Posted by kmnotary_CA on 11/29/04 11:44pm
Msg #12271

Pay Guarantee for Notary

I did a signing tonight for a Title Co. and the very first page that was to be signed by the borrowers was a guarantee that if the loan didn't go through, or any other problem, that they would be responsible for paying for my services. The poor borrowers thought they were to pay me now. I really liked seeing that this Title Co. was making sure we get paid.

Has anyone else seen this?

Reply by CaliNotary on 11/29/04 11:48pm
Msg #12272

Yeah, it's been discussed in here before. The general consensus seems to be that it's a terrible idea for the signing agent to use their own variation of this form.

However, if the title company includes it there should be no problem, as we're agreeing to get signed whatever they send us to get signed.

Reply by Mortgage Closers of San Antonio - Kenneth C Whitton Jr on 12/1/04 7:22pm
Msg #12485

The borrowers did not contract our services and are not responsible for our fees. I have a disclosure, mentioned before, that I require all companies to sign, that lets them know I am a full fee service. My duties/responsibilities as a Notary Public are compromised if I am paid according to the final closing status of the loan. If I am to be an uninterested third party, how can my payment be dependent on the disbursement of the loan proceeds?