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January 27, 2015

The Mortgage & The Note

Filed under: (4) Documents,Ken Edelstein — Tags: , , — admin @ 11:41 am

The Mortgage and The Note
These two documents formulate the essence of the home purchase or refinance. The vast number of related documents provide essential and legal information. However, the Note and the Mortgage are really the “action” documents. In their most basic functionality: the note specifies the terms of the loan, the mortgage provides collateral against a default of the Note.

Curiously, the Note typically begins with “In return for a loan that I have received, I promise to pay $XXX,XXX.XX”, but rarely is the Note notarized. It is often initialed on each page by the borrower(s) that are signing the final page. There should be an agreement with the 1003, the Loan Application as to who is technically a borrower. Non-obligors who may be “on title” never sign the note. As the definitive definition of the loan; interest rate and payment terms are generally the second and third items on the first page. These are the items of greatest interest.

Also essential, but rarely initially reviewed, is the Right to Prepay; and what will happen if the borrower fails to pay according to the terms of the Note. Typically, if more than one person signs the Note, each bears the full responsibility for payment. The Note is a negotiable instrument, similar to cash or a bond. They are frequently sold by the initial lender.

Almost all variations of the note include the words “Sign Original Only” on the signature page. As a negotiable instrument is being created, multiple copies of the Note for the same obligation could lead to fraud, confusion, and the borrower(s) being asked to pay each Note! When asked to execute multiple copies of the same Note; shrewd borrowers are careful to add wording to the effect that the duplicate(s) are “file copy” and “not negotiable” next to their signature(s).

The Mortgage, often referred to as the Deed Of Trust, is generally of much greater length compared to the Note. A key provision of the Note grants the Mortgage enforceability. The Note references the related Mortgage: “In addition to the protections given to the Note Holder under this Note, a Mortgage, Deed of Trust … dated the same date as this Note … protects the Note Holder if I do not keep the promises made in this Note”.

Think of the Mortgage as the “enforcement arm” of the Note. The Mortgage contains, in about fifteen pages; the procedures to, typically; take back the property. For notaries the Mortgage often contains a “built in” problem. On the first page of the Mortgage the borrower is “supposed” to be named. However, in lieu of their legal name the “vesting” name often appears. This is not a problem on the first page. But, it does get to be a problem on the last page. For it is there that the computer often uses the “vesting” name in the notary section.

For technical reasons, on the Mortgage vesting often includes “status” terminology such as “husband and wife” or “a single woman” or “a married man” – but **ONLY** the name is permitted in the notary section. Thus, “before me appeared John B Doe a single man” is not permitted per NY State notary laws. I am required to redact (thin line through & my initials) the “a single man” part from the pre-entered value following “before me personally appeared”. Care should also be taken to have John B Doe initial JBD not just JD if his middle initial is on the signature line of the Mortgage. I promise to pay, and, what if I don’t; are the heart of the deal.

Most fail to note (no pun) that there is language in the NOTE that incorporates the Mortgage as “part of the note”

A little mentioned aspect in the “fine print” but O so important.

.

You might also like:

Ken’s comprehensive guide to Deeds — Good Deed Bad Deed
http://blog.123notary.com/?p=16285

The Deed of Trust
http://blog.123notary.com/?tag=deed-of-trust

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January 5, 2012

Can a notary sign an out of state Quit Claim Deed?

Filed under: Legal Issues,Posts With Many Comments,SEO,Technical & Legal,Ultra-Popular — Tags: , , , , , , , , — admin @ 12:34 am

Can a notary sign an out of state Quit Claim Deed? 

One of the search terms we found in our blog stats was as follows:
Can a NY notary sign a Florida Quit Claim Deed?
 
Any notary in the United States can notarize a signature on a Quit Claim Deed from any state.  However, there is a catch!  Quit Claim Deeds have always used Acknowledgment verbiage / Acknowledgment wording in my experience.  Acknowledgment verbiage might differ from state to state.  So, the important point to remember is that the notary wording or notary verbiage should match the state where the document is going to be RECORDED.  If the document will be recorded in Florida, please make sure to use Florida notary verbiage.  If the document is going to be recorded in Texas, then use Texas notary verbiage. 
 
Another small point is that notary verbiage sometimes gets changed over time, so you need to make sure you are using 2011 or 2012 notary verbiage for the state where the document is to be recorded.  County recorders are the office that typically records deeds of various kinds.  They can sometimes be very picky.  Make sure your notary seals are very clear and not smudgy if you are submitting notarized documents to the county recorder!
 
