Blick Law Firm offers Paymaster and Escrow services to many clients, both domestic and foreign. Various transactions involving such areas as real estate as well as in various commodities, such as note transactions, oil, jet fuel, gold and diamond transactions.
All such transactions must be compliant with federal authorities including the U.S. Treasury Department and Homeland Security. We assist and work with such clients to ensure prompt payment of their fees within the guidelines of governmental authorities and regulations.
A Paymaster Attorney acts as a neutral third party to receive funds from any transaction between two separate individuals or businesses. The Paymaster maintains an escrow account, then disburses those funds to the seller. After taking a small commission as payment for his services the paymaster reconciles the escrow account and fills out the necessary IRS paperwork.
Paperwork must include the following for all parties seeking to employ Blick Law Firm as their paymaster and escrow provider:
- A copy of valid drivers license and/or passport.
- Complete IRS form W-9 for U.S. citizens involved
- For non U.S. citizens: Completed IRS form W-8BEN
- Copy of all transactional documents, including payment agreement
- Recorded report of pending dealings that Blick Law Firm is involved with
Note: Payments and disbursements can only be made in the form of Federal wire transfers of SWIFTs. Cash, money orders or bank checks are not permitted.
Paymasters are usually used in transactions which involve large sums of money. For example, the transfer of large quantities of various financial instruments and commodities like Bank Guarantees, oil, gold or steel typically involve millions of dollars. The Paymaster’s services can be used to facilitate the payments and disbursement of funds.
Placing the funds in escrow with a neutral and trustworthy third party reduces the risk to both buyers and sellers in these transactions. It assures the seller that sufficient funds are available for payment, and it allows the buyer to receive title to the goods in question.
Paymasters do not have to be attorneys. However, attorneys often serve in the role of a Paymaster because they are able to use Attorney’s Trust Accounts (also known as IOLTA accounts, which are used for short term escrow transactions). These are monitored by the state bar where the attorney is licensed and provide an additional measure of security for handling large sums of money.
As a licensed attorney, the Paymaster is subject to heavy penalties and stands to be disbarred if any funds are misappropriated. And the Paymaster may not provide legal services for any of the Paymaster clients, since it is considered to be a conflict of interest.
The Paymaster is not party to the transaction, and does not know the exact time that it will close. Part of his job is to check periodically with the escrow account to ensure that the payment has been transferred in, then to disburse the funds as per his directions. Nor is the Paymaster allowed to disclose the identities of the parties to the transaction.
Paymaster services facilitate the transfer of commodities and financial instruments without the inconvenience that can arise through using Letters of Credit. No credit scores or bank references are required of either party. New companies with no established credit history can trade freely.
If you have a potential Paymaster service and wish to employ Blick Law Firm for your legal services, please fill out our Paymaster client information sheet and W-9 form. Once you have completed the Paymaster documents please mail or fax to:
4351 Gunn Hwy. Tampa, Fl. 33618