Posted by Jennifer Lamas on 7/22/06 8:12pm
Msg #134760

First notary job:)

My in-laws are buying and selling a home. I have no financial interest in the transaction and would solely be notarizing the escrow papers. They basically have no extra money to pay another notary and the escrow company does not provide one free of charge. I have yet to use my notary commission even though I received my commission last June. That being said I am a bit rusty on the rules and regulations. Do I administer an oath to my inlaws even though I personally know them? Also, for escrow or real estate transactions, can someone look at the book we have and tell me exactly which boxes and information need to be filled in? I would LOVE LOVE LOVE some help

Thanks!

Jennifer

Reply by Signing_Doc on 7/22/06 8:18pm
Msg #134761

First off, this is my opinion only, I'm not a lawyer and not advising you in any way and I'm not knowledgable regarding notary laws in California. That being said, IF the laws allow you to notarize for in-laws, you STILL must administer an oath just as if they were Joe and Mary Don't Know Ya from down the street. In my opinion (check your laws), you can log in your record log book and on the forms that you can identify them as Mr. and Mrs. In-Law on the basis of personal knowledge and not need any identification from them. HOWEVER, you would still administer whatever oath you need to irregardless of whether you personally know them. Hope this helps. If you need any further info, email me at my address on the profile. "Doc"

Reply by TitleGalCA on 7/22/06 8:29pm
Msg #134766

Exhaling....

Jennifer - I would tell your in-laws that you are NOT a loan signing agent. You know nothing about loan documents. All you can offer is a notary service (and not a good one) and make that abundantly clear.

You said they have "no extra money" to pay a notary. I suggest they should hire a professional, and I can't imagine ANY escrow service that would suggest otherwise. If they are taking out a loan for the new property, they deserve a professional.

They are selling property (not as critical) and they are buying (more so, as there is or may be a loan involved). If it were your children...age 24 or so...would YOU want someone signing them that couldn't adequately explain the loan documents? I wouldn't.

If the job for you is only to stamp an acknowledgment and say they were personally known to you - that is one thing.

If they are taking out a loan and require a professional to go over the docs with them, I would decline, for two reasons:

1. I would be aware of my limitations as a notary only and not a good one; and
2. As my family, I would want to make sure they dealt with professionals, and you aren't.

Just the truth, kiddo.

Reply by Signing_Doc on 7/22/06 8:33pm
Msg #134768

Re: First notary job:) adding on

I assumed by the first post that she WAS a NSA...if that is NOT the case, then TItleGalCa is spot on the money and I'm wro....wro....wro.....in error. :-)...

Reply by ewing2surf on 7/22/06 9:26pm
Msg #134777

It's easy to see that your In-Laws know that you are a notary (you probably became one to start a second career) and they have cleared the way after some convincing on your part to use your services. They will be disappointed it you can't deliver. However if you bow out, the Real estate Agent or the Loan Officer that is making BIG commissions off these transactions will find and probably pay an experienced Notary and you can watch and learn as a Pro does the work.

Reply by Joan Bergstrom on 7/23/06 12:08am
Msg #134805

Don't do this loan signing

1st: its your in laws and this is a community property state! Can you husband inherite the property they will buy?

2nd: You will have no idea after this amount of time to kmow where you in laws are to sign, date, initial/etc.

3rd: Do what the last poster (Joe E) suggested and get escrow to send a notary and you can look over his/her shoulder as the loan is signed.

4th: The last thing you need to do is louse up your in laws selling and buying of a new home.

ps. These in laws might have more money than you think as almost no one in Calif can sell a home and also buy a home without having some kind of equity; this also is none of my business!!

Reply by Jennifer Lamas on 7/23/06 12:48am
Msg #134807

Re: Don't do this loan signing

There is no loan involved so no, these are not your typical loan signing documents. My in-laws are selling their home for less than they owe and will be buying the second property out-right with no further financing other than the closing(already set in play) of their current home. I am DEFINITELY not professing myself as a loan signing specialist and would never help them where I didnt completely and totally understand what I was doing. Has anyone ran across a situation like this.

Secondarily, being that California is a community property state, in theory I subpose that my husband might inherit this mobile home however in the rare situation that both in-laws were to pass in some freak accident, their handicapped adult daughter would be the beneficiary of their property as I am sure that the state wouldnt stand by and take care of her when there is money from a sold property. My in-laws have no will, last testament or living trust so I doubt that my husband would have any claim to their assets(one) any more than the next relative. Does any of this make sense?

Jennifer

Reply by Jennifer Lamas on 7/23/06 12:49am
Msg #134808

Re: Don't do this loan signing

CORRECTION

My in-laws are selling their home for MORE than they owe and will be buying the second property out-right with no further financing other than the closing(already set in play) of their current home.

Reply by GF_CA on 7/23/06 1:13am
Msg #134811

they can sign at the Title Company

Title Company charge only per signature

Reply by Jennifer Lamas on 7/23/06 1:15am
Msg #134812

Re: they can sign at the Title Company

They are doing this whole thing through one of those assist you in selling your home type of businesses. We have never even had any communication with a Title company. The whole thing is getting more complicated by the minute.

Urggggghhhhh!

Reply by christiSocal on 7/23/06 1:32am
Msg #134813

what part of ca are you in? n/m

Reply by Ernest__CT on 7/23/06 7:59am
Msg #134825

I'm with TitleGal and Joan: Don't do it. Period.

For all the reasons stated by everyone, pass on notarizing this transaction. (And probably all other transactions for your inlaws.)

If you are planning on doing any notary work in the future you seriously need to go back to studying your Notary Handbook and the new rules/laws. You are not ready to notarize anything for anybody.

Reply by JAM/CA on 7/23/06 4:26pm
Msg #134879

Besides not doing this, the other item you mentioned that no one has addressed is: If you are helping them fill out the documents, you cannot notarize.

Reply by MonicaFL on 7/23/06 6:11pm
Msg #134898

I don't want to sound llike a snob, but if you are a notary, why don't you look up the information in your handbook? Just asking.