Summary:
(1) Notary verbiage must match the state where the document is going to be recorded
(2) Any notary in the United States can notarize a Quit Claim Deed, Grant Deed, Warranty Deed, or any type of Deed for any state

You might also like:

Quit Claim Deed
http://blog.123notary.com/?p=18905

Good Deed Bad Deed — Ken’s guide to every type of Deed
http://blog.123notary.com/?p=16285

Can a Georgia notary notarize a Florida property document?
http://blog.123notary.com/?p=1912

How do you get a Power of Attorney document?
http://blog.123notary.com/?p=20785

Index of information about loan documents
http://blog.123notary.com/?p=20258

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November 27, 2010

9/11 California Notary Law Changes

Filed under: California_Notary — Tags: , , , , , , , , , , — admin @ 2:01 am

California Notary Law Changes 
Notary law has changed tremendously in the last few years across the nation, but the single most important event that shaped notary law was 9/11.  It took several years for the various state notary divisions to react and change their notary laws after this catastrophe, but they surely did.  Several of the terrorists were easily able to get fraudulent social security cards and drivers licenses.  The hijackers paid $100 to an illegal immigrant who had also fraudulently gotten his Virginia driver’s license — to execute the residency affidavit for the 9/11 hijackers before a Virginia notary public.  This notarized document from Virginia was sufficient proof to get a Virginia driver’s license which they needed to get on the airplanes.  The Virginia notary public involved in this transaction was prosecuted by homeland security.
 
After that incident, it was found that tens of thousands of fake Virginia identification cards and driver’s licenses were circulating, and Virginia made law changes as a reaction.  Notarized documents were no longer sufficient proof to get a driver’s license.  Virginia was not the only state to react to this catastrophe.  The California notary division, and many others reacted too.  Law changes started happeneing slowly, generally in 2005 and 2006.
 
Some of the main changes to California notary law were that personal knowledge of a signer was no longer grounds for personal knowledge.  California notaries also are responsible to make sure the document being notarized is not fraudulent.  Jurats now require being positively identified in California and almost every other state in the nation.  There are other laws that changed, but now governments are being careful about identification and preventing fraud.
 
In my personal opinion, California should never had had liberal identification standards to begin with.  The governments reaction to 9/11 is like frantically putting on your seat belt right after an accident.  The time to wear your seat belt is BEFORE an accident, which means all the time.  Additionally, the credible witness procedure in California and many other states is just as ludicrous as the personal knowledge form of identification.  If you personally know someone, how well does it mean that you know them?  There has never been a definitive standard other than that you knew them from a chain of events and people in various contexts which has several lines of text in legalese which nobody can make much sense of.   Credible witnesses do not usually know a signer well enough to identify them before a public official.  They know a signer as “Joe” their neighbor, and job could tell them his last name was Wagner, and the CW’s would swear to that before the notary when they don’t even know.  California is still careless with its notary laws in many ways.

You might also like:

Can you use an expired license in California? (Discussion)
http://www.123notary.com/forum/topic.asp?TOPIC_ID=5151

New California Notary laws effective Jan 1, 2012
http://blog.123notary.com/?p=3054

Penalties for notary misdeeds and misconduct
http://blog.123notary.com/?p=2067

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August 2, 2010

Typical things notaries do wrong

Filed under: Just Say No!,Legal Issues,Notary Mistakes,Technical & Legal — Tags: , , — admin @ 4:17 am

Typical things notaries do wrong.
Notaries do many things incorrectly, particalar inexperienced, or unschooled notaries.  Clients will ask you to do all sorts of things.  Some things are merely unorthodox, while others are purely illegal.  Here are some things that notaries do wrong.
 
Copies of vital records
From time to time, a notary is asked to notarize a certified copy of a vital record such as a birth certificate, marriage or death certificate.  This is not legal, and not recommended.  It is legal, but not recommended to do what is called a copy certification by document custodian. This notary act is a glorified Jurat, where the individual who is in charge of the document swears to the authenticity of a copy of the document. 
 
Going to hospitals and jails without asking the right questions.
Many notaries don’t want to go to hospitals and jails because they are afraid.  There is nothing to be afraid of, but there are pitfalls.  Many signers in hospitals are elderly and don’t have ID.  Inmates NEVER have ID.  So, the notary must first be sure the signer or their family members / associates have their ID and it is wise to have them read the ID# and expiration date to the notary, so the notary can be sure that they really have the ID and that its current.
 
