Condo financial is the only certified full service financial management company in California.
Escrow Services
Upon notification from a Title Company and a written request related to an open
escrow, CFM will prepare a demand to that escrow. If the unit or lot has been turned
over to collections, CFM will work with the collection company to make sure a demand
is prepared with all amounts owing to the Association. Our demand will notify the
buyer and seller of the total due from the seller and the amount expected from the
buyer. We typically request two months prepaid of assessments plus fees for the
buyer’s account.
The seller is responsible for the outstanding balance due on their account and any
special assessments to be accelerated at sale. All amounts owing are subject to
negotiations between the buyer and seller as to who will be the responsible party
for payment. Our role is to ensure all amounts requested are collected at the close
of escrow.
If requested by the Title Company or seller, we will provide copies of the documents
of the Association including the Articles of Incorporation, CC&R’s, By-Laws, pro-forma
budget package, year end financial statement, and any other disclosures provided
to this office to be distributed to third party buyers and their representatives.
CFM will also contact the manager or board to inquire as to any outstanding fines
with respect to the property to include in the demand for payment.