Residential Sale Escrows
Besides being the most common type of “Real Property” transfer, a Residential Sale Escrows, is usually much more than simply a financial transactionto the parties involved. For most of us, residential properties are not only our “homes” but often our single largest financial asset. Escrow has become a key factor in the successful closing of a Residential Sale and choosing the right escrow company is imperative. Choose All Valley Escrow.
Mobile Home Escrows
Mobile Home Escrows are a unique type of sale escrow, distinctly different from “real property” escrows such as Residential Sale Escrows. Mobile Home Escrows involve “personal property” exclusively and require conveyance with a Bill of Sale rather than a Grant Deed. Similarly, registration is accomplished not by recording in the County, but by filing with the California Department of Housing and Community Development (the “HCD”). There are other major differences as well and most Escrow Officers are not adequately trained to perform Mobile Home Escrows. At All Valley Escrow we have Escrow Officers with the training and experience you need to serve all your mobile home needs.
A section of the U.S. Internal Revenue Service Code allows investors to defer capital gains taxes on any exchange of like-kind properties for business and/or investment purposes. When the transfer is performed properly, taxes on capital gains are deferred. Great care needs to be taken with regards to the transfer of money to avoid an immediate tax liability. There are many types of exchanges including, but not limited to simultaneous, delayed, and reverse. Once again, great care should be taken in choosing your service providers, both Escrow Holders and intermediaries. Choose All Valley Escrow for your Escrow Holder.
Another type of “personal property” escrow is a Bulk Transfer. Typically, a Bulk Transfer involves the sale of a business inventory, business assets and can be of an individual or company. Escrow serves to protect the interests of not only the Buyer and Seller, but also the interest of unsecured creditors. Knowledge of the law in regards to Bulk Transfers is vital and we at All Valley Escrow are fortunate to have two such Escrow Officers with the knowledge and many years of experience to guide you.
Commercial Sales are typically “real property” sales, but larger in value and more complex than normal Residential Sales. These escrows can include strip malls, apartments, office buildings, hotels, motels, shopping centers, vacant land, farm lands and more. In addition to the Buyer, Seller and Realtors, quite often the Escrow Holder will be working with attorneys and lessees. You need to work with an Escrow Officer who has worked with this type of escrow before, and we have several here at All Valley Escrow.
Refinance & Loan Escrows
What used to be thought of as a “simple” escrow has become exponentially more complex in recent years. There are countless new laws and regulations affecting Refinances and Loan Escrows, not the least of which was the 2010 RESPA Reform, the first major revision since 1975 and the new Consumer’s Financial Protection Bureau. As a result, getting the new lender what they require, when they need it has become a real challenge. Not just any Escrow Officer will suffice, you need the experts at All Valley Escrow.
For Sale by Owner (FSBO’S)
Homeowners frequently often elect to sell their homes without using a Realtor. Although we cannot give legal advice and must maintain our neutrality between the Buyer and Seller, All Valley Escrow can guide you through the steps necessary to complete the sale. The best way to start is by the principals, usually the Seller, obtaining a standard real estate sales contract which covers all the legal aspects of the sale. These contracts can be obtained on the internet and sometimes are even offered for sale by the local Board of Realtors. It is important to remember that Real Estate contracts should be detailed, in writing and that Escrow Instructions only cover a few of the many aspects of a typical sale. Let our Escrow Officers at All Valley Escrow guide you through the Escrow process.
In the last few years a new type of Residential Sale has emerged. It is called a Short-Sale and is a sale wherein the existing lender is owed more than the property is worth and can be sold for. Not all properties will qualify for a Short-Sale, but if they do, most often the existing lender will release their interest in the property for less than they are owed. However, most often these lenders will make the Seller “qualify” for the Short-Sale before granting it. Further, the lenders may or may not approve all of the Seller’s “normal” closing costs or even agree to the selling price in the contract. Negotiating with these lenders has become a whole new industry and Escrow Officers involved in these Sales must understand how to deal with not only these Short-Sale lenders but often independent negotiators who are quite often hired by the Seller. We have the expertise you need at All Valley Escrow.
REO is short for “Real Estate Owned”, a term used by banks and lenders to describe property they own, usually acquired through the foreclosure process. When the bank or lender sells these properties, the sale is typically called an REO Sale. The special needs of the bank or lender as a Seller, are completely different than those of a typical private party Seller. Once again, the experience and expertise needed to close these escrows is here at All Valley Escrow.
*Not all services offered at each location. Give any of our offices a call and we can put you in touch with an Escrow Professional who can assist you.