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 Nationwide Professional Accountants LLC is able to provide escrow services. Transactions involving a bulk sale, mobile home or timeshare are some of these.
Because Nationwide Professional Accountants LLC is 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.
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.
