Who Can Notarize Real Estate Related Documents

State-commissioned notaries can endorse real estate--related documents.
In order for a person to receive a notarial commission and become a notary public, the he must meet certain requirements that vary from state to state. In general, he must be at least 18 years old, a resident of the state for at least 30 days, submit an application to the Lieutenant Governor's office, receive two endorsements from residents of the state that are also at least 18 years old, pay for and pass a notarial test, obtain a $5,000 notary bond and pay various fees.

What is a Notary Public
Notaries are public servants that are commissioned by the state Lieutenant Governor's office to witness the signing of important legal documents and to administer oaths. The purpose of the documents will vary greatly but will likely include real estate--related documents. These documents are susceptible to fraud.

Allowable Forms of Signer Identification
Because a notary public is required to positively identify the signer(s) of a document using a form of government-issued identification, the likelihood of fraud is low with a notarized document. Acceptable forms of identification include a driver's license, passport or military ID. Some documents are not legally binding unless they are properly notarized. These include affidavits, deeds and powers of attorney. Warranty deeds are common real estate--related documents that require the endorsement of a notary public.

Persons Allowed to Notarize Real Estate--Related Documents
Once the lieutenant governor of the state issues a notarial commission to a person, she may perform notarial acts in any part of the state for which the commission was issued. The term of the commission lasts for four years. As part of the notarial act, the notary public must specify the state and county where the notarial act was performed (the notary public must be aware of the county in which they are performing a notarial act in order to execute the act correctly). If this is not done, the document will not be legally binding. Some states allow only attorneys to notarize real estate--related documents. If you are uncertain if this applies to you, contact your local Lieutenant Governor's office for more information.

Real Estate Documents That May Require a Notarization
The types of documents that require a notarization include, but are not limited to, closing documents signed by both the sellers and the buyers and warranty deeds. Real estate transactions executed in different states may require different forms to be notarized.

Notaries and Legal Advice
Non-attorney notaries are not qualified to dispense legal advice. If a notary advertises his services, the advertisement must include the following statement I am not an attorney licensed to practice law in (state) and may not give legal advice about immigration or any other legal matters or accept fees for legal advice. If the notary public advertises his services in a language other than English, the same disclaimer must be included.



source : Kelly Nuttall

How to Read Real Estate Records

Keep a real estate glossary handy when reviewing real estate records.
Reading real estate records without a knowledge of the terminology is challenging. Records are prepared differently and the terms used are not all the same in every state, which can be confusing. You can learn to read real estate records with the help of a glossary, much like a person visiting a foreign country refers to a translation book.


Instructions

• Get a real estate glossary book. You can find one at a book store or download the Real Estate Marketplace Glossary by the Federal Trade Commission on the Internet. The glossary gives 17 pages of definitions for terms found in real estate records.

• View a legal website such as the Washington State Bar Association and review its real estate publication concerning documents used in real estate transactions. It gives a full description of real estate documents, such as listing agreements, purchase and sale agreements, disclosure documents, security documents and financial records.

• Visit the Register of Deeds Office in your county and review the deeds, mortgages and liens. Index books consist of recordings made in a year. The index book gives the book number and page number of a particular document. You can make copies of these documents and examine them at your leisure.

• Take a trip to the library and compare records you have to a book on real estate documents. Follow the format of the documents and get a feel for the structure of the record. You will find that many records have the same terminology and same sections that cover pertinent legal declarations.

• Take the real estate record to an attorney for clarification. If you are in the process of buying a property or obtaining a mortgage, you have the right to an attorney review.

• Obtain several rental agreements, which are confusing because not all landlords use the same documents. Check the rental agreement terminology against a glossary. Understand the clauses that govern the security deposit, termination of lease, eviction, late fees and property damage.

• Educate yourself on a standard format for most real estate records. You can find blank documents through legal supply stores, bookstores and in some cases, real estate agencies and county offices. Documents vary by state. Learning a standard format will enable you to read most real estate records with ease.

Tips & Warnings

• Refer to a real estate glossary.
• Do not sign a blank document.
• Do not sign a document you do not understand.

source : Vickie Van Antwerp

How to Notarize a Real Estate Document

How to Notarize a Real Estate Document

Because real estate documents are legally binding, you must have some paperwork, such as documents pertaining to deeds and mortgage or sales agreements, notarized by a notary public. Often offered to simply as a notary, a notary public has the legal authorization to witness oaths and agreements between individuals, organizations and businesses. Having your real estate document notarized confirms the identities of everyone involved and ensures all parties are entering into the agreement of their own free will.

Instructions

• Complete the document with names, addresses, monetary figures and other information as necessary. Do not sign or date the document.

• Find a notary public at your county courthouse, local government offices, city hall, public library or document and package handling store.

• Go to the notary with everyone who needs to sign the document. Pay the notary fee, which is usually less than $10.

• Sign the document.The notary will witness the signatures of each party and place his seal on the document to prove he served as a witness.

source : Lauren Treadwell

Documents to Set Up Owner Financing

Real estate professionals assist with owner financed real estate transactions.
Owner financing occurs when the owner of a property finances a real estate transaction. Owner financing is also referred to as owner or seller carryback and is a non-traditional form of real estate funding. All legal matters in the transaction are negotiated between the buyer and seller. Each party must review and sign several documents to ensure the transaction is conducted legally.

Purchase Contract
One of the most important documents used in an owner financed real estate transaction is the purchase agreement or contract. This contract specifies that the transaction is a seller-financed deal and lists the consideration involved in the transaction. The contract lists the property address and if the property is being sold in as-is condition. The contract also lists the purchase price of the property, the down payment and the amount financed. The purchase contract also details who is responsible for paying the insurance and property taxes on the home as well as to whom the monthly mortgage payments will be paid.

Owner Carryback Disclosure
An owner financing disclosure document details information about the mortgage note. This document defines the mortgage amount, number of installments and installment amounts plus interest. The disclosure also specifies that the note is secured by the property. Title conditions and escrow information are also included in the owner financing disclosure statement.

Transfer Disclosure
A real estate transfer document discloses the condition of the property to be sold and the physical characteristics of the property. In this document, the seller discloses what is included in the property at the time of sale such as appliances, central heating and air, water softener, garage door openers, hot tubs, alarm systems and many other items. The disclosure identifies if these items are in working order or if they need repair. Further, the disclosure describes the age of the home, type of wiring and roof type. The seller discloses items with significant defects, if known.

Funding Disclosure
A funding disclosure is a document that outlines funding and closing information. It details when down payment funds are due after closing and the responsibilities of the closing agents once the real estate transaction has been completed.


source : Sherrie Scott