Posted by lisaca on 12/29/05 7:05pm
Msg #85131

Purchase Signing

I've been doing signings for a year and I just got my first purchase signing for tomorrow. I'm a little nervous because I"m not sure what to expect. I thought there would be two signers but they said there's only one. To those of you that have experience with purchases, is the paperwork pretty much the same? Is there anything I should be especially careful about (like the RTC on a refinance)?

Also the title company is in Florida. I don't know yet where the property is because they haven't sent the docs. They sent me a form where I'm supposed to have the witnesses sign. I know that Fl. is a witness state but if the signing is done in Ca. aren't I supposed to follow Ca. law. Or, does it depend on where the property is located?

I'd appreciate some help on this. Thanks a lot.

Reply by Shane_OH on 12/29/05 7:15pm
Msg #85133

Don't worry about an RTC, as there is no RTC on a purchase transaction.

The fact that you only have 1 side of the transaction shouldn't be that much of an issue. It its the seller side, you just made easy money for a few documents. If its the purchase side, you'll see its very similar to a refinance closing, but the settlement statement will have 2 sides with figures on them (one for the buyer, one for the seller). Make sure you familiarize yourself with that particular page, before you get to the signing.

As for the FL laws, i'll defer to one of our esteemed colleagues in the Sunshine State...oh I miss there so much. Palm trees make the world a better place....but I digress.

Good luck!

Reply by lisaca on 12/29/05 8:50pm
Msg #85173

I don't know for sure if I'm dealing with the seller or buyer. I got a note to have him send a cashier's check so I'm thinking he's probably the buyer. Thanks for the info. You reassured me that it'll be okay. I just hate to get there and be blind-sided by something I don't know what to do with. Not good for the client and makes me look unprofessional as well. Thanks.

Reply by PAW_Fl on 12/29/05 7:31pm
Msg #85139

You must follow YOUR NOTARY laws with all the notarizations. However, FL does require witnesses for DEEDS. (This is not notary law, but real property law.) Two witnesses are required to sign the DEED. Each witness must print their name beneath their signature. The notary can act as a witness since the notarial act is only acknowledging the grantor's signature, not the witnesses.

Reply by lisaca on 12/29/05 8:52pm
Msg #85175

So, the purpose of the witness is to further verify that the one signing the deed is the person sitting at the table, right? I presume it's the buyer's responsibility to get the witness.

Reply by PAW_Fl on 12/29/05 9:03pm
Msg #85177

Typically, the buyers (grantee), do not sign a deed. The seller (grantor) signs the deed handing over the property (title) to the buyer.

Mortgages in Florida do not require witnesses. However, some lenders still require two witnesses on a mortgage, which is acceptable for recording as long as the witnesses print their names beneath their signature. And, yes, it is the signer's responsibility to furnish a disinterested, third-party witness. The witness doesn't even have to know the signer as the notary certifies the identification in the notary certificate. The witness is there to ensure that the signer signed the document. IOW, they are witnessing the execution of the document, nothing more.

Reply by lisaca on 12/29/05 10:07pm
Msg #85192

Great info. Thanks. It sounds like I probably have the seller since there's a deed. They said there were about 80 pages. ShaneOH said there weren't very many pages with the seller. It is less than a refi, maybe that's what he meant. I'll find out tomorrow. Thanks a lot guys.