Paymaster & Escrow Services
Some transactions are simply too large to handle with checks or other conventional means. Escrow services handled through a lawyer paymaster reduce the risks involved with transferring large sums.
At Hart David Carson LLP, we offer paymaster and escrow services to individuals and businesses throughout Illinois.About Paymaster Services
A paymaster is a trustworthy individual who acts as a neutral third party in a transaction where there is an escrow agreement. Their responsibilities are to:
- Receive funds from the buyer
- Maintain funds in escrow
- Disburse funds to the seller
- Handle IRS forms and tax-related paperwork
All this is done in strict compliance with federal regulations. As such, it’s advantageous to opt for our attorneys to act as paymaster in your transaction since we’re intimately familiar with the codes, laws, regulations, and best practices involved in these kinds of exchanges.Types of Transactions We Handle
Escrow services are typically reserved for high-value transactions that would be too risky to handle through banks or other conventional means. Among the transactions we handle are:
- Real estate purchases
- Commodities trading, such as oil or gold
- Financial instruments
Handling the transfers of funds in these transactions is best done by creating an escrow agreement in which the funds are handled by a reliable third party. With this agreement, sellers can be confident that there are sufficient funds to complete the transaction, while buyers are more certain to receive the goods or property being sold—all in accordance with the strictest legal standards.
With our considerable experience in real estate, commodities trading, and similar transactions, we at Hart David Carson LLP are well equipped to provide the utmost security when it comes to holding and transferring funds.What to Expect When Using Paymaster/Escrow Services
When you hire us to provide paymaster and escrow services, the first thing you’ll need to do is provide the right documentation. That will include:
- A copy of valid ID from each party, such as a passport or driver’s license
- W-9 forms for each US citizen involved in the transaction
- W-8BEN forms for non-US citizens involved
- A copy of the payment agreement
- Copies of all other relevant transactional documents
- Report of pending dealings with which we’re involved
From there, the transaction continues in accordance with the purchase agreement. As your paymaster, we’re not party to the transaction itself—our job is simply to check with the escrow account to determine when the funds are transferred. Once they are, we’ll disburse funds per the purchase agreement.
All the while, we’ll keep the identities of each party in the transaction strictly confidential. In addition, funds are typically handled through an Attorney’s Trust Account which is closely monitored by the Illinois state bar for added security.Make Your Next Transaction More Secure
Throughout every phase of your transaction, using an escrow agreement involving a trustworthy third party is key to making sure it is absolutely secure. To discuss enlisting our attorneys to act as paymaster for your major transactions, contact Hart David Carson LLP to schedule a consultation.