Bank Notary can't notarize Deed - Posted by JT-IN

Posted by Teri Hotchingson on October 29, 2010 at 07:21:44:

michaela is finaly being nice and acting like a person , wow

Bank Notary can’t notarize Deed - Posted by JT-IN

Posted by JT-IN on October 21, 2010 at 15:01:32:

Here’s a new one…

Went into a local (large) bank (who knows me well) to have a Deed and closing affidavits notarized for a cash closing, as the seller. The bank employee told me that they are no longer allowed to notarize docs for any outside real estate transaction; (deeds, mortgages or closing docs).

Apparently the bank is concerned about liability connected to the increased scrutiny over the mtg crisis and the potential of their employees being called as a witness. New corporate policy, apparently. I wonder if more banks will apdopt this same policy as we evolve through this mess… or is it just a convenient way to not have the bank employee sit there for 10 minutes providing a service at no fee?

Re: Bank Notary can’t notarize Deed - Posted by redave (ca)

Posted by redave (ca) on October 21, 2010 at 21:50:18:

I had a buyer sign loan docs recently at a local escrow that I know well, the title company wouldn?t accept the docs because the notary only had a $30k bond (this is a good amount from what I understand) , title required a $100k bond. Title wanted me, the lender, to accept some kind of liability waiver, after going around and around I said no, I want the deed fully insured or forget it, she said she would have to send it up to legal for a decision, she called an hour later saying there was no problem and the deal would go forward.

Oh well, as Rosanne Rosanna Danna likes to say ?ain?t always something?.

Re: Bank Notary can’t notarize Deed - Posted by Kristine-CA

Posted by Kristine-CA on October 21, 2010 at 18:24:25:

My (local) bank always charged the allowed fee in CA, $10. But at least
they had a notary in house at most locations most of the time. They
stopped doing outside docs about a 18 months ago. They said they
could only notarize docs that were for bank business or their own
loans. I put up a fuss. And apparently so did a lot of customers, as
they resumed doing outside docs a few months later. I’ll have to check
where they are now on that.

The escrow/title companies in my farm stopped allowing outside
notaries about a year ago as well. I either have to go there or use
someone on their list for my area. It’s OK for me, but I hate that part
for my sellers. I try to make it as easy as possible, with no extra steps.
Having to arrange for a notary that is not located at your bank or the
UPS Store or wherever is not convenient for a many sellers.

While I really think robo-signing is blown way out of proportion and
not really the problem behind foreclosures, I do see where the banks
are coming from. They just remove themselves from liability
altogether. The escrow companies are just trying to make sure that
docs that go out really get signed by a real notary.

To be honest, the notary thing is pretty loose anyway…

Re: Bank Notary can’t notarize Deed - Posted by Michaela-CA

Posted by Michaela-CA on October 21, 2010 at 15:15:11:

I closed on an out-of-state purchase 2 weeks ago and they would not let me use a normal notary - it had to be done in front of a title company notary.

Michaela

(different procedure from the other 3 properties I bought in the weeks just before)