When is the full purchase price for an alcoholic beverage license payable into escrow?
After an escrow has been opened for the sale and transfer of an alcoholic beverage license, the full purchase price for the license must be deposited into escrow by the buyer within thirty (30) days of the filing of your ABC application. The failure by a buyer to deposit the full purchase price for an alcoholic beverage license into escrow within this thirty (30) day period will prevent or delay the escrow from closing and the transfer of the alcoholic beverage license from the seller to the buyer. Failure to make the required deposit may also result in the cancellation of the escrow and the loss of all or a portion of the buyer's deposit money. For the above reasons, a buyer should not bid on an alcoholic beverage license through the Liquor License Auctioneers website unless the buyer is serious about purchasing an alcoholic beverage license, and has the financial ability to fund the purchase through escrow within thirty (30) days of the date of filing the ABC application.