What is the function of preferred notaries?
Settlement Agents who close real estate transactions, such as Title Companies, Escrow Companies and Attorneys, often need mobile notaries to witness borrowers’ signatures on loan documents. Others who regularly need the services of notaries are: lenders, builders and estate agents.
This small, but critical component of the real estate deal called the “loan document signing” is an art form commonly dismissed as a clerical formality.
When it is necessary to have documents signed from a distance and delivered the following day, time is critical and the whole deal could be in jeopardy. Clients using a specialist notary rely on them to protect their reputations as a closing professional by looking after them at this stage of development.
It is therefore vital to use those notaries that will look after the reputation of the company that employs them, and that of the client being served.
Therefore, past the basic capability of notarisation, what is there to consider to satisfy the signing needs of any customer?
The Preferred Notary is extremely comfortable with their role and knows it inside out. The customer borrowing has to feel that the notaries are neutral in the whole process, and are drafted in as specialists by the controlling agency. The notary has the task of ensuring that the borrowers are identified properly and that all of the documents pertaining to the loan are executed correctly.
The Preferred Notary has learned not to play the role of the Estate Agent, Lender, Closer (Settlement Agent), Attorney, Title Insurer, Seller, or any other party to the transaction. They defer to the expertise of the other professionals when borrowers ask about the terms, effects, financial and legal implications of the documents they are signing. More often than not, the other professional is available to satisfy the borrower’s needs.
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