Thread Topic: CAN BUYERS CHOOSE THEIR NOTARY PUBLIC SERVICES????
Topic Originator: Kelly Tran
Post Date February 16, 2010 @ 1:56 PM |
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Kelly Tran
1 Posts
(, CA)
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Help! I am purchasing a home and was told by the escrow person that I have to use their notary public. I want to take home the loan documents sign them and take the few documents to a notary public to pay a mere $10 a signature instead of being charged a $175 signing fee. My lender approves of me using any notary public I want but the escrow person insists that I use their notary public. Is it a California Notary Law that I cannot use just any notary public I choose? Please help, I am frustrated. I don't want to lose this house over this notary issue.
Thank you!
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Marian Harmon
271 Posts
(Lancaster, CA)
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The $175 "Notary Fee" is misleading. Chances are it's a "Signing Agent Fee" -- in which notarizations are included. The signing agent does more than just notarize your signatures. A loan package often has 100-150 pages or more of documents, and only a handful need notarizing. The signing agent usually prints out the entire thing on their equipment and goes through the entire package and makes sure that all of the documents are properly signed and returned to Title/Escrow.
If all you want to do is pay $10 a signature for notarizations, then the ONLY thing the notary will do is notarize the signatures that need notarizing according to your request. They will not touch the rest of the package not will they help you. Your escrow officer likely want somebody with experience as a "Signing Agent" to handle the entire thing.
Do you have to use "their" notary? Maybe, maybe not. What do you know about the notary? You should find out if the notary is being hired directly through them or via a signing service. Chances are that if it's through a service, that notary won't even see half of the fee.
I know that I have been directly requested as a signing agent for several loans, and there has never been a problem. Thing is, I got paid the whole fee for my work... but I was also able to prove to them that I knew what I was doing.
Chances are, they won't just give you your loan papers and say, "Go find a notary" -- not a purchase.
Trust me, the $175 is worth paying to get your paperwork properly executed. If you sign everything yourself, you risk missing important details, places to sign or initial, and the risk of getting it kicked back is high.
There is no notary law that covers this... not really.
If it bothers you that much, you could always exercise your right to choose another escrow or title company.
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Paul Williamson
103 Posts
(Inverness, FL)
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Since you are purchasing your own home, chances are the title company or settlement company is going to provide the "closer" to close your transaction. Typically, this is not negotiable as the title/settlement company is on the hook for the transaction, so they have the right to choose the closer and notary.
This has nothing to do with notary law, but everything to do with title companies, settlement services and escrow management, with accompanying policies, procedures and regulations.
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Marian Harmon
271 Posts
(Lancaster, CA)
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Paul's correct.
However, in many cases (if not all?) you have the right choose the Title company/closing agent. Don't get the Closing Agent confused with the Notary Signing Agent. They are entirely two different people. The Closing Agent is the one that is responsible for hiring/coordinating the Notary/Notary Signing Agent. They may or may not let you choose. Some escrow/title companies will only work with certain notaries, others won't care.
Most people simply go with whatever title/escrow company is recommended to them, and in your closing paperwork there is a document that tells you about this right... even though you should have seen it long before that point.
SO, if you don't like the terms that your escrow agent is telling you, you can always go find another one... that is your right. It will, however, likely postpone the closing of your loan.
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Marian Harmon
271 Posts
(Lancaster, CA)
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BTW, I really have no idea what I'm talking about... :) What I mention in this thread is just what I know from my real estate finance courses and as a NSA. I'm certainly no expert!
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