HOI Peng Associates and Escrow Setup has been providing
real estate professionals and Individuals with excellent
fiduciary care on transfers of most types of businesses with
or without liquor licenses as Settlement Agent for decades.
Sections of the Uniform Commercial and the Business and
Possessions 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.
Since most license transfers are combined with the sale of
the underlying businesses, the escrow agent generally will
prepare, publish and record the Notice to Creditors and
contact the Secretary of State and local County Recorder for
name searches. Other escrow responsibilities include
notification to the taxing authorities, the landlord and
with any brokers to affect an orderly closing.
Along with the payments to the creditors, the Escrow Agent
performs all required proration's adjustments and charges,
issues settlement statements to the parties and finally
sends out all necessary documentation at the completion of
the escrow.
Thus as Settlement Agent we act on behalf of both parties to
protect the interest of each within the authority of the
Escrow Instructions. Once all parties have signed escrow
documents, the terms and conditions of the instructions have
been satisfied Escrow can be completed
.
.
.
Istmo de Ferreira do Amaral,Edf.Tai Peng, No.101-105, 2-Andar,Macau
info@hoipengs.com
+852 9442 2849