Bay Area Escrow Services has been providing real estate professionals and Individuals with excellent fiduciary care on manufactured homes in full compliance with the Department of Housing and Community Development (HCD) rules and regulations as Settlement Agent to include 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. Manufactured 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:
- License/Decal number, Serial number or Insignia number
- Assessor’s Parcel Number, if locally taxed
- Full names, addresses, and contact information for both Buyer and Seller
- Park information and site address (Park approval is required, and is the responsibility of the Buyer to contact Park directly to apply for and sign Park 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 title and registration, if available, to avoid additional fees incurred through HCD
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.