Posted by David Krulac on February 08, 2002 at 15:20:33:
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Can You Be The Notary On Your Own Deals? - Posted by Lee
Posted by Lee on February 07, 2002 at 14:52:28:
Hello, folks!
I was wondering about how to do this correctly in Texas, but the concepts probably apply for most areas.
Specifically, can you notarize the signatures of the sellers when they sign a deed over to your corporation, if you are the person who negotiated the deal?
Many of the “Subject to” deals I seem to get are always closed late at night at the seller’s kitchen table. If we reach an agreement, they are ready to sign a deed and a power of attorney right then. Sometimes they cool off and change their minds (Seller’s Remorse) if we have to wait until the next day to get the documents signed before a notary public. You really do have to strike when the iron is hot.
I know that some people say to keep a list of notaries who will travel to where you are at any time of the day or night for a fee. I have done this sometimes, but it always seems rather awkward waiting for them to come. I have even negotiated myself right out of a deal while waiting for the notary because I kept talking about it after the sellers had already agreed to my terms. Big mistake. After they say yes, stop negotiating and sign it up!
Anyway, can you act as the notary on these kinds of deals if you are not personally the grantee on the deed? Is it prohibited for your corporation to be the grantee and you notarize the sellers’ signatures?
Is there a better structure to use for this kind of situation?
Thanks in advance for any information and advice you folks might have on this subject!
Pay for good friend to become Notary. NTXT - Posted by Brent_IL
Posted by Brent_IL on February 07, 2002 at 17:08:14:
nt
NO You can’t Be The Notary On Your Own Deals - Posted by David Krulac
Posted by David Krulac on February 07, 2002 at 16:29:19:
you can’t notarize for any relative blood or marriage, or any deal where you might have ANY financial interest.
David Krulac
Re: Can You Be The Notary On Your Own Deals? - Posted by David Garcia
Posted by David Garcia on February 07, 2002 at 15:55:23:
Last deal I did, I brought my brother with me & had the property deeded to him & I notarized it.
Re: Can You Be The Notary On Your Own Deals? - Posted by David Garcia
Posted by David Garcia on February 07, 2002 at 15:54:08:
I’m a notary public for SC. NO, you cannot notarize your own deals.
Re: Can You Be The Notary On Your Own Deals? - Posted by Lee (TX)
Posted by Lee (TX) on February 07, 2002 at 16:18:47:
Thanks for the responses, David!
So it is O.K. as long as you are not the Grantee on the deed?
I guess I do not get the distinction here between using another person, or using another legal entity such as a corporation, for the Grantee. I would think it would be allowed since you are notarizing the signatures of the sellers (the Grantors), not the Grantee.
Would the Corporation approach work if I was not the owner of the corporation?
There has got to be a way to do this legally.
Lee
No and not in Texas - Posted by Bud Branstetter
Posted by Bud Branstetter on February 07, 2002 at 19:41:13:
The certificate that you get specificlly says"…cannot be performed by a notary public financially or benficially interested in the transaction; and one who is a party to the transaction cannot, act as a notary public"
If you were not an owner or had a financial interest in the corporation then it would be allowed.
one member LLC? - Posted by TRandle (TX)
Posted by TRandle (TX) on February 07, 2002 at 23:42:56:
BB,
No need for the non-attorney disclaimer in your response, but what about a spouse who was not “financially or beneficially” interested in the transaction since the receiving entity was a one member LLC (the other spouse)?
I’ve heard yes and no on this. The no argument was based on the fact that we’re a community property state and thus, the non-member spouse does in fact stand to benefit.
Any thoughts?
TIA