Posted by slc on 10/23/07 3:47pm
Msg #217866

1st time to notarize a purchase, help please...

My first request for notary work on a new purchase. I would like to ask any advice on how it differs from a normal refi. I have done reverse mortgages and they don't seem to different. Can anyone advise me on what to expect different as well as what my rate should be in comparison to a refinance (email). Should it be the same? higher by 50% or double? I've already neg. the price for this one, but wanted to know for the future. Thanks in advance for any help you can give me!

Reply by Lisa Prestegard on 10/23/07 4:02pm
Msg #217870

Are you handling both sides of the transaction? Are you collecting a cashier's check at the time of closing? Did the TC send you checks so you can disburse at the table (wet closing) or are they sending out funds later (dry closing)? Are you closing the Buyers loan, too?

These are some of the questions I ask when setting my fee for a purchase transaction, as the time involved will vary depending on the situation. Normally, I charge $250 for a single side transaction, $350 if I have both Buyer and Seller present.

Remember, there's no RTC on a purchase, so you will usually have to fax ALL documents to the TC immediately for funding purposes.

As for the documents, they differ from state to state. If you're handling the Seller side, you'll have a Deed of Conveyence, as well as several Escrow documents, that require notarization. Also, check your HUD. Most TC's will want the Buyer and Seller sigs on the same HUD (only applies if you're handling both sides of the transaction).

Reply by slc on 10/23/07 5:03pm
Msg #217880

Ok then.... it's a single side with no disbursement. It looks like I'm a little under you on price, but I'll just have to deal with that on this one. I sincerely hope I don't have to fax back the entire document. I can probably drive it there for cheaper due to the fact that I normally use my efax! This request will be with the package I can assume. I hope to get the docs faster than the normal 2 hours in advance so that I have plenty of time to review and get questions answered.

Reply by SheilaSJCA on 10/23/07 7:14pm
Msg #217899

Since you are MI, and I am in CA ,based on what I have seen here, it will be pretty similar toa typical loan signing, but may include a few documents pertaining to the property sale, such as inspections, home warranty info, misc. reports, or other state required documents that didn't get signed earlier in the transaction. I do purchases often, and I charge no different than a refi. Hopefully, the buyers have been well prepared by their lender, as their is usually no recission period.

Reply by Dorothy_MI on 10/23/07 10:03pm
Msg #217916

It can take longer because the taxes have to be pro-rated, the water bill allowance included, etc. You will spend more time on the HUD than probably the rest of the package put together. There will also be some property tax forms that have to be signed by both the buyer and the seller. It will probably be a "dry" closing (no money dispersed), but you may have to collect a check from the buyer. The most problems will be incurred if the real estate agents are there because they are used to getting their checks at closing. Also some sellers don't realize that their money will be either overnighted or wired to their account and they won't be walking out with a check. IF you have any problems at all, CALL the title company!! They will be your new best friend and are used to handling difficult sellers and real estate agents.

Reply by slc on 10/24/07 3:43pm
Msg #218112

Thanks everyone. The docs are coming to me overnight so I'll have plenty of time to review. I feel very comfortable with the addition of your thoughts. Thanks to everyone!