Granite’s Paymaster Services Division works with wealth management firms, law firms, entrepreneurs and brokers to carefully handle their assets and disburse commissions and sale proceeds of large transactions in an efficient and secure manner. Granite’s Paymaster services are personally handled by its General Counsel who drafts each Paymaster and Sub-Fee Protection Agreement to meet the specific needs of our clients.
What is a Paymaster?
- The primary purpose of a paymaster is to hold and dispense funds in escrow on a large transaction that requires multiple parties or entities to be paid.
- Granite Escrow and Settlement Service’s General Counsel serves as the company’s paymaster. The paymaster monitors and directs the incoming funds into a separate and highly secure trust account, assures all conditions for release are met and disburses the funds according to the terms set forth in the relevant agreement.
Why Use a Granite Paymaster?
- Granite is a highly secure Escrow company located in the State of California and serves as a truly independent neutral third party, which ensures the funds are paid in full to all parties involved in the transaction.
- We have a long and trusted history with many financial institutions, and we have the ability and authority to receive and quickly disburse large sums in a single transaction.
Why is Granite the Best Choice?
- Granite is licensed and regulated by the California Department of Business Oversight (DBO) and its employees are vetted and monitored by the Department of Justice. In addition, the DBO requires annual audits of the company’s operations and trust accounts.
- Granite’s Paymaster is a licensed attorney and a member of the State Bar of California. The Paymaster handles all agreements and oversight of the entire transaction. Support staff never handle these transactions.
- Granite uses the most secure banking procedures to ensure that all wiring instructions are highly secure, all funds received and distributed are safe and protected and the company uses checks and balances on every step of the wiring process.
- Granite is one of only a select few Escrow & Settlement companies in the US to have undergone the American Institute of Certified Public Accountants (AICPA) SSAE 18 audit and has successfully received the prestigious SOC 1 type 2 , SOC 2 type 2 and SOC 3 attestation based on the American Land Title Association® (ALTA®) Best Practices Framework, the Consumer Financial Protection Bureau (CFPB) requirements, the National Institute of Standards and Technology (NIST) risk management framework, and the NIST Privacy framework, assuring our clients of the highest standards in complying with data security, availability, processing integrity, confidentiality and privacy.
- Please direct all inquiries and questions to Karen Anapoell, General Counsel/Paymaster, at 949.720.0110 or [email protected].