Commercial Escrow Services
Commercial escrow settlement involves the transfer of property other than residential, including note sale transactions, retail property, apartment complexes and office buildings. Bayside Escrow recognizes the unique requirements for handling commercial escrow transactions.
Closing escrow on commercial real estate in California can be a very complex process. At Bayside Escrow, we have the knowledge and experience necessary to streamline and simplify the transaction with a team of dedicated officers who will provide unparalleled service. We believe it is our job to ensure every party involved is confident in the escrow process throughout the real estate transaction.
We find that in many cases, the escrow officer is the only individual involved who grasps the entire transaction, as well as all requirements for closing. This means that commercial settlement agents require a unique skill set, and you can find this at Bayside Escrow.
Our team of agents will provide complete, reliable and efficient escrow settlement services, handling every aspect for all parties involved. Bayside Escrow will manage every detail of the commercial real estate closing:
- Providing full management and action as a neutral third-party to close the real estate transaction within the guidelines set forth in the contract while serving as the depository of funds and closing costs
- Responding to all communications in a timely manner
- Keeping all involved parties informed of the escrow progress every step of the way
- Following mutual instructions expeditiously
- Preparing escrow instructions and ensuring all documents are executed properly
- Issuing receipts for deposits of funds in the trust account
- Handling of loan documents and instructions from the new lender
- Coordinating the services of a notary public
- Ensuring proper proration and adjustment of taxes, HOA dues, etc.
- Preparing and sending out the estimated and final settlement statements and HUD-1
- Instructing the Title Company to record documents, such as the Grant Deed and Deed of Trust
- Disbursing funds to proper parties and closing escrow, as authorized
- Maintaining security and accountability of funds due to principals by providing several disbursement options
- Closing escrow in accordance with mutually agreed written terms
- Ordering all applicable reports and disclosures, such as the preliminary title report and HOA documents
- Complying with city, state, and federal guidelines as applicable to the subject property
- Obtaining approval of documents and reports from all parties
- Securing payoff demands or beneficiary statements from existing lenders
- Acquiring necessary documentation to clear outstanding liens attached to the property
- Requesting demands conveyances of mortgages or the deed of trust to be paid off in escrow
Closing escrow on commercial property in California is complicated; count on Bayside Escrow to streamline and simplify the process for you. Our team offers unparalleled, customer-focused service to make sure everyone involved has confidence in the escrow process from beginning to end.