Ideas if you must have escrow:
If you have a personal relationship with a banker, they will often
provide this service at no charge.
Any attorney could easily provide this service, they all hold money and
documents in escrow for clients and most are bonded and insured for the
purpose. Though you might use a lawyer who knows you, their client
would be the seller.
Holding the title there in escrow is of no particular value. It can be
examined by photocopy or fax. It could be fedexed overnight in return
for a wire transfer. The seller's banker should offer the service
gratis. Once the deal is agreed and money is to be paid, the purchaser
simply calls the seller's banker and says, I am wiring money this AM for
a guaranteed signed and negotiable title arriving by fedex tomorrow AM.
The banker holding the title agrees to guarantee same. No cost.
Simple. Be sure to look up the bank's phone number and call them.
Anyone can say they are a banker on an incoming phone call. If the
purchaser is uncomfortable with this, use their bank. In that case the
title goes first and the money is guaranteed next day.
Good luck,
Pat Ryan
-----Original Message-----
I have an interesting situation developing here and I'd appreciate some
advice, please.
As a favor, I took on the responsibility of selling a car located here
in
California for the owner in Florida. Now here's what I'm concerned
about; The car owner doesn't want to just turn over the title to me,
they
want me to find an escrow type business for cars that would hold the
title and payment and deliver each to the appropriate parties when the
deal is finalized. My question is: is this the norm anywhere, because
I've never heard of it before and if it is done can anyone recommend
a company in Los Angeles (Calabasas) area that does it. TIA.
Don Tiana
/// unsubscribe/change address requests to majordomo@autox.team.net or try
/// http://www.team.net/mailman/listinfo
/// Archives at http://www.team.net/archive/vintage-race
|