Role of a Notary in Real Estate Closings: Why Their Presence is Needed
Are you in the midst of buying or selling a property?
Then you've probably encountered the term "notary" along the way. But have you ever wondered why their presence is considered absolutely essential during real estate closings? Well, wonder no more! In this blog post, we will delve into the crucial role that notaries play in ensuring smooth and legally binding transactions. From protecting your interests to upholding legal standards, these unsung heroes of the closing process are here to save the day. So, fasten your seatbelts as we uncover why notaries are truly indispensable when it comes to sealing the deal on your dream home!
What is a Notary?
A notary is a public officer who is authorized to witness the signing of documents and administer oaths. Notaries are typically used in real estate closings to ensure that all parties are who they say they are and that they understand the documents they are signing. The presence of a notary can help to avoid fraud and protect all parties involved in the transaction.
What are Their Duties in Real Estate Closings?
As a notary, one of your key duties is to witness the signing of real estate documents and to verify the identity of the person signing them. This is important because it helps to prevent fraud and ensure that all parties involved in the transaction are who they say they are.
Another duty of a notary in a real estate closing (signing agent) is to provide guidance on the documents being signed. This includes explaining what each document is and what it means for the signer. This ensures that everyone understands what they are agreeing to before any money changes hands.
As a notary, you will also be responsible for ensuring that all required signatures are present on the documents. This includes making sure that any witnesses have signed where required and that all parties have affixed their seals (if applicable). Once all signatures have been collected, you will then need to certify the legal documents.
Benefits of Having a Notary Present During Real Estate Closings
When you are buying or selling a home, it is important to have a notary present during the real estate closing. A notary can act as an impartial witness to the signing of the sales contract and other documents related to the transaction. They can also help to ensure that all of the paperwork is in order and that everyone understands what they are signing.
Having a notary present during a real estate closing can help to protect both buyers and sellers. They can make sure that all of the necessary documents are signed and that there are no misunderstandings about the terms of the sale. In some cases, a notary may also be able to provide advice or assistance if there are any problems with the paperwork or the transaction itself.
The Process for Finding an Appropriate Notary
There are a few steps involved in finding an appropriate notary for your real estate closing. First, you'll need to find a notary public who is licensed in your state and who meets the requirements set forth by your lender, like Fidelity approval or a certified signing agent. It is a good idea to employ the services of a notary signing company or notary agency. Once you've found a few potential notaries, you'll need to contact each one to ask about their fees and availability.
Once you've found a notary public who meets your needs, you'll need to schedule an appointment with them. Be sure to bring all of the required documents with you to the appointment, as well as any other paperwork that your lender might require. The notary will then review all of the paperwork and witness your signature on the closing documents.
What Documents Must Be Signed by a Notary and How to Prepare Them
There are a few documents that must be signed by a notary in order to make them legal. The most important document that needs to be notarized is the purchase agreement. This document outlines the terms of the sale and includes the signatures of both the buyer and the seller. Other documents that may need to be notarized include the deed, mortgage, and promissory note.
To prepare for having these documents notarized, you will need to bring them to a notary public. You will also need to show identification, such as a driver's license or passport. The notary will then witness your signature on these documents and stamp them with an official seal.
BECOME A CERTIFIED NOTARY SIGNING AGENT
Potential Legal Issues that Can Arise due to Lack of Notarization
If you are buying or selling a home, it is essential to have a notary present during the closing. Without a notary, there could be potential legal issues that arise. For example, if the deed to the property is not properly notarized, it could be challenged in court. Additionally, if there are any documents that need to be signed during the closing, such as a mortgage or loan agreement, these must also be notarized in order to be legally binding. If they are not, the contract could be voided and you could end up losing your home. Notaries or loan signing agents, play an important role in real estate closings and their presence is essential to ensure everything goes smoothly.
Now You Know...
The role of a notary in real estate closings is invaluable. Notaries help to protect all parties involved by ensuring that the agreement is legally binding and providing an impartial third-party witness to any exchange of documents. Without their presence, real estate closing processes can be open for interpretation and dispute, creating major complications down the line. We hope this article has provided you with some insight into why a notary’s presence should always be considered essential when it comes to real estate closings.