This month’s Escrow Tip is brought to you by…
Ever wondered how an Entity should sign your Sales Agreement? How about what documents does Escrow need for the different Entities??
Mary Jane Hendrix, Branch Manager & Sr Escrow Officer at Ticor Newberg created these awesome reference chart for YOU!
Purchase or sale entities and how to show them on contracts and there could be more than 1 person authorized to sign – examples below:
| BUYER: | SHOW SIGNATURE ON CONTRACT AS: |
| Smith Family Trust | Jim Smith, Trustee or Co-trustee or Successor Trustee |
| The best company, LLC | Jim Smith, Member or Manager |
| The Estate of Jim Smith, deceased | Jane Smith, Personal Representative, PR or Executor |
| The best company, Inc. | Jim Smith, President or Secretary or VP, the title they hold |
Question: How do we know if this person is authorized to sign for this entity? Have them send you the following as it pertains to their entity:
| ENTITY: | DOCUMENT NEEDED: |
| Trust | Trust Agreement |
| LLC | Operating Agreement |
| Estate | Title company can pull the probate and confirm who the Personal Representative is that can sign |
| Corporations | Corporate bylaws, Resolution or minutes, something from the board stating who can sign for the sale or purchase of a property |
If you have any questions please reach out to your favorite Ticor Title Escrow Team!! We are here to help ensure these transactions go smoothly and seamlessly for all involved!
