- Mobile/WhatsApp: +44 7441428875
- Direct Line: +44 2034320934
- Email: info@intragencapital.com
PAYMASTER & ESCROW SERVICES
Intragen Capital 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.
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.
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 is a trustworthy individual who acts as a neutral third party in a transaction where there is an escrow agreement. Their responsibilities are to:
1. Receive funds from the buyer
2. Maintain funds in escrow
3. Disburse funds to the seller
4. 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.
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:
1. Real estate purchases
2. Commodities trading, such as oil or gold
3. Financial instruments
4. IT Services
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 Intragen Capital Limited are well equipped to provide the utmost security when it comes to holding and transferring funds.
Who Pays Escrow Fees?
When it comes to escrow fees, there is no set rule or law that dictates who should pay them. As such, it ultimately comes down to the terms of the purchase contract. Often, escrow fees are split evenly between the buyer and the seller, but there may be instances where one party may be able to negotiate for having the other party pay them in full.
Is Escrow Required for My Transaction?
Whether escrow is used in a given transaction depends on the needs and desires of the parties involved. For instance, in mortgage contracts, the lender will often require setting up an escrow account in order to mitigate risk. While there’s no legal obligation for escrow to be used in these instances, either party can require funds to be held in escrow if they feel like there’s enough risk to warrant doing so.
How Long Will Escrow Take?
Each transaction varies, and the length of time it takes funds to be released from escrow depends on the terms of the agreement. Often, those negotiating a contract will determine an escrow timeline along with terms outlining when funds will be released from the account.
That said, a typical timeline ranges between 7 and 60 days, but again, it depends on the agreement.
Can Escrow Close Early?
Typically, funds in escrow will not be released until both parties agree to close. If both can arrive at an agreement early, they can decide to have funds released before whatever date they’ve determined. However, if one party does not consent, there isn’t really any way to force an early release of funds.
Are Escrow Accounts Secure?
Given that the purpose of an escrow account is to make sure funds are available to the seller once a transaction closes (and to prevent funds from being released before the seller fulfills their end of the agreement), every reasonable measure is taken to keep those funds secure. Banks have their means of keeping funds safe, and paymaster attorneys will use trust accounts that are closely monitored by the state bar association.
What Does a Paymaster Do?
A paymaster is a neutral third party who is appointed by the buyers, sellers, and other parties involved in a transaction to receive, handle, and release funds. Given that they act as a neutral party, they cannot provide any other types of services (such as legal counsel) to the buyer or seller, nor can they disclose specifics about the transaction to outside parties. As such, they must be absolutely trustworthy.
Why Should I Use Paymaster Services?
Paymaster and escrow services are often used in the course of high-risk transactions, such as those involving real estate, securities, or online commerce. These services are useful for both buyers and sellers in that:
1. They assure sellers that buyers have the funds available to complete the transaction, and;
2. They keep funds and assets from being transferred until the seller delivers on their end.
Paymaster services, such as those offered at INTRAGEN CAPITAL LIMITED, are a secure way to handle high-profile transactions with minimal risk.
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:
1. A copy of valid ID from each party, such as a Passport or Driving license
2. W-9 forms for each US citizen involved in the transaction
3. W-8BEN forms for non-US citizens involved
4. A copy of the payment agreement
5. Copies of all other relevant transactional documents
6. 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.
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 INTRAGEN CAPITAL LIMITED to schedule a consultation.