Leaving seals and journals unattended.
As a notary public, you and only you are responsible for safeguarding your seal and journal.  Even if your boss or co-workers want to use your seal or inspect your journal, its completely illegal. Only the notary can do a journal query, or use their seal.   Carelessly leaving your seal in an unlocked area is also a very serious notary error.  Seals and journals must always be kept under lock and key.
 
Not having the signer present.
Its common for a client to request that a notary notarize a document when the signer is not around. This is completely illegal.  The signer must be  in front of the notary during a signing.  This means within a few feet and able to communicate directly with the notary.
 
Having an interpreter
Many immigrant families have older members who don’t speak English.  They often attend to their business with their children along to explain things and translate.  When they call the notary over, they often don’t explain that the signer can not speak English, since its not a problem due to the fact that they can translate. But, the notary must be able to communicate directly with the signer.  If the signer only speaks Uzbek, and the notary doesn’t speak Uzbek, then the signing is off.   On the other hand, if the document is in Chinese, and the notary only speaks English, that is okay, since the notary is not liable for the contents of the document.
 
Overcharging
The maximum notary fees vary from state to state.  California and Florida are  “generous” offering $10 per acknolwedged signature, while many other states offer as low as 25 cents or two dollars per signature which is hardly enough to make a living.  It is tempting for notaries to charge more than they are supposed to to make it worth their while. This is illegal.  Also, many states have restrictions for what notaries can charge for travel fees.  Many notaries overlook these restrictions.
 
Journal thumbprints and notes
It is critical that notaries get the right thumbprint of the signer in their journal, especially for deeds and powers of attorneys.  This is a great way to deter fraud, and will keep a notary out of court in many instances.  Additional notes are important to keep in a journal too.  If a notary goes to court, they will never remember a signing that took place years ago, unless some notes are kept about anything unusual at the venue of the signing, or anything that is unusual about the signer.
 
Also see:
Everything you need to know about thumbprinting
http://www.123notary.com/forum/topic.asp?TOPIC_ID=4019
 
Backdating
Almost all signing agents will be asked to backdate at one or more times during their career.  Don’t do it.  Backdating is illegal.  Backdating means putting a date prior to the actual date of the notarization on a notary certificate. The date of the notarization is when the signer signs the journal, although the signer can sign a document before the notarization of an acknowledged signature.  Here is some more information about backdating.
 
You might also like:

What do you do if asked to backdate?
http://www.123notary.com/forum/topic.asp?TOPIC_ID=4029
 
What is backdating?
http://www.123notary.com/forum/topic.asp?TOPIC_ID=3920

Signing agent best practices: 63 points
http://blog.123notary.com/?p=4315

10 risks to being a mobile notary public
http://blog.123notary.com/?p=19459

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March 25, 2010

State Tweets

Filed under: Popular on Twitter — admin @ 9:58 am

est State Tweets
(C) AL: In Alabama, a probate judge collects $1/notary commission issued. And you thought American Idol Judges raked it in.
http://www.123notary.com/alabama_notary/

(C) AK: There’s no set fee for Acknowledgments for an Alaska Notary & no set term for an Alaska Governor if her name is Sarah
http://www.123notary.com/alaska_notary/

(C) AK: A notary in Anchorage, AK says, “We sign loans in 8 different languages!” That doesn’t count rubbing noses together.http://www.123notary.com/notary-result.asp?state=AK&n=Anchorage&county=70

(C) AZ: Arizona Notary: There’s a max mileage fee for notary work set by the state which is really low. Actualmileagemayvary. http://www.123notary.com/arizona_notary/

(C) An AZ Notary may only charge a small mileage fee: not enough 2make a living. Hence the signs: Will Notarize For Food. http://www.123notary.com/arizona_notary/

(C) In Arkansas, attestation to a document is an official notary act. As for unofficial notary acts, catch Arkansan Idol. http://www.123notary.com/arkansas_notary/

(A-) CA: How long is a notary commission or term of office good for? It varies from state to state. In California & Florida it is 4 years.
http://www.123notary.com/california_notary/

(C) California has more mobile notaries than any other state #notary. If you call stuck in rush hour all day “mobile”.
http://www.123notary.com/california_notary/

(C) We helped many California Notaries rewrite their notes sections. We took out all the Hey, Dudes. Nice Makeover
http://www.123notary.com/california_notary/

