By Sue Wakefield
Residential Property Sale
The team have recently worked on a residential property sale where there had been a potential breach of a restrictive covenant. A proportion of the sale proceeds have now been placed in an Escrow Account to be held for 12 months in the event that historic works need to be undone and the property reinstated to its previous condition.
The Sale of a Business
ZEDRA’s Sue Wakefield and her team have supported a company owner in connection with a sale of a business. The company in question had employed a consultant company to arrange the sale and this comany was receiving a fee for their services. The fee was placed into an Escrow account to be released once the sale completed smoothly.
Commercial Property Transaction
The team in Manchester has recently successfully created Escrow Arrangements in relation to the sale of a commercial property between two parties, where, in order to secure the sale, the sellers guaranteed an income to the buyers. If a tenant is found, the funds will be returned to the seller. If a tenant is not found, the funds will go to the buyer.
In connection with the building of residential accommodation the funders had required that the purchasers’ deposits are placed in Escrow until completion of the project. The team have made all of the relevant arrangements.
An Escrow account was required under the terms of a court order pursuant to divorce proceedings until certain tax liabilities and legal liabilities were settled. The Manchester team was able to ensure the Escrow account was set up quickly and smoothly.
ZEDRA has no minimum value for Escrow accounts and offers an efficient, cost-effective service reducing risk and offering peace of mind to clients.
For more information on our Escrow services or if you would like to discuss a specific transaction, please contact Sue Wakefield.