Posted by Wesley Wittman on 11/19/12 12:23pm
Msg #444013

Closing through Seller

Hello all,
I am new to this site, quick question. I was contacted by the SELLER for a closing tonight. I am used to going through a title company for the BUYER. Is this a normal request? Thanks in advance.

Reply by Teresa/FL on 11/19/12 12:37pm
Msg #444017

You will probably only be meeting with the seller to sign a few title affidavits, a deed, and maybe some other docs to report the change of ownership to the county/state.

Usually quicker than a buyer/purchase signing.

If you are being hired just to notarize, you should only be concerned with the documents that require notarization. Any other docs are not your responsibility.

Reply by Wesley Wittman on 11/19/12 12:46pm
Msg #444019

Thanks Teresa!

Reply by VT_Syrup on 11/19/12 12:47pm
Msg #444020

I've been contacted by a signing agency or title company to do meet with a few sellers, but never had the seller contact me directly. I'd agree with Teresa/FL that there are fewer documents. Remember there is no RTC.

Reply by ToniK on 11/19/12 1:21pm
Msg #444023

I was contacted by a guy who was selling his property and his lender told him to find a notary. He found me in a google search. I paid me $60 and all I had to notarize was two documents. I didnt care about the other documents. Got paid in cash. Filed under GNW

Reply by Pro Mobile Notary on 11/19/12 2:37pm
Msg #444026

From time to time we come across lazy escrow officers that just send the docs to the buyer or seller and tell them to find their own notary.

Last week I got a call from a signing agent on Maui with a similar situation, but much worse. It is a purchase transaction. The escrow officer just shipped the loan docs to the buyer and told her to find her own notary. Oh, by the way they also demanded that the notary have a minimum of $1 million in E&O coverage. Our agent called me to see if she could do the signing through us as our coverages are that high.

Initially I said yes to the arrangement until the EO asked me to do something that would have required me to commit perjury and I said no thank you and backed away from the signing assignment at full speed. Yes, there are some crazy people out there in the ranks of escrow officers.

Reply by BrendaTx on 11/19/12 7:22pm
Msg #444055

Sour grapes? These are great general notary jobs.

*From time to time we come across lazy escrow officers that just send the docs to the buyer or seller and tell them to find their own notary. *

PMN - notaries in Texas, Florida, and California think these types of jobs are awesome!

There is absolutely nothing lazy about this on the part of the EO! What do you mean, "Lazy?"

In your scenario, the notary is not covered properly to handle this particular transaction and how is that the escrow officer's fault?

By the way, in my experience working with escrow officers as a legal assistant and preparing loan documents, I have never, ever heard of the escrow officer demanding any type of E&O. That's absolutely not true of every transaction.

Also, EOs have to prepare the documents and ship them. That's a heck of a lot harder than sending them to a signing service via email.

It is possible for a California or Florida notary to sit in the comfort of his or her own office, notarize with no liability to the loan, nor having to review non-notarized documents and make $10 x 5-10-or more notarization while being paid cash at the table in half the time. A Texas notary can make $90 without leaving the office on a Texas loan package.

It cuts out the signing service. I see nothing wrong with that in these situation...I think it is delightful! Lenders and TCs with clean documents have no need for a signing agent or hand holding signing services...a good notary will do fine, thank you very much.

Reply by Pro Mobile Notary on 11/19/12 8:03pm
Msg #444060

Re: Sour grapes? These are great general notary jobs.

Brenda, when an escrow officer makes no effort whatsoever to try and find an NSA to cover a purchase loan doc signing/closing and tell a client to go fine their own notary, I call that supremely lazy and not doing their job. I did not say they needed to contact a signing service. I did say they made no effort whatsoever to help a borrower to find a notary to handle the signing of a set of purchase loan docs.

To me it is incomprehensible that an escrow officer would just send a set of purchase loan docs to a borrower and tell them to go figure out how to get it notarized by themselves. Your suggestion that any notary can do just fine undermines all the posts in this forum about the importance of skill, experience and training.

I do not know how you can possibly equate a full set of purchase loan docs to general notary work.

I find your comments curious and inconsistent with what I posted.