(C) CA notaries must THUMBPRINT signers of POA & Deeds. Their thumbs w/be too dark to notice if hitchiking home!
http://www.123notary.com/california_notary/

(C) Personal knowledge of the signer is still acceptable in Delaware. Unless the signer is named “John Doe.”
http://www.123notary.com/delaware_notary/

(C) CO: A Colorado notary was asked to notarize medical marijuana docs. The signer asked, “So, what FORM of payment would you like?”
http://www.123notary.com/colorado_notary/

(C) CO notary law lets a notary charge for making copies. Wish they could make copies of the laughter on 2 ½ Men.
http://www.123notary.com/colorado_notary/

(C) CT notaries are appointed to a 5 year term! $120 application fee.
1 year more than the President.
http://www.123notary.com/connecticut_notary/
#notarypublic

(A) DC: If you live in Maryland, DC, or Virginia you could become a dual or triple commissioned notary in multiple states!
ADD LINK

(A) If you work for the federal gov, you can be a DC notary yet live in ANY state you like! .
http://www.123notary.com/washington_dc_notary/
#notarypublic

(A-) FL: We helped many Florida notary publics rewrite their notes section recently!
Nice makeover! http://www.123notary.com/florida_notary/

(C) You can be a dual commissioned notary if you live IN Florida near AL/GA, but not the other way around. Sorry…
http://www.123notary.com/florida_notary/

(A) FL, CA & TN allow expired drivers licenses as acceptable ID if less than five years after the ISSUE DATE
http://www.123notary.com/florida_notary/

(C) Non-atty notaries in GA cannot sign loans, but there is big $ in regular notary work! Especially if you’re Beyoncé.
http://www.123notary.com/georgia_notary/

(C) A Hawaii notary public can get a tax deduction for their boating hobby! Then their ship really will come in!
http://www.123notary.com/hawaii_notary/

(A-) ID: We have dozens of dual state notary in Idaho & Washington. They get 2x the jobs!
http://www.123notary.com/idaho_notary/

(?++) ID: A Washington State Notary can become an Idaho Notary & vice versa. Make 2x the $ with a dual commission.
http://www.123notary.com/idaho_notary/

(C) IL: An Illinois notary public tells us this story about how her journal saved a man’s home. Keep good records!
http://www.123notary.com/illinois_notary/

(C) IN: You should ideally get a TPL if you want to sign loans in Indiana. Or at least the title: Hoosier.
http://www.123notary.com/indiana_notary/
#notary

(B+) IA: Many notaries in Iowa are discussing their Real Estate background at the top of their notary notes.
http://www.123notary.com/iowa_notary/

(A) KS: We have dozens of dual state notary in Kansas & Missouri. They get 2x the jobs!
http://www.123notary.com/kansas_notary/

(?++) We have dozens of dual state notaries in KS & MO. They get 2x the jobs. Finally, multi-tasking that isn’t annoying!
http://www.123notary.com/kansas_notary/

(C) KY: Kentucky notaries can notarize outside of their state providing the documents are recorded in state.
http://www.123notary.com/kentucky_notary/
#notary

(C) The Louisiana notary exam is the hardest in the nation. Or maybe it seems harder in Louisiana because they’re high. http://www.123notary.com/louisiana_notary/

(C) LA: Many Louisiana notaries can only work within their Parish or reciprocal Parishes
http://www.123notary.com/louisiana_notary/

(C) MA: A Massachusetts notary public can NOT do loan signings unless they are a licensed Attorney
http://www.123notary.com/massachusetts_notary/

(C) MA: There is very little competition among notaries in MA. There are very few traveling notaries there #notarypublic
http://www.123notary.com/massachusetts_notary/

(C) Maine Notaries can solemnize marriages w/a license. If the in-laws don’t grant their seal of approval, notaries can!
http://www.123notary.com/maine_notary/

(C) MI: Our Detroit notaries are some of the best QUALIFIED in the nation. Hope they can witness a Detroit resurgence!
http://www.123notary.com/michigan_notary/

(?+) MS: Many Mississippi notaries get dual commissioned in Tennessee too so they can service Memphis! #notarypublic
http://www.123notary.com/mississippi_notary/

(?) MD: Maryland Notary Public: You need a Title Producer License to sign loans in this state.
http://www.123notary.com/maryland_notary/

