Liquor License Transfers
State of California Alcohol and Beverage Control (“ABC”) requires an Escrow Holder when transferring a liquor license. Hollywood Escrow can assist you with satisfying the requirements to transfer a liquor license for the sale of alcoholic beverages when you sell or purchase a business with a liquor license or with the sale of the license alone.
Liquor license transfers, which include Beer and Wine transfers, can be accomplished with the sale of a business (“Bulk Sale”) or the sale of the license alone. In a liquor license transfer escrow, the Escrow Officer draws the Escrow Instructions and the required documents, and then holds all the documents and funds until each and every condition has been completed by the Seller and Buyer.
Once escrow is opened, the Buyer works closely with the State of California ABC in the transfer of the liquor license. An extensive application process is performed and completed by the State. The closing of the Liquor License Escrow takes place once the liquor license has been transferred. Once all the conditions to the escrow have been satisfied, then the Escrow Holder is in a position to release all documents and funds. The Buyer and Seller will then receive a detailed, itemized closing statement of all the costs and charges in the transaction.