What is a Commercial
Escrow Settlement?
A commercial escrow settlement is a transaction between two parties that involves the transfer of a commercial property and not a home. Commercial properties that can fit into this category are big box stores, industrial building and even apartment complexes. Regardless of the circumstance, our team of escrow agents handle commercial escrow transactions on a routine basis and can help you through the hurdles of a commercial escrow settlement.
Because of protective regulations, California can be especially difficult to close escrow on a commercial property. This means that our Escrow officers must stay ahead of the game and constantly up to date on all rules and regulations. Keep in mind, there is no such thing as an “easy escrow” so beware of those companies promising fast escrow transactions. At First Priority, we promise to double check all of the requirements needed to make your commercial escrow transaction pain free and easy for you to fulfil. Our agents are equipped to handle every problem and requirement so that you don’t have to.
A common commercial escrow scenario is when businesses bidding for a large project. Instead of the winning company paying up front, the funds can be placed in “escrow” until the job is complete.
At First Priority Escrow, we offer professional and efficient escrow settlement services from start to finish. Here are some of the procedures we will cover in your commercial escrow settlement:
- Meet all requirements dictated in the contract
- Deposit funds safely and securely
- Request all necessary funds, documents and title reports
- Strong communication between all parties
- Report and Documentation approvals/disapprovals
- Prorate and adjusts Tax, Utility and Services Fees
- Disbursement assistance
The commercial escrow settlement process does not need to be difficult. First Priority Escrow offers you decades of professional experience to ensure you have a swift and efficient settlement. Call us today to get started.
