New Construction Escrow: As our population grows and extends into previously uninhabited areas, new subdivisions and new home constructions are surging. These projects can range from a single family home built by an individual, to thousands of homes in a subdivision built by a nationwide builder. In most cases, these projects require the use of new construction escrow accounts to manage the funds until the homes and surrounding infrastructure are completed.
Commercial Property Escrow: A commercial escrow is one that involves the transfer or encumbrance of property other than residential, such as an office, more than 4 unit apartments, retail and industrial properties.
Residential Sale Escrow: A residential Sale is when a single family, multifamily structure, condominiums, etc. are available for sale.
For Sale by Owner (FSBO) Escrow: Most often, when a property is sold, the transaction is negotiated and the purchase agreement is put together by the real estate agents who are representing the buyer and seller. In contrast, a “for sale by owner” escrow does NOT have a real estate agent representing the buyer or seller.
A residential Short-Sale means selling a house for less than the outstanding amount. A short sale is an alternative to foreclosure whereby indebted owners get permission from a bank to sell their house for less than amount owed.
Manufactured/Mobile Homes Escrow: Manufactured/Mobile homes are NOT real estate property. There will be no title insurance company involved. Instead we will be working with the Department of Housing and Community Development (HCD). Many Manufactured/Mobile Homes are in Mobile Home Parks. The site of the Manufactured/Mobile Homes or “space” is leased by the Homeowner.
Bulk Escrow: A bulk escrow, also referred to as a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer. Such a sale is not part of the ordinary course of business.
Liquor License Escrow: A liquor License escrow is when you buy or sell a liquor license. All funds must be deposited in escrow with few exceptions. In California, liquor license escrow must be opened before a liquor license transfer application is filed with the California Department of Alcohol and Beverage Control (ABC). Then, approval by the department is required before the final transfer of the liquor license can be completed. The escrow and every aspect of selling a liquor license must comply with strict laws and regulations.
Probate Escrow: A probate escrow sale is defined as the sale of a property where the owner is deceased and the sale is being conducted by the deceased estate. An Administrator or Executor signs on behalf of the deceased person with either full or limited authority.
1031 Exchange Escrow: A 1031 Exchange escrow is under Section 1031 of the Internal Revenue Code and thereby defer payment of a tax on what would have been your gain. We must follow many technical rules during this process. One of the rules is that the taxpayer cannot receive or control the sale proceeds. If the Seller decides to receive money out of the transaction, the Escrow Officer will need to withhold taxes for the portion that the seller would like to receive. The withholding is 3.3% out of the amount that the seller wishes to receive. The Escrow Agent will wire the exchange proceeds per instructions of the Taxpayer. Our Escrow Specialists have extensive experience in working with institutional, corporate, individual investors and 1031 Accommodators.
Foreclosure Property (REO) Escrow: A foreclosure property escrow is when a Real Estate home becomes bank owned property. This happens when borrowers become delinquent and default on their financial obligations. A bank effectively repos the property, and it is held classified as ‘Real Estate Owned’ (REO).
Gift of Equity Property Escrow: When one party sells their home to another individual(s) for less than its fair market value. The difference in the sale price and the appraised value is considered a gift of equity. The sale is usually to a Family Member.
Residential Refinance Escrow: A refinance Escrow is when an owner of a home would like to take out some of the equity that they have. They choose to do this either to fix the home, make an addition to the home, payoff any debts, to change the loan term from a 30 year to either a 20 or 15 year loan, or lower their interest rate. In fact, we love to process this type of escrow because it allows us the opportunity to work directly with lenders and homeowners.