Posted by F2F/FL on 9/3/12 6:31am
Msg #432882

Cash sale transactions question.

I did the research before asking this question and could not find the answer I was looking for.

Doesn't EVERY real estate sales transaction have at least one form in the paperwork package that needs to be notarized in front of the buyer at the time of the cash being wired from the bank?

Not sure if I asked the question correctly, but if I did could someone please comment with an answer. Thank You in advance, as I will watch for any advice.

Reply by Ilene C. Seidel on 9/3/12 7:40am
Msg #432884

If you are talking about the deed transfer? That's the only document in Maryland that's notarized but not necessarily in front of the buyer. Funds are wired to the title company prior to the deed transfer of the property. And many times the buyer and seller never meet the transfer is completed separately. Is this what you are talking about? There are other documents the buyer signs none are notarized.

Reply by Linda_H/FL on 9/3/12 7:47am
Msg #432885

All the ones I've done in FL - buyer side only cash deal

There's been at least one that needs to be notarized - it's an owner's affidavit, which to me makes no sense because they're not the owner yet. But yes, there's been at least one every time.

Reply by 101livescan on 9/3/12 8:26am
Msg #432888

In CA we have the Grant Deed that Seller signs, granting title to the buyer. There are also some affidavits re. liens, judgments, that is, owners Affidavit.

Reply by Les_CO on 9/3/12 9:52am
Msg #432898

It depends on the laws of the State the property is located in.

Reply by F2F/FL on 9/3/12 10:27am
Msg #432902

OK here's why I am asking this question.
Had a friend just purchase a house here in FL., from owners in another state, through a realty office. Total 100% cash wired to title, signing to be completed at a realty office with a realtor there and that is it. She said that during the closing not one of the documents that she was asked to go over or sign needed notorization (at least not in her presence).
I just found this kind of odd, as I have done many cash sales maybe as small as 13 pages, and I was required to notarize at the least 3 of them. I was assigned threw what I thought was a ss, and it turned out that I was being hired via the company that was directly selling the condo properties with an attorney in another state drawing up the doc's. In most of the cases the doc's were signed and notarized at their end by the sellers before the buyer wired the money (or at least on the same day) and then there were the copies that I was to notarize before the transaction was completed between buyer and seller.
The only thing I can assume is that the realtor in FL. at the closing was also acting as the Notary Public and signed and notarized after the buyer (my friend) left the office. My friend answered all my questions about her experience and that is what has led me to ask this question.
Nothing in this transaction was notarized???

Reply by Shoshana/AZ on 9/3/12 10:31am
Msg #432904

Not possible!

There is always a deed of some sort involved in a purchase.

Reply by F2F/FL on 9/3/12 10:59am
Msg #432910

Re: Not possible!

Thank You that's exactly what I thought. So who should my friend contact first. She has the keys and is starting to work on it (cleaning, painting, all the usual stuff) but now I wonder if she is truley the legal owner, or could someone or something come back to bite her?

Reply by Leslie_Mo on 9/3/12 11:13am
Msg #432912

Re: Possible!

I did hundreds of HUD closings in a title office last year. The cash sale closings only had about 4 documents that needed notarization and they were all title documents. I suppose if a title company didn't require any affidavits, there wouldn't be any documents to notarize. Maybe someone from a title company will clarify the requirements.

Reply by Linda_H/FL on 9/3/12 11:43am
Msg #432914

It's very possible the buyer (you friend) did not have to

have their signature notarized. ost of the notarizations would be in the Seller package.

Your friend, a buyer, buying from someone in another state, may never have notarizations. It IS very possible.

I think you're overthinking this - but if it will make your friend feel better, you can check for a recorded deed (signed by the Seller, witnessed and notarized) at myfloridacounty.com

Good Luck.

Reply by VT_Syrup on 9/3/12 2:02pm
Msg #432930

Re: Not possible!

All the deeds I've seen were acknowledged only by the seller, never by the buyer. But there is a certain amount of follow-through required on the part of the buyer, which would normally be handled by the title company or the buyer's attorney. One item is making sure the deed is recorded. Your friend should know who has the deed, who will record it, and when she will receive it.

Reply by Ilene C. Seidel on 9/3/12 12:38pm
Msg #432924

Why don't you tell her to call the title company asking for copies of signed/notarized final documents?
It takes a couple of weeks to record a deed at least she would have copies.

Reply by NJW/FL on 9/3/12 4:21pm
Msg #432943

I have handled a lot of cash deals at real estate offices these past few years with only the buyers present. The documents requiring notarization are usually just the affidavits required by the title company. The deed itself is already signed and notarized by the seller with a copy included for the buyer. Sometimes the title company has the buyer sign the copy of the deed as "reviewed and accepted" but it never has to be notarized.

Reply by jnew on 9/3/12 4:42pm
Msg #432945

The buyer would be advised to call the title company independently and ask for a marked-up title commitment at closing. The title officer will eliminate the exceptions to title by crossing out the exceptions and initialing the crossed out paragraph. Instead they may write waived before the paragraph too. Ask that each page be signed by the title examiner. If a third party escrow company is doing the closing, you will not be able to get a marked up commitment by the title company unless they are in possesion of the closing documents, mainly the deed, transfer return and the owner's affidavit, all signed by seller. Deeds and affidavits can be signed by the sellers prior to the closing and delivered to escrow for the closing. The buyer may not see the originals at their side of the closing, so the buyer may need some measure of security that the conveyancing went without error. If you want security, hire an attorney at a set fee for your closing. They will insist on the title company clearing exceptions so that there won't be any surprises after closing.

Reply by jnew on 9/3/12 4:44pm
Msg #432946

Correction: signed and notarized. n/m

Reply by F2F/FL on 9/4/12 6:44am
Msg #432976

Thank You everyone, your suggestions and advice is always so insightful. I will be talking to my friend today and I will let her know that there is still some work for her to do to make sure the purchase is correct and done right. I swear you guys are the greatest.