Bay Area Escrow Services has been providing real estate professionals and Individuals with excellent fiduciary care on transfer of most types of businesses; with or without Alcohol Beverage Control licenses (ABC) for decades. Upon receipt of the Asset Purchase Agreement and initial deposit, escrow documentation is prepared according to the contract and closing date. Our escrows are handled in full compliance with Bulk Sales Act, applicable Uniform Commercial Codes and Business & Professions Codes. Our officers provide expert assistance with completion of various government agency requirements, publication and recordation of the Notice of Bulk Sale, and Uniform Commercial Code searches (UCC). In conjunction with the business sale, our officers provide specialized services which include; obtaining clearance from State Board of Equalization, Employment Development Department, Franchise Tax Board, County Tax Collector and ABC.
Important information to be submitted to escrow is as follows:
- Full names, addresses, and contact information for both Buyer and Seller
- Government Agency license numbers
- Lien or payoff information of existing encumbrances
- Seller Carryback terms or SBA Lender information, as applicable
Thus as Settlement Agent we act on behalf of both parties to protect the interest of each within the authority of the Escrow Instructions. Once all parties have signed escrow documents, the terms and conditions of the instructions have been satisfied Escrow can be completed.