Our Services
FOR ALL YOUR ESCROW NEEDS
Our Services
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Sellers
We safeguard your property and ensure a smooth escrow experience. Choose us as your trusted partner for optimizing success in every transaction.
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Buyers
Protect your investment with our seamless escrow process. Vault your investment with confidence and maximize the value of your purchase with us as your trusted partner.
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Professionals
We aim to assist real estate professionals in fostering lasting client relationships, delivering seamless escrow experiences from start to finish.
Residential Properties
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A single-family residence, commonly called "SFR," represents the predominant category in real estate transactions, encompassing most property purchases and sales. An SFR is a singular, independent dwelling designed for residential use, characterized by a standalone unit. Property owners can modify the structure and the surrounding land within established municipal or county regulations.
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A condominium, commonly called a condo, shares similarities with a Single-Family Residence (SFR) as a residential dwelling. However, it distinguishes itself by often being part of a larger complex where multiple units are attached under a single roof, sharing common walls. These condo units are typically part of a comprehensive condominium project governed by a Homeowner Association (HOA), responsible for overseeing the management of shared spaces known as common areas. These communal spaces extend beyond individual living quarters and encompass walkways, parking lots, and outdoor recreational areas.
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A planned unit development (PUD) blends the essence of a single-family residence (SFR) with that of a condominium. It is a singular residential unit within a carefully orchestrated development, accompanied by a homeowner association responsible for overseeing communal spaces. Ownership extends to the individual unit and a shared interest in common areas. To sustain these shared spaces, association dues are levied for ongoing maintenance. Much akin to Condominiums, PUDs adhere to guidelines that constrain alterations to the exterior, encompassing aspects such as the color of exterior wall paint.
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A Residence within a building complex, commonly known as an Apartment, is leased or rented rather than owned by the occupant. When it comes to the sale of apartment units, there's a meticulous proration of rents and security deposits for occupied units at the culmination of the transaction. Certain complexes were initiated as apartment units and later converted into condominiums. Upon the successful approval and conclusion of this conversion process, the individual units attain eligibility for separate ownership and subsequent sale.
Personal Properties
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In California, the sale or transfer of a liquor license requires the expertise of an Escrow Holder, acting as a neutral third party under the Business and Professions Code. The Department of Alcoholic and Beverage Control (ABC) strictly regulates this process, emphasizing that no funds can be exchanged between the Buyer and Seller until the license transfer is completed. Additionally, a Buyer cannot take over a business with a liquor license without obtaining a temporary license from the ABC. This is the only license in California that mandates Escrow Holder involvement in its transfer or sale.
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Manufactured homes fall into two categories based on their attachment to the ground. When permanently affixed, they become real property, appearing on tax records and undergoing a real property transfer. If not permanently attached, they are considered personal property, avoiding property tax but requiring a DMV license and annual fee. The Housing and Community Development (HCD) agency handles the transfer paperwork for such homes.
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Facilitating escrows is a clear-cut process. An escrow arrangement involves two parties agreeing to retain funds and/or documents until receiving joint directives from the involved parties.
Commercial Properties
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Retail complexes represent commercial entities that are not individually owned but integral to broader development. Similar to residential apartments, these individual units are subject to leasing agreements. Mirroring the characteristics of commercial real estate, these leases typically extend over a significant duration and operate on a triple net basis, determined by the proportion of the unit's size relative to the overall complex.
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While not strictly under the "commercial" ventures category, settlement officers recognize hotels and motels as unique entities within the real estate landscape. These establishments are considered commercial properties despite their primary function as short-term residence providers. Apartments, hotels, and motels are comprised of individual units within a larger complex. However, in contrast to apartments, the rental duration is typically short-term, and these units may need more rooms and extensive kitchen facilities commonly found in traditional apartments. The transfer of ownership involves the proration of rents collected up to the day of the ownership shift.
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Following the acquisition of undeveloped land, the subsequent steps involve dividing the land into distinct tracts or lots and concluding the construction of new structures. While the Escrow Officer does not play a role in the actual subdivision and construction processes, their involvement becomes crucial when the completed improvements are ready for sale. In the case of a subdivision comprising tract homes or condominium units within a complex, the Escrow Officer assumes a pivotal role during the initial sale of units, commonly referred to as the "first sale out." In this phase, the developer or seller designates a specific Escrow Company to oversee the sale of all units within the project.
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Acquiring vacant land for future development adds complexity for buyers compared to transactions involving existing properties. Though limited in influencing due diligence, the Escrow Officer plays a crucial role. They should proactively collaborate with the title company to secure vital documents like copies of easement agreements and a color-coded easement map, ensuring a smooth transaction process.
Business Opportunity Sales
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In the business realm, whether a cozy family-owned spot or a vibrant restaurant, utilizing escrow strategically unfolds with the issuance of the Notice to Creditors. This statutory step allows Seller's creditors to submit claims, shielding the Buyer from future demands. The process intensifies for restaurants with a liquor license, requiring navigation through an Escrow Holder. Closing the transaction hinges on the Buyer's approval for a liquor license transfer from California's Department of Alcohol and Beverage Control (ABC). Until then, the transaction is in suspense.
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Gas station transactions involve two key aspects: the gas station itself and a separate auto repair section, potentially owned separately. Approval from the contracted gas brand company is essential for the gas station sale. If the auto repair section is excluded, its status may resemble that of a tenant under the gas station owner. Additionally, buyers must consider the possibility of ground contamination, requiring surveys and remediation.
“Just want to say thank you so much for everything. You and your office were wonderful and on top of everything. . . This was an awesome experience for me & hoping we’ll do it again soon.”
— YVETTE S. , ESSENCE CLIENT
“ Thank you ladies for all of your hard work . . . I’m blessed to have you all in my corner. On to the next one!!!”
— OSCAR R. , ESSENCE CLIENT
