Bay Area Escrow Services has been providing commercial escrow services to help with not just business transfers but also mergers and acquisitions, partnership interest transfers, partnership buyouts, stock transfers, commercial real estate, and any other holding escrow. 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 and 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 to Creditors, and Uniform Commercial Code searches (UCC). In conjunction with the business sale, our officers provide specialized services which include; obtaining clearance from California Department of Tax and Fee Administration, 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, Seller, and Landlord
- 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 and the terms and conditions of the instructions have been satisfied, the Business Transfer Escrow can be completed.