Are you thinking about buying or selling a business? If you need to manage commercial escrow during the pandemic, there are a few tips that can help you do it responsibly and effectively. Read on to learn more.
List of Contents
Avoid Making Mistakes on Forms
While this is crucial any time you’re filling out legal documents, it’s more important than ever to avoid making mistakes on your commercial escrow forms. Some organizations responsible for managing escrow have fewer staff members available than usual, which can make it harder to correct errors.
Practice Social Distancing
In order to stay safe during the pandemic, we all need to follow the CDC’s recommendations. If you’re meeting an agency in person, make sure to wear a mask, frequently wash your hands, and practice social distancing whenever possible. For example, maintaining a 6-foot distance between yourself and agency staff members.
Consider Remote Meetings
In many states, escrow businesses are now offering their services online. Some states have modified their laws, allowing for documents to be notarized remotely. Unfortunately, California is not yet among the states to have legalized remote notaries. These are some states where commercial escrow services can be offered completely online:
– New York
– New Jersey
– Massachusetts
– Connecticut
The states listed above make it possible for all documents related to escrow services to be signed electronically. In the future, it’s likely more states will pass similar bills.
Be Prepared for Delays
If you live in an area where non-essential businesses are still closed, it may cause commercial escrow delays. For instance, it could take longer to receive environmental reports, insurance, surveys, and appraisal documents. That’s because the workers that are needed to prepare these documents may not be considered essential. You can determine if this will be an issue by checking the list of occupations that are considered necessary in your area.
Professional Commercial Escrow Services
At Bay Area Escrow Services, we offer quality commercial escrow services, combined with the personal attention you won’t find anywhere else. If you’re considering buying or selling a business during the pandemic, we can help guide you through the escrow process. Contact us at (925) 831-9099, or send us an email at info@bayareaescrow.com.