Posted by CapCityAgent on 1/20/10 11:50am
Msg #318678

question about commercial proper signing opportunities

Has anyone perform as a signing agent on commercial real estate? If so, what is the difference commercial property transactions and residential? Does it require additional credentials such as being an licensed attorney, etc?

Reply by Julie/MI on 1/20/10 12:07pm
Msg #318680

Charge a minimum of $250. You are the referee. Wear a suit, sit up tall, don't make eye contact, like a poker game, if you don't know the docs, you at least have to pretend you do. Don't plan on double booking as the attorney's are present and sometimes you can be there 3 hours. Don't schedule at the end of the day, as they need docs back the next day.

Shame on the companies that hire "siging agents" when you need a true title person, in charge.

Reply by Lee/AR on 1/20/10 12:30pm
Msg #318682

Spot on, Julie... adding

Have 'help' numbers at your fingertips. Look intelligent & in control. Never, ever be late!
If they can't get the docs to you in time to allow printing (usually very large packages) & look 'em over, get yourself organized & drive to location--turn it back and let them deal with the grief.

Reply by Cari on 1/20/10 12:40pm
Msg #318684

agree with the fee, but good luck getting that...and if

attorneys are present, you will be lucky, in that all you'll have to do is show up the packet, and your stamp, they'll do all the talking.....perhaps a bit more paperwork, but do not agree that a 'title person' is the better choice vs an nsa....

good luck....

Reply by Linda_H/FL on 1/20/10 12:43pm
Msg #318687

Re: agree with the fee, but good luck getting that...and if

"do not agree that a 'title person' is the better choice vs an nsa...."

I do if there's no attorney present - all the commercial deals I've done are very involved and if the borrower doesn't know the process they need an attorney or title person there to wade through the legalese.

Reply by BrendaTx on 1/20/10 8:04pm
Msg #318726

I agree that commercial loans should be signed with

a notary who understands commercial loans. The best bet is the title company.

Reply by Laura_V on 1/21/10 11:18am
Msg #318781

I completely agree with Julie and Brenda n/m

Reply by Charles_Ca on 1/20/10 12:46pm
Msg #318690

I sell commercial property aalmost exclusively and there aren't but one or two signers on here I'd ever hire (I refuse to deal with ostensible agencies). there are just too many opportunities to screw up the deal irreparably. I got my comission so that I can close my own deals.

Reply by pjc on 1/20/10 4:57pm
Msg #318703

Re: great education, thanks, n/m

Reply by Julie/MI on 1/20/10 5:20pm
Msg #318706

Yes, Charles, need a closer that knows about chattel....LOL

n/m

Reply by MW/VA on 1/20/10 6:29pm
Msg #318714

How do you close your own deals? Isn't it conflict of interest?

Reply by PAW on 1/20/10 7:20pm
Msg #318722

Remember, commercial paper has different rules. For example, disclosure under RESPA is mandatory in federally guaranteed or insured residential mortgages, and only certain types of commercial real estate loans.

Reply by BrendaTx on 1/20/10 8:03pm
Msg #318725

At minimum, in Texas, a commercial loan notary needs to understand that they don't need PROOF that the signer is top dog of an entity which is the borrower...let's see, what else...there won't be a right to rescind document...there may be cross-collateralized property (more than one deed of trust or mortgage)...there may be different types of Guaranties...there may be an assignment of life insurance for a policy you will never see. The stack may be two or three inches high and have many exhibits attached to every document. There may be certificates that say that the main signer is allowed to encumber property. There may be an affidavit of non-homestead. Or, it may be a simple modification of the original loan which is only about ten or so documents. Lots of fun and games.