Can I use my escrow company for transactions done through Liquor License Auctioneers’ website?
If either the buyer or the seller desires to use another escrow company they may do so only if the request is made to Liquor License Auctioneers prior to any live auction involving a specific alcoholic beverage license and Liquor License Auctioneers gives its written approval to use the desired escrow company.
Liquor License Auctioneers will base its approval or non-approval decision solely on its reasonable opinion that the desired escrow company does or does not have the requisite knowledge and expertise necessary to open and administer an escrow for the sale and transfer of an alcoholic beverage license. Having the required knowledge and experience in opening and administering an escrow for the sale and transfer of an alcoholic beverage license is critical to the successful sale and transfer of an alcoholic beverage license because lack of the requisite knowledge and experience can result in a delay in the opening and/or closing of escrow, and the ultimate transfer of an alcoholic beverage license from the seller to the buyer.
Any delay can prevent the seller from receiving the seller’s share of the sale proceeds, and can prevent the buyer from obtaining the use of the alcoholic beverage license. Although delays may occur in the opening and closing of any escrow for the sale and transfer of an alcoholic beverage license administered at any escrow company, Liquor License Auctioneers believes using its independent third party escrow company will reduce the likelihood of such delays, although Liquor License Auctioneers cannot, and does not, in any manner warrant or represent that delays will not occur if its independent third party escrow company is used.
In the event a taxing authority has a hold on an alcoholic beverage license in escrow, Liquor License Auctioneers’ preferred independent third party escrow company will act as a liaison between the seller/taxpayer and the taxing authority to facilitate the release of the tax hold and the subsequent issuance of the alcoholic beverage license to the buyer. No warranty or guarantee of any kind is made by the independent third party escrow company or by Liquor License Auctioneers concerning its or their ability to obtain a release of any tax hold or lien, or concerning the subsequent issuance of the alcoholic beverage license to the buyer.
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