Posted by jhcnotary on 6/3/06 6:14pm
Msg #123922

Power of Attorney on signings

Encountered the following during the signing..

John Smith is signing for Bob Jones as power of attorney on the loan. What would the signature line look like?? Any thing I should watch out for??

Also, correct me if I am wrong, a cashier's check is the only acceptable form of payment at settlement when the borrowers owe..

thanks.

Reply by hcampersFL on 6/3/06 6:34pm
Msg #123925

I think it must be a cashiers check if it is over $500. That is for my state anyway. Of course the title company will make that call. I'm sure each one has there own policies and procedures

Reply by PAW on 6/3/06 6:53pm
Msg #123927

Typically, the signature of the attorney in fact looks like the following:

Bob Jones by John Smith his attorney in fact

This is to be written (in cursive) by the signer (attorney in fact).

Since you're in CA, your notary certificate would only show John Smith (since Bob Jones was not there and did not sign) and you cannot show capacity.

Whether or not a cashier's check is required, is up to the settlement company (title company) and/or the lender. Most often, anything over $500 requires certified funds, but I've seen some title companies and lenders accept personal checks up to $1500 for some of their clients. ("A" paper and another account with the lender, such as a bank checking or savings account.)

(Sorry, Bev, it's not a state requirement, but up to the business practices of the lender and settlement companies.)

Reply by jhcnotary on 6/3/06 7:38pm
Msg #123928

thanks to both for the reply.

Reply by hcampersFL on 6/3/06 7:50pm
Msg #123931

I was actually told that it was a state regulation by the title company that closed on our house. We had to pay $550 out of pocket and they required a certified check. Those knuckle heads. I think I might call them on Monday and ask about this. Just to keep them straight!
B.

Reply by NCLisa on 6/3/06 10:33pm
Msg #123940

The acceptable form of funds from the borrower is up to your state law and the TC/attorney. Here in NC, state law allows personal checks up to $5000. Most TC's don't accept personal checks at all.

As for the sig line, Bob Jones by John Smith his attorney in fact or is AIF is acceptable for some TC's and attorneys.