Navigating the escrow process becomes more intricate when the property is held within legal entities such as Trusts, Limited Liability Companies (LLCs), Corporations, or Partnerships. Understanding the specific requirements and documentation for each entity type is crucial to ensure a smooth transaction. At Lakeside Escrow, we provide detailed guidelines to assist both buyers and sellers in these scenarios.
When dealing with properties held in Trusts, LLCs, Corporations, or Partnerships, specific documentation is required to complete the escrow process. For LLCs you will need to provide the operating agreement and Tax identification number (TIN) and for Corporations, you will need to provide the articles of incorporation and tax identification number (TIN). Partnerships require a partnership agreement and a TIN. It’s essential that sale proceeds are directed to the legal entity listed on the title. Additionally, lenders may have specific restrictions or requirements for these types of transactions, so it's important to consult with them and provide all necessary documents to avoid delays.
SELLERS: If your property is held in an LLC (limited liability company), the insuring title company may require, but not limited to the following documents:
BUYERS: Some lenders may not lend to an LLC in a purchase. Please contact your lender for their requirements.
Note: The sale proceeds cannot be disbursed to any other name or person other than the listed LLC name that appears of record on title.
SELLERS: If your property is held in a Corporation, the insuring title company may require, but not limited to the following items:
Note: The sale proceeds cannot be disbursed to any other name or person other than the listed Corporation name that appears of record on title.
SELLERS: If your property is held in a Partnership, the insuring title company may require, but not limited to the following items:
Note: The sale proceeds cannot be disbursed to any other name or person other than the listed Partnership name that appears of record on title.
I recently completed a real estate transaction with Lakeside Escrow, and their professionalism blew me away. From start to finish, their team was incredibly responsive and took the time to explain every detail. I never felt rushed, and every question I had was answered promptly. The entire process felt seamless, and I had total peace of mind knowing my funds were secure. Highly recommend!
Arthur B.
We would love the opportunity to connect with you and discuss how Lakeside Escrow can assist with your escrow needs and help ensure a smooth and efficient escrow process.