Posted by aasailor_MD on 5/3/05 6:08am
Msg #35475

Just a few questions

I just received my license from Maryland as well. My questions are thus:

Is it a good idea to register your business name as an LLC?
Being independent and working from home is it required to have E&O?, should I?, and if so approximately how much would it cost me?
Lastly, how do you go about getting work?, and is there a standardize rate sheet for charging the cost of closings (etc.)?

Need your assistance in getting started with this business.

Thanking you iall n advance for your help and cooperation.

Reply by Art_MD on 5/3/05 6:44am
Msg #35478

Re: Just a few questions - get answers

Go to search function. use zip code 21658. Arthur Walsh. You can get my cell # and e-mail address there.

Where are you?

E&O - it is critical to have E&O. For the few dollars it costs, it's well worth it. Without it you are exposing yourself. I'd recommend $100K. Cost - budget $100/yr.

LLC is not required. Some do, but most don't.

Rates - call me and we can talk. Depends on a lot of factors, where you are, distance, type of closing, title or SS, competition etc.

Art

Reply by Traci/ MD on 5/3/05 7:34am
Msg #35486

The E&O insurance for title is base on your gross income earned yearly and your experience.The cost is about $575 and up for 250K.
Notary E&O is very reasonable. Where are you in MD? I live in Talbot County. The Rates are based on the area, along with other variables. Give Art a call he is a big help!!!
my email [e-mail address]

Reply by Paul/MD on 5/3/05 7:42am
Msg #35487


I'm sure Art & Traci can help you more than I...... but if you have any questions, look me up under 21225 - Paul Jagnisz

Reply by Arthur Armstrong on 5/3/05 9:30pm
Msg #35679

Thanks Paul

Reply by aasailor_MD on 5/3/05 9:28pm
Msg #35678

Thank You Traci, I will contact you by email.

Reply by CamilleMD on 5/3/05 3:55pm
Msg #35603

talk to the others in MD, we have more rules, fees and such, so don't go low on your pricing.

Reply by Vicki/MD on 5/3/05 4:00pm
Msg #35606

Re: As I posted in another thread...

No, I don't register as an LLC -- call it laziness I guess, plus I'm just PT.
E&O is really up to you, but you already have a $100,000 bond, which could pay out in a lawsuit settlement presumably easier than an insurance co would settle and cough up dough. You'd be left owing back on the bond with no insurance to help.

Register with a bunch of signing services and title companies, as per the advice given many a times on this board. You are title licensed, so title companies will be expecting to hire you directly, too.

Finally, even though you're new, your fellow MD notaries would appreciate you not lowballing your fees just to get experience. Cost of doing business here in MD is much higher than other areas, and folks pretty much expect our fees to be higher. Charge the going rate, but do extra due dillegence on your first several loans. Min. fee for over night HELOC might be $75 close by, $100 overnight for a regular. Add your own edoc fees, travel/distance fees, and additional fees for double loan packages onto this as a base.

Good luck!

Reply by aasailor_MD on 5/3/05 9:35pm
Msg #35680

Re: As I posted in another thread...

Thank you Vicki, I really appreciate your response and being honest.