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What is Paymaster? Bianchi Fasani Green Law
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What is Paymaster?
In today’s article, Bianchi Fasani Green Law will explain what a Paymaster is and what services Paymasters provide.
A Paymaster is a person or entity who acts as a neutral third party in transactions between two individuals, entities, businesses, etc.
The Paymaster ensures due diligence, ensures the transaction is legitimate, and makes sure to carry out the transaction safely and effectively.
A Paymaster is often an attorney because attorneys have the ability to use an Attorney Trust Account, also known as “IOLTA Trust Account.”
These accounts are used mostly for short-term escrow transactions.
A IOLTA Trust Account provides an extra level of security because it is carefully monitored by the state bar in which the attorney is licensed.
As an attorney, the Paymaster is subject to large penalties and could even be disbarred if funds
are misappropriated.
How does the process work?
An individual contacts the Paymaster and the two parties enter into a transaction.
The Paymaster will review the agreement to understand who is paying, who is receiving the payment, what they are paying/getting paid for, and when payment should be complete.
The buyer will wire money into the IOLTA Trust Account, and then the Paymaster will disburse the funds based on the agreement and any other instructions by the parties.
A Paymaster is beneficial because it provides a trusted third party to facilitate the payment and disbursement of funds.
Paymasters are ofted used for transactions involving goods, services, or products that usually involve large amounts of money.
Bianchi Fasani Green Law can provide this service to private individuals, companies, or large corporations.
Interested in using Bianchi Fasani Green Law for Paymaster services?
Please schedule a 15-minute Intro call using this Link to discuss the transaction or contact us for further information.
Author Bio
Beatrice Bianchi Fasani, Esq., is the founder and lead attorney at Bianchi Fasani Green Law, a boutique law firm located in Miami Beach, FL, focusing on corporate law, estate planning, tax and asset protection planning, and real estate transactions.
She advises high-net-worth families, businesses, and individuals on U.S. and international tax planning, mergers and acquisitions, and entity formation. Beatrice also represents clients in Florida real estate transactions, providing comprehensive services for buyers, sellers, investors, and developers.
With a Juris Doctor and Master in Tax Law from the University of Miami School of Law, Beatrice has been recognized for her accomplishments through awards such as “Rising Star” by Super Lawyers, “Star Attorney” by Lawyer Sphere, “Recognizing Excellence in Real Estate Law” by Lawyers of Distinction, and “Best Estate Planner of the Year” by M&A Today Global Awards. She is admitted to practice law in Florida and is fluent in Italian, English, and Spanish.
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