| The final part of the whole deal is the | | | | instructions for a business is 'on or after' |
| escrow. The word is an old Anglo-French word | | | | the specified date. In real estate, the term |
| which originally meant 'piece of parchment or | | | | used is 'on or before'.b) When the seller is |
| fabric'. In today's parlance, the word | | | | paying all or a part of the escrow fee, a |
| describes the process whereby a property is | | | | deposit from the seller is required as well |
| deposited with a third party to be | | | | as the buyer's deposit. Usually the costs are |
| transferred to the grantee (buyer), when | | | | split, but it is whatever the parties agree |
| certain conditions are met. | | | | to.c) If the sale in any way includes a |
| | | | liquor license, then all the money, including |
| There is a lot of paperwork involved in | | | | what is being paid for the liquor inventory |
| buying and selling a business. It can be a | | | | must go through escrow. Also, no funds can |
| daunting task, just from the paperwork alone. | | | | be released before the escrow is closed.d) |
| It can also be very stressful. An escrow | | | | Finally, Instructions must be written and |
| officer specializes in handling these things | | | | signed by all parties along with all initial |
| and ensures that the buyer gets everything he | | | | deposits before the notice of sale can be |
| or she is buying, with no hidden debts on the | | | | published. When the notice of sale has been |
| business and that the seller gets their | | | | published and recorded, there is a 12-day |
| money. | | | | minimum period, which does not include |
| | | | holidays and weekends, in which, any |
| The things to know about escrow procedures | | | | creditors of the seller can file claims with |
| with regard to a business is that it differs | | | | the escrow company. If the business being |
| from a real estate escrow in the following | | | | sold includes the transfer of a liquor |
| areas:a) Date specified in escrow | | | | license, then the time is extended. |