Posted by Mike(Al) on October 20, 2002 at 23:14:45:
Some banks offer free notary service for customers. Check with yours.
Do I need a notary? - Posted by Dr. B (OH)
Posted by Dr. B (OH) on October 20, 2002 at 18:53:10:
Do I need a notary on my purchase agreement when buying a MH? Do I even need a witness?
Why Notary or witness might be valuable - Posted by John Merchant
Posted by John Merchant on November 06, 2002 at 19:58:34:
Having been a lawyer for a lot of years, I tend to think in terms of the ugly things that could happen after a deal’s in place.
Such as my having bought a MH, dirt cheap, from an older citizen, then, maybe a year or two down the road, getting a lawsuit served on me claiming I had taken advantage of the elder, or that he/she was mentally incompetent or suffering from Alzeimer’s when the deal was done, etc. And now the kids of the elder (maybe passed on by now)are suing me for taking advantage of Mom/Dad. And stealing the old one’s home for a pittance when it was really worth jillions! As witness my later selling it for 2-3 X what I paid!
This is a lot more problematic for the kids’ lawyer if the contract was witnessed by a 3d party or notary; and of the two, the notary is better, because of the obligatory questions the signer has to answer for the notary. And the Log Book that a good notary keeps.
So isn’t it worth the $5 or $10 the notary charges? Look at it as cheap insurance.
On bigger deals, like RE that I’m getting cheap, I’ve even inserted contract language that I recommend the old person counsel with his/her own lawyer, and I’ve even made an appointment with a friendly lawyer, and paid the fee myself to have the lawyer just chat with the senior and be able to testify later that the seller was in full possession of his/her mental faculties and was well aware of what he/she was doing.
No - Posted by Karl (Oh)
Posted by Karl (Oh) on October 21, 2002 at 10:31:52:
In my opinion, its not necessary to have the purchase agreement notarized. These are just trailers, not houses. The mechanics of buying and selling them are so easy, the arguable details are so few, and the buyers and sellers are usually so willing, its just not that big of a deal. In over 100 deals I?ve never had a buyer or seller contest the terms of the purchase agreement after they signed it, or claim it wasn?t their signature. (Notice how I snuck my number of deals into the post in an attempt to buy credibility? Doc would be proud!)
I use the same one page purchase agreement for buyers and sellers. I make a carbon copy when I fill it out for the other party. Half of the time I?m filling out an agreement in the evening or weekend when no notary is around. I wrote one out for a buyer last night at 7pm. I don?t remember ever having a seller back out after we wrote out an agreement. Even if they would, I?m not going to waste my time taking someone to court to force a sell. There?s too many other sellers, its not worth my time. I have buyers sign an agreement and put down a deposit, then about 1 out of 5 disappear or change their mind. So they just lose their deposit. I?m not going to force a buyer to purchase one of my homes, especially if I?m owner financing. I?d never see a payment.
Now the security agreement is another story. This should be notarized. If you are selling homes and securing a lien with your own name, in Ohio, the buyer?s signature must be notarized for the title office. If you?re using a business name, they don?t require a notarized signature. But I still have it notarized. We have to sign the title and POA?s to transfer title in front of a notary anyway, so I have the security agreement notarized too. (Typically, this is done a week or two after the PA was signed.)
If you felt it was important to have a notarized PA for your file after the deal closed, perhaps you could have it notarized when you do the security agreement and titlework. But I wouldn’t make a special trip to the notary just for the PA.
Karl Kleiner
Re: Do I need a notary? - Posted by Mike(Al)
Posted by Mike(Al) on October 20, 2002 at 23:24:57:
Check with your bank they may offer free notary service.
Re: Do I need a notary? - Posted by Dave Starr (CO)
Posted by Dave Starr (CO) on October 20, 2002 at 20:47:49:
Do you need a notary under Ohoi law? Seems that you should ask an attorney licensed in Ohoi that one… it may be an important question some day.
Should you have signatures on purchase agreements notarized? In my view, absolutely. Here in Colorado there’s a notary around every corner, trypically $3 to notarize a signature. If someone tries to renege and you decide to pursue the matter in court, it could be a well-spent piece of insurance. Makes the contract probably more enforcable, make you look mor elike you are actually operating in a business-like manner, etc.
Best regards
Dave
Re: Do I need a notary? - Posted by Dave Starr (CO)
Posted by Dave Starr (CO) on October 21, 2002 at 07:19:16:
An excellent point, Mike. I shoulda thought of that. The bank can sevre as the meeting place to sign all the papers when everything is filled out to the satisfaction of all … after all, thye might as well provide some service for all those profits being deposited smile
Best Regards
Dave