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Residential Resale
- Definition: The act of buying or selling a previously owned home.
The role of escrow in the sale or purchase of a previously owned home is to ensure the following steps and requirements are met by all parties involved in the real estate contract:
Both the Buyer and Seller complete all forms and instructions necessary to complete the transaction, including documentations required by federal, state and local governments.
The Buyer deposits funds sufficient to meet the total sales price plus costs. (Usually, some of the funds are obtained through new lender financing, although Buyers sometimes assume the Seller's current loan, obtain financing directly from the Seller or pay all cash.)
The Buyer furnishes any documentation required by the new lender, such as evidence of new fire insurance coverage for the property.
The Seller deposits a deed to the property in favor of the Buyer. (This is generally prepared by escrow.)
The Seller furnishes all required disclosure reports and the governing documents of any applicable Homeowners Associations.
The new lender deposits loan proceeds.
Once all conditions of the escrow have been met, the deed is recorded to transfer the ownership interest in the property to the Buyer (other documents may also be recorded at this time, including a trust deed, which is the lender’s security document), and net proceeds are paid to the Sellers.
- Our staff will deliver excellent personalized service to meet your every special need.
- One call is all it takes. You can phone in, fax or email your order to us, and we’ll take care of the rest. Or simply call us for a pick up of your New Purchase Contract.
- Sale by Owner (FSBO) - Call us for a quote. Our fees are competitive market rate, plus we will beat anybody’s rate, so call us last.
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Bulk Escrow
- Definition: The act of selling the equipment, asset and inventory of a business.
- We have escrow officers who have handled hundreds of Bulk Transfer transactions. You can be assured you’re in good hands with us when it comes to selling or buying a business.
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ABC License Transfer
- Definition: The act of selling Alcoholic Beverage Control issued license to sell alcoholic beverages, with or without the business.
- Department of Alcoholic Beverage Control for the State of California requires escrow for ABC License transfers. Bulk Transfer for ABC licensed business is a complicated process. We can guide you through the process and coordinate with ABC whether or not you are working with a Business Broker. Please call us for an appointment to discuss your sale or purchase.
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Commercial/Industrial
- Definition: The act of buying or selling a property that is zoned for commercial or industrial use.
- Commercial/Industrial transactions are considered by some to be the most difficult to manage and close successfully. The sale often requires that more than just real property pass through escrow and may include multiple leases and deposits (and, in the case of business sales: personal property, inventory, and/or liquor licenses). While commercial/industrial sales follow the same basic procedures as residential resale, there are many more details involved in commercial closings. For this reason, an Escrow Officer who comprehends every aspect of the transaction and can establish the most efficient processes in the best interests of all parties often proves to be a rare commodity.
- We have extensive experience handling combinations of the following types of escrow:
Apartments
Hotels
Investment Properties
Land Acquisitions
Restaurants
Retail Properties
Office Buildings
Shopping Centers
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Definition: The act of buying a house, directly from the Builder, that is currently in the process of being built or has recently been constructed.
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The purchase of a new home is very different from that of a previously owned home. First and foremost, the Builder of your home has already contracted with an escrow company that they trust to handle the close of every Buyer’s transaction. In turn, the Buyer receives the benefit of an established business relationship: an informed Escrow Officer who is well-versed in both the specialized arena of new developments, and the standard procedures and practices of a particular Builder, which helps to streamline the entire process. We have the experience and the means to accommodate your special needs. We will be with you every step of the way from the early stages of subdivision to DRE report stages and opening of escrow. Please call us or email us for references and a list of projects we have closed.
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Development Site Acquisition
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Definition: The act of acquiring land for residential, commercial and industrial development.
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In this initial but very important stage of development, there are numerous details a developer is concerned with, and there may be many principles and attorneys involved in the transaction. We will cooperate with all parties and coordinate all closing services for a smooth transaction.
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Short Sale
- Definition: The act of Selling a home that has debt greater than the Selling Price.
- Short Sale requires the current lender’s agreement to receive less than the owed amount (mortgage balance) in order to obtain releases necessary to consummate the sale of the property. It is a very tedious and time consuming process that cannot easily be handled by the principles. We will start the process for you. Please contact us for a referral list of agents and brokers who can handle that process for you.
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Probate/Estate Sale
- Definition: The act of Selling a decedent’s property and estate, that has or will go through a probate court, by executor of the estate.
- We will coordinate with your probate attorney and/or listing agent for a swift and pain free closing. All you need to do is give us a call.
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Vacant Lot
- Definition: The act of selling an unimproved land.
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Refinance
- Definition: The act of obtaining a new loan and paying off the current loan for property owned for cash out or interest rate purposes.
- Please call us for our special Refinance Fee Rate.
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1031 Exchange
- Definition: The act of exchanging like kind investment property with another with deferred capital gains tax treatment. (US CODE: Title 26, §1031. Exchange of Property Held for Productive Use or Investment)
A property transaction can only qualify for a deferred tax exchange if it follows the 1031 exchange rule laid down in the US tax code and the treasury regulations.
The foundation of 1031 exchange rule by the IRS is that the properties involved in the transaction must be "Like Kind" and Both properties must be held for a productive purpose in business or trade, as an investment.
The 1031 exchange rule also lays down a guideline for the proceeds of the sale. The proceeds from the sale must go through the hands of a “Qualified Intermediary” and not through your hands or the hands of one of your agents or else all the proceeds will become taxable. The entire cash or monetary proceeds from the original sale has to be reinvested towards acquiring the new real estate property. Any cash proceeds retained from the sale are taxable.
The second fundamental rule is that the 1031 exchange requires that the replacement property must be subject to an equal or greater level of debt than the property sold or as a result the buyer will be forced to pay the tax on the amount of decrease. If not he/she will have to put in additional cash to offset the low debt amount on the newly acquired property.
- Please contact Time Escrow, Inc. for further details regarding your 1031 exchange. We will be glad to accommodate your special needs in your exchange.
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