Posted by Lee/AR on 5/6/07 9:14am
Msg #189056

Question for any R. E. Broker/Salesperson who is also a NSA

I've been out of the field for about 6 years, but have both bought & sold property during that time in 2 states (but there are 48 more in which I have no personal experience).

My question is simply this: Is there any document in any state related to the actual 'purchase of property' that a Buyer signs where their signature is notarized? Please note: I am NOT talking about the mortgage docs, but the actual documents related to the purchase of property.

Reply by BrendaTx on 5/6/07 9:52am
Msg #189057

Not an RE person or a broker but here is one instance.

Yes. I am not sure how to explain this or if I am getting it exactly right but just take it as a for instance.

If a developer, for instance, has worked with power companies to have them lay the lines for power in a development then when a buyer purchases a lot in that development they agree to build a home on that lot within a certain amount of time. It's called in this instance, a Utility Service Agreement. It's acknowledged and filed of record with the recorder of deeds and it's required by state law to be filed. I don't have the citing or all the rules that require this but if you really need that info I will get it for you.

In this particulare instance, if the structure is not built within a certain time frame as agreed with the power company by the developer then the buyer agrees to pay a penalty under the contract of purchase and such is stated in the deed.

It doesn't matter if the lot was financed or if it was a cash deal.

Reply by BrendaTx on 5/6/07 9:54am
Msg #189058

Re: Not an RE person or a broker but here is one instance.

Lee, I know I don't have to say this for you, but to keep the content police from zapping me, what I just stated is in Texas. I don't know about any other state.

Reply by sue_pa on 5/6/07 10:05am
Msg #189059

In PA, they would sign a buyer's affidavit ... old enough to enter into a contract, under no legal disability, etc ... If it's a private deal with no title company or attorney involved, they wouldn't sign this.

Reply by dickb/wi on 5/6/07 12:34pm
Msg #189068

none in wisconsin.....the scenario as brenda describes it...

also does not apply in wi..........the developer either has utilities to the lot, agrees to get them there or it is the buyers resposibility.......

Reply by BrendaTx on 5/6/07 1:07pm
Msg #189072

Re: none in wisconsin.....the scenario as brenda describes it...

Just remember to all those reading here that I am just talking from what I have observed in my experience and nothing I say should be considered fact. However, for the purpose of Lee's casual survey as stated, I feel comfortable that I gave an accurate answer for the example I gave.

I think it has more to do with the utility agreement being part of an executory contract than being a utility situation. The purpose of recording it is to show that there might be a lien placed against the property for the penalty if there is a title search. Guessing here. It met the criteria of Lee's query.

Dick, you know...in Texas, Real Estate Agents are not nearly as clear on all the laws they deal with in closing properties because of the involvement of title company lawyers in the process. I submit that in other states being a Real Estate Agent could be a much more knowledge intensive line of work.

Reply by JOHNA MCKENNA-MANTICA on 5/6/07 3:26pm
Msg #189092

In NY, the original purchase agreement is not notorized but when you close, several docs are notorized.

Reply by pan/nd on 5/6/07 9:36pm
Msg #189141

None in N.D. or MN

18 years real estate experience in both states

Reply by GF_CA on 5/6/07 10:55pm
Msg #189148

Re: NO in California n/m

Reply by Beryl Butler on 5/7/07 10:03am
Msg #189178

None that I know of in FL

Reply by SharonMN on 5/7/07 3:32pm
Msg #189247

Not a RE agent, but I imagine in any purchase transaction, there would be a notarized deed that is filed with the county. This wouldn't be done at the time of the purchase agreement, but when the transaction was finalized.

Reply by Lee/AR on 5/7/07 4:09pm
Msg #189257

The Seller signs the Deed. Buyer doesn't.