Paymaster
‍Cornerstone Realty Properties Corp 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 financial 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.

What is a Paymaster and what services do they provide?
‍A Paymaster 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.
Paperwork must include the following for all parties seeking to employ CRPC as their paymaster and escrow provider:

A copy of a valid driver's 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
Fully Completed Escrow Agreement
Client Information Sheet
Note: Payments and disbursements can only be made in the form of Federal wire transfers. Cash, money orders or bank checks are not permitted.

What type of transactions do Paymaster services handle?
‍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.

Does a Paymaster have to be an attorney?
‍Paymasters do not have to be attorneys. As a licensed broker, the Paymaster is subject to heavy penalties and stands to be unlicensed if any funds are misappropriated.

What to expect when using Paymaster services.The Paymaster is not party to the transaction, and does not know the exact time that it will close. Part of this 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. If you have a potential Paymaster service and wish to employ CRPC for our services, please fill out our contact us page and request a Paymaster client information sheet and W-9 /W-8BEN form.

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