Posted by Jacqueline Dyson on 4/4/07 1:21pm
Msg #183675

Interspousal Transfer Grant Deed

This morning I notarized an Interspousal Transfer Grant Deed. I just got a call from the person who arranged the signing asking me if I had $500,000 in E&O. Of course my answer was no! It turns out that the lender requires it. My client is going to have to go to the title company after all to sign this form. This is my first with this type of form. Has anyone else ever encounter this situation? Does this type of form dictate the amount of E&O? Is it the norm for Notaries to carry this amount of E&O? Oh, the lender is Provident Funding.

Reply by MistarellaFL on 4/4/07 1:31pm
Msg #183679

Provident Funding

C/P'd from their website:
Provident Funding advances cash to plaintiffs in need and specializes in fast, friendly, personal service. We make it easy to get cash now, when you need it. You only pay us if you win your case.
Some of these advancing companies seem to have payment issues.
Your lack of acceptable E/O might just be a blessing, IMO.

Reply by Jacqueline Dyson on 4/4/07 1:39pm
Msg #183682

Re: Provident Funding

MisterallaFL, I am sorry I hit the wrong button. Did not mean to PM you. I was saying Gee thanks! I feel sorry for my clients since they paid me on the spot.

Reply by MistarellaFL on 4/4/07 2:04pm
Msg #183690

Re: Provident Funding-good for you Jacqueline

Sounds like a good deal if the signers pay COD.
There are too many settlement and funding companies who expect you
to accept payment if it actually funds. Not me....too many "ifs"

Reply by Les_CO on 4/4/07 2:14pm
Msg #183692

Re: Provident Funding

As has been posted on this board many times Provident Funding requires their NSA's to have 500K E&O insurance. This is usually taken care of by putting the NSA under the Title Co's umbrella (a one time deal)

Reply by Larry/Ca on 4/4/07 1:53pm
Msg #183684

In California I have seen these...

many, many times used to take one spouse off the property so that the other can borrow against it as their sole and separate property. California is a community property state.

Reply by Jacqueline Dyson on 4/4/07 6:24pm
Msg #183732

Re: In California I have seen these...

Yes Larry, I am located in California. Les, thank you for the info. The Title co placed me on as a one time deal. Boy did I learn a lot today.