| The final part of the whole deal is the escrow. | | | | 'on or after' the specified date. In real estate, the |
| The word is an old Anglo-French word which | | | | term used is 'on or before'.b) When the seller is |
| originally meant 'piece of parchment or fabric'. In | | | | paying all or a part of the escrow fee, a deposit |
| today's parlance, the word describes the process | | | | from the seller is required as well as the buyer's |
| whereby a property is deposited with a third | | | | deposit. Usually the costs are split, but it is |
| party to be transferred to the grantee (buyer), | | | | whatever the parties agree to.c) If the sale in any |
| when certain conditions are met. | | | | way includes a liquor license, then all the money, |
| | | | including what is being paid for the liquor inventory |
| There is a lot of paperwork involved in buying and | | | | must go through escrow. Also, no funds can be |
| selling a business. It can be a daunting task, just | | | | released before the escrow is closed.d) Finally, |
| from the paperwork alone. It can also be very | | | | Instructions must be written and signed by all |
| stressful. An escrow officer specializes in handling | | | | parties along with all initial deposits before the |
| these things and ensures that the buyer gets | | | | notice of sale can be published. When the notice |
| everything he or she is buying, with no hidden | | | | of sale has been published and recorded, there is |
| debts on the business and that the seller gets | | | | a 12-day minimum period, which does not include |
| their money. | | | | holidays and weekends, in which, any creditors of |
| The things to know about escrow procedures | | | | the seller can file claims with the escrow |
| with regard to a business is that it differs from a | | | | company. If the business being sold includes the |
| real estate escrow in the following areas:a) Date | | | | transfer of a liquor license, then the time is |
| specified in escrow instructions for a business is | | | | extended. |