Posted by Debbie/NJ on 5/20/05 4:22am Msg #39198
New Jersey Notary Fees
I read in the NNA New Jersey Law Primer for Notaries and also something I downloaded from the Internet that there are two "new" fees that we can charge. One is "Real Estate Transfer" for $15 (no matter how many notarizations are performed during this transaction) and "Financing of Real Estate" for $25 (no matter how many notarizations are performed during this transaction). (These must be laws because they have numbers affiliated with them that look like "law" numbers.) I tried writing to someone at the SOS but was told that he is very busy and doesn't know when he can get back to me. Here's what I wrote:
Hi:
I have another question for you concerning notary fees.
There is a new category called "Real Estate Transfer" that says "In performing any of the above notarizations for a real estate transfer, regardless of the number of notarizations performed in the transaction, a Notary may charge $15. And another new category called "Financing of Real Estate" that says "In performing notarizations for mortgagors in the financing of a real estate transaction, regardless of the number of notarizations performed in the transaction, a Notary may charge $25.00."
I am a Certified Notary Signing Agent. I go to the borrower's home and notarize re-finance papers (and sometimes Home Equity Lines of Credit). I understand that I may deduct the actual number of notarizations (x $2.50) from my self-employment taxes. I have an Excel spreadsheet that calculates this amount (once I enter the number of notarizations performed for that signing).
My question is: Do these new categories (Real Estate Transfer and Financing of Real Estate) change the way I have been doing my calculations? Instead of figuring out the number of notarizations in a package and multiplying it by $2.50 and then subtracting that amount from the amount I charged for the signing, should I be using one or both of the new categories (Real Estate Transfer and Financing of Real Estate")? If so, which one (or would I use both of these new categories) should I use to calculate the amount of the actual notarizations instead of multiplying the number of notarizations by $2.50?
I would appreciate some clarification on this matter at your earliest convenience.
Can any New Jersey notaries help me with this or can you tell me who else I can contact to get verification of this? TIA
| Reply by Bobbi in CT on 5/20/05 6:40am Msg #39201
Not in NJ, but check with
The legislative committee (staff member or Clerk) that introduced or was the last committee to pass the law out for a vote.
My interpretation is that it is a flat $15 notarization fee REGARDLESS of how many notarizations are in a "real estate transfer". That the intent was to make it a fixed dollar amount for all notarizations at one sitting; i.e., if notarizations are $5, you still get to charge $15 but if notarizations are $20 you still charge $15.
I think you should use the new flat fees from the date the new laws became effective. Again, not in NJ and no expert, just based on having done "legislative intent research" for many years. Sometimes the SOS doesn't know the changes were even passed. This probably started in your legislature's real property or banking/lending committee from a constituent complaint about "high Notary fees" or a NSA complaining about "low Notary fees."
Curious to know the answer.
| Reply by Art_MD on 5/20/05 7:27am Msg #39206
Re: not in NJ but..
As I read it, the key word is "may". What AI think the intent was is to establish a fee that could be used in a case such as a heloc where there is one or two signatures.
It would appear that this is of benefit to you. From your post, it appears that the notary fee is $2.50 in NJ. My experience is thagt the average # of notarizations per transaction is around 6. At $2.50 you have a SE exemption of $15. Under the new law, you could exempt $25. Sounds like a good deal. If you keep a journal, with fee recorded, make sure you do a quick calc to see which would be better $25 flat or $2.50 each. The odd signing where there are 15 notary acts would give a SE exemption of $37.50.
Art
| Reply by Mike/NJ on 5/20/05 9:59am Msg #39226
The max fee you can charge for a refi in NJ is $25.00 dollars, on some HUDS you will see it listed.
If you have your state book you will see the fees you can charge for each Notary Act. Where you make the money is the "travel fee" Consult an accountant on what best fits your needs regarding taxes and expenses.
| Reply by Art_MD on 5/20/05 10:07am Msg #39230
Re: Mike, New Jersey Notary Fees
From the original question, it says may charge $25 regardless of # of notarizations. Didn't say max. I've done piggybacks with over 20 notarizations. If in NJ and I was tracking for SE exemption and what fee to put in journal, I would use per notarization instead of the flat fee option.
Art
| Reply by Kim_NJ on 5/20/05 12:37pm Msg #39300
Re: Actual wording
My interpretation is that we can charge $25 for the standard refis, heloc, etc. We can also charge an extra $15 if there is a quit claim deed involved. 2 seperate transactions. The number of actual notorial acts is irrelevant.
22A:4-14. For a service specified in this section, foreign commissioners of deeds, notaries public, judges and other officers authorized by law to perform such service, shall receive a fee as follows:
For administering an oath or taking an affidavit, $2.50.
For taking proof of a deed, $2.50.
For taking all acknowledgments, $2.50.
For administering oaths, taking affidavits, taking proofs of a deed, and taking acknowledgments of the grantors in the transfer of real estate, regardless of the number of such services performed in a single transaction to transfer real estate, $15.00.
For administering oaths, taking affidavits and taking acknowledgments of the mortgagors in the financing of real estate, regardless of the number of such services performed in a single transaction to finance real estate, $25.00.
Amended 1964, c.205; 2002, c.34, s.48.
| Reply by Art_MD on 5/20/05 12:42pm Msg #39302
Re: Actual wording
Interesting wording.
I like the word "shall" in the first line - doesn't give option of a "freeby' ???
Original post said "may". Not in this posting. So, sale - $15. Refi or heloc $25.
Art
|
|