Reply by BrendaTx on 11/19/12 9:15pm
Msg #444068

Respectfully and strongly disagree with you, PMN.

*I'm sorry. I neglected to mention these were first time home buyers that were let loose on their own devices to find a notary to do their signing.*

PMN - I know what I am talking about. I have experience with this...you, perhaps, are new to the concept.

As a legal assistant in my prior job (2008) I prepared hundreds (600+) of seller documents one summer for a huge property of condominiums. Purchasers were primarily parents of college students or investors. Some were first time homebuyers.

A lender in another southern state provided mortgages. Firm I worked for was working for seller/developer. Title company worked for lender. The documents were perfect in every way. At least 25% were what TCs and those of us on the inside call mail-aways. Notaries handled the job with the greatest of ease. Where there was a trailing document, the tc/I worked with the buyer to complete the package. Very few had trailing documents.

You need to think this through. It is a simple process when the buyers are prepared. It is a cash cow for notaries. No sir, this is not inconsistent with what you have described. This is new to you--it is more money for the notary and $0 income for a signing service. It's great, easy, cash on the spot work for notaries.

I have recently described this in an article I wrote. The Reader's Digest version:

-Notary advertises on his/her website that he/she has experience with loan/property documents.

-Client calls notary.

-The notary instructs the buyer to pull all documents with notary certificates.

-Notary notarizes.

-Cash on the spot (or notary may choose to take credit cards or PayPal).

Any notary who is properly educated can do this because it is straight notarization. No signing agent script is necessary.

In states where notaries can earn $5-$10 per seal a notary makes great money on these. The best signing agents are usually the ones who wind up with the packages because they are good promoters and out there marketing their services.

I get these calls from clients needing this service to this day. If they want mobile notary services, I add $25-$50 to the cost of the notarization. The net is so much higher and the time is so much shorter. 20 minutes and $90-$140 for me.

The only problem (for you) is that a signing service does not get a cut. It is cheaper for the buyer, too.

This is basically the way that notary signing agents got started back in the day. Notarizing documents is not something that requires a signing agent, nor a middleman/signing service.

I love escrow officers that give notaries a shot at this type work by sending out "mail aways."

Reply by Pro Mobile Notary on 11/19/12 8:09pm
Msg #444062

Re: Sour grapes? These are great general notary jobs.

I'm sorry. I neglected to mention these were first time home buyers that were let loose on their own devices to find a notary to do their signing.

Reply by MistarellaFL on 11/19/12 8:32pm
Msg #444064

Sellers side hiring me, it happens all the time here

Never ever ever had any problems, nor requests for such a high E & O.
As a matter of fact, I don't think anyone has ever asked about my E & O re: GNW, which is what this actually is.

BTW, I know of many EO's who have NO IDEA of any such person or entity as an NSA or a SS.
I have marketed them. When I explain my service, they usually cock their head to one side with a bewildered look in their eyes. Much like a confused puppy.

Reply by Pro Mobile Notary on 11/19/12 8:43pm
Msg #444065

Re: Sellers side hiring me, it happens all the time here

Misterella, have you never been asked by an escrow officer to do a Provident Funding signing with their minimum of $500,000 E&O coverage required to do their signings?

My post was not about GNW, which some people seem to have missed.

Reply by BrendaTx on 11/19/12 9:16pm
Msg #444069

All it takes is a notary to notarize documents.

It is not necessary to be a signing agent to notarize a document.

That certainly is GNW.

Reply by Pro Mobile Notary on 11/19/12 10:02pm
Msg #444072

Re: All it takes is a notary to notarize documents.

So are you telling me that you should be paid the same low fees as newbies as your experience as a signing agent means nothing at all?

Reply by BrendaTx on 11/19/12 10:23pm
Msg #444075

Re: All it takes is a notary to notarize documents.

*So are you telling me that you should be paid the same low fees as newbies as your experience as a signing agent means nothing at all?*

You will have better luck flustering someone else on this topic.

As a side note, why do you presume that newbies should work for lower fees? A job done well is just as complete (and you collect the same fee) whether the package is handled by a newbie or a longtime signing agent.

Reply by LKT/CA on 11/19/12 9:05pm
Msg #444067

I agree with Brenda and Misty n/m