 OT: stupid question, Escrow? |
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| SirAndy |
  May 23 2008, 05:25 PM
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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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| Cap'n Krusty |
May 24 2008, 12:08 PM
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Cap'n Krusty Group: Members Posts: 10,794 Joined: 24-June 04 From: Santa Maria, CA Member No.: 2,246 Region Association: Central California |
Escrow protects both the buyer and the seller. If there's a cloud on the liquor license, the buyer is protected. If the buyer can't qualify for the license, the seller is protected (so's the buyer). You NEED a third party to handle that stuff for you so nobody gets burned, and the sale goes through smoothly and legally. BTW, you wanna be sure any plans you have for the establishment comply with the zoning laws and the conditional use permit, that you have a fictitious business name on file with the county, that you have your sales tax and business license requirements fulfilled, and that the city and the state will allow the transfer. Also that the seller doesn't have any undisclosed financial or legal baggage that will affect YOU after the sale. THAT'S what an escrow agent does for you. The Cap'n
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Posts in this topic
SirAndy OT: stupid question, Escrow? May 23 2008, 05:25 PM
race914
How exactly does Escrow work? :idea:
from what... May 23 2008, 05:34 PM HeavyHeavy More or less. It depends a little on the context.... May 23 2008, 05:36 PM sww914 Yes. They're the impartial money holders. Afte... May 23 2008, 05:36 PM TROJANMAN My uncle in Nigeria has an escrow company that com... May 23 2008, 05:49 PM SirAndy not for real estate ...
i'm buying the liquor... May 23 2008, 06:21 PM
ericread
not for real estate ...
i'm buying the liquo... May 23 2008, 06:37 PM HeavyHeavy I'm sure it's the same concept then. The ... May 23 2008, 06:34 PM Pat Garvey Well, an escrow agreement is definitely NOT limite... May 23 2008, 06:37 PM rhodyguy the escrow co should provide info as to any liens.... May 23 2008, 10:49 PM DNHunt Just my opinion, If you are buying a business get ... May 24 2008, 08:05 AM kwales And escrow says you are serious enough about the t... May 24 2008, 12:12 PM SirAndy yes, i do have an attorney. i just wanted to make ... May 24 2008, 02:38 PM yellow914 in a business escrow it is typically handled by an... May 24 2008, 10:44 PM |
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