifornia Member No.: 179 Region Association: Northern California ![]() |
How exactly does Escrow work? (IMG:style_emoticons/default/idea.gif) from what i gather, the escrow company is kinda like a Notary with a Bank and i put in the funds and they'll hold them until certain terms in the sales contract are fulfilled and then release the funds to the seller ... am i close? (IMG:style_emoticons/default/shades.gif) Andy |
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SirAndy |
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Resident German ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Group: Admin Posts: 41,688 Joined: 21-January 03 From: Oakland, Kalifornia Member No.: 179 Region Association: Northern California ![]() |
not for real estate ...
i'm buying the liquor license from the previous owner and the transfer usually takes some time. i'm planning on putting the money for the license into escrow until the transfer of the license is completed. i drafted up a agreement that states, among other things, that if (for whatever reason) the transfer does not complete, he'll get no money. well, that's the plan anyways ... (IMG:style_emoticons/default/biggrin.gif) Andy |
ericread |
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The Viper Blue 914 ![]() ![]() ![]() ![]() Group: Members Posts: 2,177 Joined: 7-December 07 From: Irvine, CA (The OC) Member No.: 8,432 Region Association: Southern California ![]() |
not for real estate ... i'm buying the liquor license from the previous owner and the transfer usually takes some time. i'm planning on putting the money for the license into escrow until the transfer of the license is completed. i drafted up a agreement that states, among other things, that if (for whatever reason) the transfer does not complete, he'll get no money. well, that's the plan anyways ... (IMG:style_emoticons/default/biggrin.gif) Andy Escrow is only as strong as the escrow contract. Speak to an ecrow company or two and ask them to provide contract documentation. Look for a company that provides commercial escrow services. |
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