There are many resources online that offer detailed information on California structured settlement companies. A person wishing to sell his structured settlement should visit these sites so that his selection process becomes easier. The free quotes offered online help the seller to find out the minimum that he can get on the sale of his structured settlement.
California structured settlement companies purchase structured settlements from individuals and have business relations with insurance companies all over America.
A seller can receive a lump sum payment from the settlement company only after the sale has been approved via a written court order. The court order states that the sale is indeed in the best interests of the seller and his dependents. Various sections of California state law need to be met before the lump sum can be transferred. The seller should initiate the sale process keeping in mind that it can take a minimum of thirty days from the day the seller signs an agreement selling his rights to the structured settlement. Sellers are free to cancel the agreement before the court approval takes place
The purchase of a structured settlement by the buying companies is done on the basis of the effective equivalent interest rate; therefore sellers should scout the market for buyers that offer the best rates. The process of obtaining cash from a California structured settlement company involves several expenses such as commissions for the brokers, application fees, service fees, closing expenses, fees incurred during the legal procedure, and notary fees. These expenses are usually borne by the structured settlement company.
Sellers should approach a financial advisor only after doing their homework so that they can obtain maximum benefit from their advice and clinch a deal as early as possible. This is because under California law, independent professional advisors such as certified public accountants and actuaries, who advice claimants on the legal and financial implications of a settlement sale, have to be paid their fees even whether or not their advice results in the sale of a settlement.
Sellers and buyers should take note of the fact that a structured settlement sale without a court order can attract a hefty tax for both parties. It is imperative that sellers be on their guard while dealing with buyers; there is a process involved in the sale of a structured settlement and if a buyer suggests anything to the contrary, it is best to avoid him.