(A) MO: We have dozens of dual state notary in Kansas & Missouri. They get 2x the jobs!
http://www.123notary.com/missouri_notary/

(C) Make a whopping $1 per signature as a Minnesota Notary. That’s a buck more than celebrities get for their autographs!
http://www.123notary.com/minnesota_notary/

(C) Many MN notaries are dual commissioned in WI & make extra $ on other side of border. Talk about a borderline killing. http://www.123notary.com/minnesota_notary/

(C) Hire a Montana Notary who is great at performing shotgun weddings & notarizing gun permit applications.
(C) A spaceship landed.
A NM notary asked, “are you going to abduct me?”
“No, but can you LIKE us on Facebook?”
http://www.123notary.com/new_mexico_notary/

(?) OH: Find a notary who offers happy-hour specials on our Ohio Notary Public search page.
http://www.123notary.com/ohio_notary/
(?) OK: Find a notary in Broken Arrow or Broken Seal on our Oklahoma Notary page. If it ain’t broken, don’t affix it.
http://www.123notary.com/oklahoma_notary/
(?) OR: Find an Oregon notary who covers strange sounding places like Walla Walla, Tillamook or Madras.
http://www.123notary.com/oregon_notary/
(?) PA: Find a notary near the Liberty Bell in our Pennsylvania notary public search page. It’s all it’s “cracked” up to be!
http://www.123notary.com/pennsylvania_notary/
(?) PA: Find a notary near the Liberty Bell in our Pennsylvania notary public search page. Nothing cheesy but the steaks.
http://www.123notary.com/pennsylvania_notary/
(?) PA: Find “notar-ly like” in the city of brotherly love in our Pennsylvania notary public search page.
http://www.123notary.com/pennsylvania_notary/

(?) Find a notary who services all five counties of Rhode Island & can “musical note-arize” at the Newport Jazz Festival! http://www.123notary.com/rhode_island_notary/

(?+) SC: To perform loan signings in SC, MA or GA, you need to be an Attorney, but there is plenty of regular notary public work!http://www.123notary.com/south_carolina_notary/

(A-) TN: One Tennessee notary was offered some moonshine at a signing
http://www.123notary.com/tennessee_notary/
#notarized

(?++)Please inform TN notaries: it is bad manners to bring a gun to a signing. Chew on that (with your mouth closed).
http://www.123notary.com/tennessee_notary/

(?++) TX: A Texas Notary was offered MOONSHINE at his last signing! He could have witnessed a hangover.
http://www.123notary.com/texas_notary/

(?) TX: We have several notaries in Texas who claim to cover all 254 counties. #notarypublic
http://www.123notary.com/texas_notary/

(?) UT: A notary public in Utah can charge no more than the Federal mileage rate as a travel fee
http://www.123notary.com/utah_notary/

(?) Ben & Jerry’s idea 4new SIGNATURE flavor for notaries:
Notorious ribbon — vanilla sealed w/ dark chocolate ink.
http://www.123notary.com/vermont_notary/

(?) VT: Please ask Ben & Jerry’s to create a new flavor for notaries such as VANILLA VENUE, or Vanilla Almond Affiant
http://www.123notary.com/vermont_notary/

(?) VT: Please ask Ben & Jerry’s to create a new flavor like Rocky Gravel Driveway or Personallly appearing pistachio
http://www.123notary.com/vermont_notary/

(?+) VA: Virginia notaries can notarize outside their state providing the documents are to be recorded in state. #notarypublic
http://www.123notary.com/virginia_notary/

(A-) VA: Many Virginia notaries in Fairfax County choose to be dual commissioned in DC to make extra money
http://www.123notary.com/virginia_notary/

(A-) WA: We have dozens of dual state notary in Oregon & Washington. They get 2x the jobs!
http://www.123notary.com/washington_notary/

(A-) WA: A Washington State notary can make extra money by getting a dual commission in Idaho and going to Coeur D’alene!
http://www.123notary.com/washington_notary/

(?) There are so few notaries in WV, if you cover a wide range, you’ll have a monopoly! Then you can buy Marvin Gardens.http://www.123notary.com/West_Virginia_notary/

(?) WI: Many Wisconsin notaries choose to make 2x the money and get commissioned in Illinois as well
http://www.123notary.com/wisconsin_notary/

(?) WY: Distances are huge, but there are only a few dozen active mobile notaries Until I had to go & open my big mouth. http://www.123notary.com/wyoming_notary

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