Posted by Bruce_CA on 8/28/06 8:47pm
Msg #141652

RTC ?

I have a signing that appears to be investment property. I know it is normal not to have a Right to Cancel. Is it advisable to have the client sign something to "cover my assets" leting them know there is not a RTC? This would be for MY protection!

Thanks
Bruce

Reply by Kate/CA on 8/28/06 8:57pm
Msg #141655

Don't worry about it. Never had a problem. Most people who have investment property understand.

Reply by Poppy on 8/28/06 9:06pm
Msg #141657

Bruce,
While I understand your wanting to. IMO that would border on the unlawful practice of law. Leave it to the lawyers and lenders. You're safe..

Reply by Beth/MD on 8/28/06 9:29pm
Msg #141669

It would be UPL. As a notary, you can't adjust a loan to fit your needs. That's what you'd be doing. Investment property doesn't get a RTC.

Reply by Diga2Lin/FL on 8/28/06 9:41pm
Msg #141674

You're already protected in that the terms and conditions of the loan are not your responsibility. You're there to present the documents and notarize those that need it. That's it.

I think you'd be in more trouble having them sign something like that just by virtue of your own statement - it "appears" to be investment property. That's not your determination. You'd be having them sign off on that based on your assumption - IMHO not a good idea.

I might make sure they understand that, according to the instructions from the lender, it is not a rescindable loan as the lender has deemed it investment property. I don't think I'd go any farther than that.

Reply by Ernest__CT on 8/28/06 9:51pm
Msg #141682

MYOB.

If they ask about the three-day Right To Cancel, open your mouth. Otherwise you're asking for trouble, as other Posters have noted.

Reply by John_NorCal on 8/28/06 11:14pm
Msg #141709

Don't make more of your status than you need to..

you are there as a witness and notary. You do not control the drawing or lack thereof of the loan documents. If there is no RTC, with the loan being investment property, then let it be.

Reply by Diga2Lin/FL on 8/29/06 9:21am
Msg #141766

Re: Don't make more of your status than you need to..

True - point taken - and from Ernest too..