Attorney Paymaster Services
We are pleased to announce paymaster services via Sharma Kliche, LLP. A paymaster is usually an attorney or a law firm that allows clients to transfer money to the attorney’s client trust account, known as an IOLTA account. The fidicuary duties of an attorney, especially in California, requires strict adherence to the Rules of Professional Conduct as set forth by the California State Bar. This fidicuary duty comforts parties entering into agreements where large sums of money are going to be passed.
The parties will execute the contract that dictates the services to be rendered and the payment(s) to be made. The payment is made directly to the attorney paymaster to hold (similar to an escrow company). The attorney paymaster will usually charge a small set up fee for the trust account, and a services fee that is usually a percentage of the transaction. The service fee depends on the transaction amount but is disclosed prior to the beginning of the transaction. In our office, our service fee is less than what you would pay at an escrow company, and you have the full confidence that your money and transaction is fully secure. Once the money is received, verification of the transaction is given, and the monies are transferred to the seller minus the service fee.
Attorney paymasters are used in a variety of situations including: real estate transactions, oil/gas, gold, steel. Essentially, when there are large sums of money involved, an attorney paymaster should be used. The attorney paymaster is a neutral third that is NOT involved in the transaction.
To use our paymaster services, we would need:
The master fee agreement – we will provide this agreement
Valid driver’s license for each and party and/or passport
Contract for services rendered and all transactional documentation
Completed W-9 for U.S. citizens
Form W-8BEN for non-U.S. citizens