ESCROW
Deposit
When escrow is opened, your deposit checks are given to escrow and deposited. Business Advisors Network will provide the escrow officer with copies of all documents relating to the sale, and provide such information as may be required about both you and the seller.
Escrow Instructions
The escrow officer will prepare a written set of escrow instructions for you and the seller to review and sign. These instructions guide how escrow will perform. The signed escrow instructions will be returned to the escrow officer.
Fees
The escrow company will charge fees for its services. These fees are due and payable with the signed escrow instructions.
Navigating Hurdles
After the due diligence phase is completed, your work has just begun. A number of interdependent parallel paths must be navigated before escrow can be closed. Depending on the situation, these may include lender qualification and completion of financing, an appraisal, an environmental study, landlord approval and assignment of lease, franchisor qualification and training, license and contract transfers, regulatory filings, and more. Business Advisors Network will help the buyer navigate through all of these hurdles and in a timely manner.
Contingency Removals
As the contingencies specified in the purchase agreement are met, they are removed. Some of these may be completed prior to opening escrow, such as your review of the financials. Others will be completed after escrow is opened. Once all contingencies are removed, buyer and seller are committed to completion of the sale.