Frequently Asked Questions
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- What is an attorney paymaster, and what services does one provide?
- Is the attorney paymaster involved in the transaction itself?
- Will you disclose the terms of my contract?
- How do I know you have received the wired funds?
- What happens after you receive the funds?
- How quickly do you send the money after the deal closes?
- What other services do you provide?
- When should I retain an attorney paymaster?
- What documents do I need to finalize the transaction?
- Do you withhold taxes?
- Do you accept cash, checks or money orders?
- What are your fees?
What is an attorney paymaster, and what services does one provide?
An attorney paymaster is a neutral third party who receives transaction funds into a client trust account and pays them out according to the parties' written instructions. In large domestic and international trades, including deals with substantial commissions, a licensed lawyer adds protection that ordinary escrow arrangements do not, because attorneys are subject to trust account rules and professional discipline.
Back to topIs the attorney paymaster involved in the transaction itself?
No. The paymaster is neutral and does not take part in negotiating the deal. We cannot change the terms of your contract. We follow the signed instructions.
Back to topWill you disclose the terms of my contract?
No. Your information and the terms of your contract are kept confidential and are not shared without your written authorization, except where the law requires.
Back to topHow do I know you have received the wired funds?
We confirm receipt to you in writing once the funds arrive in our trust account. Our bank does not discuss client trust account activity with third parties, so confirmation always comes from the attorney.
Back to topWhat happens after you receive the funds?
We contact the parties named in your agreement and wire each payment according to the contract and your written instructions. You receive an accounting of every payment made.
Back to topHow quickly do you send the money after the deal closes?
We aim to send payments the same business day or the next business day once all conditions are met and all documents are in hand. For large amounts, the bank may hold a wire for its own review.
Back to topWhat other services do you provide?
We are a law office. Because the paymaster role must stay neutral, we do not advise either side on the transaction we are handling as paymaster. Separate legal work, such as drafting a contract for a different matter, can be discussed.
Back to topWhen should I retain an attorney paymaster?
As soon as you know the transaction will involve paying out money, ideally before the purchase contract is signed so the paymaster can be named in it. This leaves time for identity checks and paperwork.
Back to topWhat documents do I need to finalize the transaction?
A copy of the transaction contract, a signed paymaster fee agreement, identification for each individual, company records for each business, IRS Form W-9 for U.S. persons or W-8BEN (W-8BEN-E for entities) for foreign persons, bank details for each beneficiary, and information about the source of funds.
Back to topDo you withhold taxes?
We do not withhold taxes from payments unless the law requires it. Each party is responsible for reporting and paying its own taxes. We collect W-9 and W-8 forms because banks and tax rules require them, and we may file information returns where the law requires. Please speak with your own tax advisor.
Back to topDo you accept cash, checks or money orders?
No. For banking compliance, we receive and send funds by bank wire transfer only.
Back to topWhat are your fees?
Fees quoted per transaction. Please contact Bahram Madaen directly by phone or email for a price. Every fee is confirmed in a written fee agreement before any funds are received.
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