|
Special Escrows
When the word "escrow" is mentioned, most people think in terms of a real estate transaction. In
fact, there are several other types of transactions for which Commonwealth Land Title Insurance Company is able to
provide escrow services. Transactions involving a bulk sale, mobile home, or timeshare are some of these. Because Commonwealth Land Title Insurance Company is, as its name indicates, a title
insurance company, you may have presumed that we are involved exclusively with transactions that
require the issuance of a title insurance policy. Quite the contrary. We pride ourselves in the
fact that we are a full service company with the ability to provide services in many related
areas. A bulk sale generally involves the sale of a business and, if properly handled, serves
to protect the creditors of the seller of the business and the purchaser of the business. The
statutes governing bulk sales require a notice to be recorded and published which gives the
creditors of the seller an opportunity to file claims with the escrow holder for amounts due
them for providing goods and/or services to the business. This process also protects the
purchaser from the creditors of the seller. Only very competent, experienced escrow officers
handle these transactions.
Mobile homes can be located either within mobile home parks or upon privately owned real
property. If a mobile home has been, or is in the process of being, installed upon a permanent
foundation system, it is legally transformed into and becomes defined as real property. All of
these circumstances will impact the way in which a transaction for the transfer of a mobile home
is handled. Escrow officers handling these transactions must be very familiar with the titling
and transfer requirements of the Department of Housing and Community Development of the State
of California.
A rapidly growing segment of business is in the handling of the sale and purchase of time-share
interests in vacation and resort properties. Because of the large number of interests that are
created in every time-share development, strict attention to detail is absolutely essential. Our
time-share specialists are specifically trained to handle just these transactions.
|
|