Posted by BrendaTx on 12/12/05 9:19pm
Msg #82051
Texans - Article in 50 State Notary Newsletter
If you read this and if you are from Texas (or just know Tx stuff), what do you think about the answer? I think it is not exactly correct. If I am wrong...tell me why.
Dear Victoria:
I have handled several closings recently that required the use of a lawyer or title company's office. I don't understand why they have a requirement to handle the closing at their office because they don't participate in any way. Do you know the purpose behind some loan companies handling closings like this and others, with the same type loan, sending the signing agent to the client's home? It seems to defeat the purpose of having the closing come to them since they are now coming to us. (Patricia in Texas)
Dear Patricia: Below is the explanation provided from the Texas Finance Code Chapter 39. If an individual is pulling equity out of the house (they always will because they pay their closing costs from the proceeds of the refinance) then it must be done at an attorney's office or title company:
Home solicitation transaction
If the buyer of realty is not represented by an attorney, there is no Realtor involved, and the negotiations (sending contract to buyer's home and calling buyer) and contract was made at a place other than a seller's place of business (i.e. at an attorney's office or title company), a cancellation notice will probably be required. Chapter 39, Finance Code, HB 10, 9/1/97.
This will save you wear and tear on your vehicle and the cost of fuel so there is a silver lining in the law for you.
(It is my understanding that Victoria Riviera is the answering person these days. I wrote her and told her I was concerned that the answer did not fit the picture a week or so ago, but I guess she thinks she is correct. IMHO, this has little to do with a HELOC.)
| Reply by BrendaTx on 12/13/05 11:11am
Msg #82174
Want to be clear...I just got an inquiry that made me think my query regarding this letter was not clear as to who wrote what. Let me try again.
>>>>>>>>>>Start over<<<<<<<<<<<
If you read this and if you are from Texas (or just know Tx stuff), what do you think about the answer? I think it is not exactly correct. If I am wrong...tell me why. I do want to be informed.
It is my understanding that Victoria Ring is not the one who answered here. It would be Victoria Riviera.
IMHO, the answer given to "Patricia's" query has little to do with a HELOC which is what she is describing. If this is NOT in error, I need to learn what the heck this means.
Otherwise, it makes no sense to me at all as it stands. I did query Victoria Riviera regarding my confusion. No response - around a week-ten days have gone by so she's probably not going to address the question.
It's an honest mistake I am sure, but my Tx notary friends and I are scratching our heads. I am just trying to figure out what she meant, plus the part about the car is confusing. I suppose I could be wrong about this, but it is unlikely that what is being described has anything to do with a Home Solicitation Transaction.
Brenda's comments are outside the ========='s Between the line below and the other ======== is what was in VR's newsletter.
================================
Dear Victoria:
I have handled several closings recently that required the use of a lawyer or title company's office. I don't understand why they have a requirement to handle the closing at their office because they don't participate in any way. Do you know the purpose behind some loan companies handling closings like this and others, with the same type loan, sending the signing agent to the client's home? It seems to defeat the purpose of having the closing come to them since they are now coming to us. (Patricia in Texas)
Dear Patricia: Below is the explanation provided from the Texas Finance Code Chapter 39. If an individual is pulling equity out of the house (they always will because they pay their closing costs from the proceeds of the refinance) then it must be done at an attorney's office or title company:
Home solicitation transaction
If the buyer of realty is not represented by an attorney, there is no Realtor involved, and the negotiations (sending contract to buyer's home and calling buyer) and contract was made at a place other than a seller's place of business (i.e. at an attorney's office or title company), a cancellation notice will probably be required. Chapter 39, Finance Code, HB 10, 9/1/97.
This will save you wear and tear on your vehicle and the cost of fuel so there is a silver lining in the law for you.
============================================
| Reply by Art_MD on 12/13/05 11:23am
Msg #82177
Re: Texans - from a non texan
The home solicitation section could have been written clearer.
She's saying that if the signing is done in the seller's place of business, the 3 day right to cancel may not be required by law.
The comment about the car was a way of saying you wouldn't have to drive as far.
Art
| Reply by BrendaTx on 12/13/05 11:29am
Msg #82185
Re: Texans - from a non texan
*She's saying that if the signing is done in the seller's place of business, the 3 day right to cancel may not be required by law.*
Thanks Art...I guess I don't see how the seller's place of business has anything to do with it
And, the RTC was not in question.
>>the query was:
Dear Victoria: I have handled several closings recently that required the use of>>>> a lawyer or title company's office. <<<< I don't understand why they have a requirement to handle the closing at their office because they don't participate in any way. Do you know the purpose behind some loan companies handling closings like this and others, with the same type loan, sending the signing agent to the client's home? It seems to defeat the purpose of having the closing come to them since they are now coming to us. (Patricia in Texas) <<<<
While she mentions the loan company, that's not where it is taking place. The car is still a puzzlement becuase either way the notary has to drive. I think this is a Florida outlook on a Texas situation, perhaps.
| Reply by BrendaTx on 12/13/05 11:25am
Msg #82179
**No response - around a week-ten days have gone by so she's probably not going to address the question. **
I said it was 7-10 days. No...it's more like six - I checked to see.
(I am starting to feel like one sock puppet that several people are using to talk through. Sorry.)
| Reply by Charles_Ca on 12/13/05 11:30am
Msg #82186
I don't knwo anything about Texas Law but...
In quoting the Texas code I find it interesting that the word "Realtor" is used. Realtor is a trademark and the property of the National Association of Realtors and its state and local affiliates and is only be used by members in good standing. Not all licensees, licensed to practice real estate are "Realtors". For Texas to call out Realtor specifically does that mean that licensees who are not Realtors are excluded. I suspect that "Realttsts" and agents who don't belong to either organization would be upset toknow this.
| Reply by BrendaTx on 12/13/05 11:34am
Msg #82188
Re: I don't knwo anything about Texas Law but...
LOL, Charles you are so right. I did not think Texas would put Realtor in the law, nor capitalize it if it was being used that way.
***Home solicitation transaction
If the buyer of realty is not represented by an attorney, there is no Realtor involved, and the negotiations (sending contract to buyer's home and calling buyer) and contract was made at a place other than a seller's place of business (i.e. at an attorney's office or title company), a cancellation notice will probably be required. Chapter 39, Finance Code, HB 10, 9/1/97. ***
OFF WITH THEIR HEADS.
| Reply by Charles_Ca on 12/13/05 11:51am
Msg #82191
Re: I don't know anything about Texas Law but...
A copy of the newsletter is making its way through the hall of the National Association of Realtors (NAR) even as we speak. The NAR gets real hot under the collar when the term is abused. Recently during a well known morning program on TV the banter between the two hosts was something along the lines of :
One host to the other "Why do some say Realtor and others real estate agent"
The perky blond replies: "Realtor, agent they're all the same, some say potato and some say potahto (long a) but they are all the same"
Well the statiion wound up making a public apoligy and having to run numerous free ads to mollify the NAR and keep them from suing.
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