Green Escrow Services, Inc

The Latest in Paperless Technology

  • Home
  • About Us
  • Find Us
  • Services
    • Real Estate Sales
      • What is Title Insurance?
      • Why Do You Need Title Insurance?
      • 21 Reasons for Title Insurance
    • Business Opportunity Escrow Check List
    • Bulk Sales & Liquor License Transfers
      • Liquor License Escrow
      • Liquor License Transfer / Business Opportunity Check List
  • Meet Our Experts
  • Order Form
  • Why Use Green Escrow?
    • How Is Green Escrow Different?
  • Resources
    • How the Escrow Process Works
    • East Bay Professionals
  • Blog
  • Customer Services
    • Useful Websites
    • Property Transfer Tax Rates
      • Additional Communities – Los Angeles
    • Profiles and Farms
You are here: Home / Services / Bulk Sales & Liquor License Transfers / Liquor License Escrow

Liquor License Escrow

 
One of the most important aspects of the sale of a liquor license is the escrow process. Section 24074 of the Business and Professions Code require that an escrow be established by the licensee and the intended transferee before the completion of the application for transfer with the Department of Alcoholic Beverage Control.

The full amount of the purchase price or consideration must be placed in the escrow and may only be released after the transfer of the liquor license is approved by the Department, which is usually forty-five to sixty days after application.

The purpose of the escrow is to ensure payment to the bonafide creditors who file their claims with the escrow agent in a timely manner prior to the license transfer.

An escrow agent can provide many services to the parties in the sale, especially in assisting with the completion of various governmental agency requirements. In addition to follow up work with the ABC, the escrow agent normally will contact the State Board of Equalization and Employment Development Department for releases, as well as the County Tax Collector for statements of any current or back taxes.

Since most license transfers are combined with the sale of the underlying businesses, the escrow agent generally will complete, record and publish the Notice of Bulk Sale and contact the Secretary of State and local County Recorder for Certificates of Information setting forth the names of any secured creditors. Other escrow responsibilities often include contacting the landlord concerning any lease or rental requirements assisting with financing documentation and interrelating with any brokers to affect an orderly closing.

Along with the payments to the creditors, the Escrow Agent performs all required prorations adjustments and charges, issues settlement statements to the parties and finally sends out all necessary documentation at the completion of the escrow.

The Escrow Agent performs an important service to the principals in the license sale. His or her expertise and knowledge of the governmental procedures, laws and regulations often prove to be invaluable aids in expediting the transaction. The difference between an efficient and timely closing and protracted difficult conclusion often rests with the selection of the escrow agency.

Green Escrow Services stands ready to assist you with your next liquor license transfer.

Share

Search our site…

Mortgage Calculator

Loan CalculatorMortgage Calculator
Mortgage CalculatorMortgage CalculatorLoan CalculatorLoan Calculator

$

%

years

%

$ per year

$ per year

%




$

years

%



Our clients say...

“I have been using Green Escrow Services for about a year. They provide impeccable service, quick turn times and a wealth of knowledge for all of my title and escrow needs. Green Escrow is always a step ahead of my requests and seems to read my mind!”
by Dave DiVecchio, CMG Mortgage

2010 Crow Canyon Place
Suite 212
San Ramon, CA 94583
Office: (925) 523-3232
Fax: (925) 523-3231

Real Estate & Business Information
Follow Us on FacebookFollow Us on LinkedInFollow Us on Yelp

Copyright © 2023 · Site by Last Laugh Creative