Bay Area Escrow Services has been providing real estate professionals and Individuals with excellent fiduciary care on transfers of most types of businesses with or without liquor licenses as Settlement Agent for decades. Sections of the Uniform Commercial and the Business and Possessions Code require that an escrow be established by the licensee and the intended transferee before the completion of the application for transfer with the Department of Alcoholic Beverage Control.
Since most license transfers are combined with the sale of the underlying businesses, the escrow agent generally will prepare, publish and record the Notice to Creditors and contact the Secretary of State and local County Recorder for name searches. Other escrow responsibilities include notification to the taxing authorities, the landlord and with any brokers to affect an orderly closing.
Along with the payments to the creditors, the Escrow Agent performs all required proration’s adjustments and charges, issues settlement statements to the parties and finally sends out all necessary documentation at the completion of the escrow.
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.