Posted by RP_CA on 12/23/05 9:54pm
Msg #84445

Trustee/Settlor Notarization question

I did a search and couldn't find the answer. Hopefully someone here can help! My borrower has to sign as "John Doe, Trustee" and then there's a notarization for me to complete below. Then below that is another set with "John Doe, Settlor" and another notarization for me to complete.
Now on the notarizations, the say, "On this <23rd> day of <December>, <2005>, before me personally appeared <John Doe> known to me to be the ________________ person whose name is subscribed to the within instrument and acknowledged that he exectued the same for purpses therein contained." I filled in what I have in brackets above.
My question is what do I put in that blank line? I've never seen that before. Only thing I can think of is "same"? And of course, I should change "known" to "proven".
Thanks in advance for your help, and happy holidays!

Reply by AmandaCA on 12/23/05 10:57pm
Msg #84451

Wow, stumped me! I have looked in my CA handbook for Trustee or Settlor, but nothing so far. Can you call the NNA? I know they are not always 100% accurate but they may have the answer.

I really think the word they are looking for in the blank is "same". e.g. John Doe Trustee is the same as the John Doe individual proven to you through satisfactory evidence.

If the docs are to be filed in CA you need an all purpose CA acknowledgement anyhow which would cancel out the above verbage. (Your alias shows you are from CA)

Hopefully someone else is online that has a precise answer. I will be interested in the answer.

Reply by RP_CA on 12/24/05 12:08am
Msg #84461

Thanks for your help, Amanda. Yes, I tried the NNA, but they're closed for the holiday. Figured--the one time I need them! LOL

I would do an all purpose acknowledgement, but there are four notarizations per document (2 borrowers, each signing once as a trustee and then as a settlor) and there are four documents like that, so that would be 16 attachments to four documents--just seems a bit messy, but if it's the only accurate way, I'll do it.

Back to the blank, though, "same" is the only word I can think of too to put in that blank that makes sense! The more I look at it, the more it makes sense, as you put it, that John Doe is the same person as John Doe, Trustee.

Has anyone else seen this or know what to put there? Maybe I'll hold onto the package until I can get ahold of someone there on Tuesday when they reopen. The docs will still get there at the same time with the holiday schedule I think. Thanks again!

Reply by Blueink_CA on 12/24/05 12:15am
Msg #84463

Hi RP, I've done a few of these, usually Morgan Stanley. I just line through the blank, never had any complaints.

Reply by AmandaCA on 12/24/05 12:17am
Msg #84464

Good idea RP; there are lots of very smart people on this board that may just have the answer. I have learned so much here.......

I hate to sound dumb, but it is getting late and I am tired...what the heck is a settlor anyhow? I know what a trustee is........and I have done many trustee signings, but a settlor? Must not be usual for CA. Or...I need to learn lots more, lol! We have worked in foreclosures for 15 years...many people claim to be settlors! But they are usually just tresspassing! lol

Reply by Bob_Chicago on 12/24/05 10:43am
Msg #84519

"settlor" is the one....

who transfers the property to the trust
In most cases that you will encounter as
a NSA, the Settlor is the same person as
the Trustee, who is also the Borrower.
People transfer their real estate to a trust, usually
for estate planning purposes, and make themselves
the Trustee(s) so that they can continue to control
the propety until it it sold or they die
Happy (whatever you celebrate) to all
and best wishes for a Happy, Healthy and
Properous New Year.
Remember that while gasoline and alcohol may mix.
it tastes terrible.