Bay Area Escrow has been providing real state professionals and Individuals with excellent fiduciary care on floating homes, in full compliance with the Department of Housing and Community Development (HCD) rules and regulations; including tax certification (LPT) and/or sales tax (ILT), exiting encumbrance payoffs, and transfer of ownership for decades. Upon receipt of the Purchase agreement and initial deposit, escrow is opened and documentation is prepared according to the contract and closing date. HCD transactions are registered with the State of California as opposed to being recorded at the county level. Floating Home transactions can be completed in an expeditious manner, upon receipt of signed documents, depository funds and compliance with lender requirements.
Important information to be submitted to escrow is as follows:
- FHA number or Serial number
- Assessor’s Parcel Number
- Full names, addresses, and contact information for both Buyer and Seller
- Marina information and site address (Marina approval is required, and is the responsibility of the Buyer to contact Marina directly to apply for and sign Marina Rules and Regulations.)
- Lien or payoff information of existing encumbrances
- Seller Carryback terms or Institutional Lender information, as applicable
- Fire insurance information; can be handled through escrow depending on requirements
- Original Certificate of Title and Registration, if available to avoid replacement fees
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.