Transferor liability

Definition

The seller's duty to keep running the place until the buyer's own license issues.

Why It Matters

Florida writes the sequence and it is unusually uncomfortable. The transferor notifies the agency in writing at least sixty days before the anticipated change, the transferee applies for a license of its own on the same clock, and the transferor remains responsible and LIABLE for lawful operation and for the welfare of the residents until the day the transferee is licensed. Level 2 screening reaches the licensee, the administrator, the financial officer and every controlling interest, which is anyone holding five percent or more, so the buyer and its investors clear before the license issues. The agency then has sixty days from a complete application to answer.