S.E.C. Real Estate Observer

Private, Professional Fiduciary Services

I gave a brief overview of our private, professional fiduciary services at the last SEC marketing meeting, and have received a number of calls and emails since then asking for clarification regarding our fiduciary capabilities. So, this article will be a little self-serving and will hopefully clarify how Exeter Fiduciary Services, LLC can assist SEC Members and their clients in solving various closing or settlement problems that present themselves at the most inopportune times.

As you know, trust services are generally provided by banks and/or trust companies, which are licensed by national or state regulatory authorities. However, some states, such as California, have realized that there is a huge void when it comes to fiduciary services that the large banking and trust institutions choose not to serve. Therefore, certain states license private, professional fiduciaries to help fill these voids.

Exeter Fiduciary Services, LLC

Exeter Fiduciary Services, LLC is licensed by the State of California, Department of Consumer Affairs, Professional Fiduciaries Bureau as a private, professional fiduciary. Exeter Fiduciary’s focus is and always has been to serve the specialized fiduciary services void that exists in the real estate community.

The parties involved in the purchase, sale and refinance of real estate, especially commercial real property, are often confronted with obstacles at the last minute that can hold up the closing or settlement of the transaction. The challenge often involves a dispute or disagreement between the parties over the allocation or distribution of funds or other property.

Holding Trusts or Holdback Escrows

One solution is to have the parties agree to have the cash or property held by an independent third party, such as Exeter Fiduciary Services, LLC. When the parties can not agree and end up in litigation, Exeter Fiduciary Services, LLC can be appointed and directed by the Court. A Holding Account, Settlement Trust or a Cash Holdback Escrow could be established to hold the funds or property pending the resolution or settlement of the issue.

The Holding Account, Settlement Trust or Cash Holdback Escrow is a very simple fiduciary solution to an often complicated problem. These problems often arise at the last minute and can delay, complicate or even result in the cancellation of some already fragile real estate transactions. Exeter Fiduciary Services, LLC can help you structure a fiduciary solution when a dispute or disagreement threatens your real estate transaction.

 Email This Article