Paymaster and Escrow Services:
RMS PA offers Paymaster and Escrow services to domestic and foreign clients. Various transactions involve real estate and commodities, such as note transactions, oil, jet fuel, gold, and diamond transactions.
All such transactions must comply 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.
Paymaster services differ from Escrowing.
The Paymaster facilitates payments after the transaction is completed and assists one party in disbursing funds to other vendors or brokers not involved in the primary transaction.
The escrow agent acts as a neutral party in the transaction to hold transaction funds without preference for any one interest and disburses these funds based on a closing statement, IMFPA, or disbursement authorization signed by all stakeholders.
What is an Escrow Agent, and what services do they provide?
An Escrow Attorney acts as a neutral third party to receive funds from any transaction between two separate individuals or businesses. An Escrow Attorney maintains an account, then disburses those funds per written instructions. After paying a small commission for his services, An Escrow Attorney reconciles the escrow account and fills out the necessary IRS paperwork.
Paperwork must include the following for all parties seeking to employ RMS PA as their escrow provider:
- A copy of a valid 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
- KYC (Know your client)
- References
- Closing statement, IMFPA, or disbursement authorization signed by all stakeholders.
