Posted by JoeKaiser on March 12, 2002 at 24:44:08:
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Where do you close your deals? - Posted by Angie
Posted by Angie on March 09, 2002 at 10:36:32:
Hello everyone,
I’m new to REI, purchasing the ABC’s of subject 2’s in a couple of weeks. I’ve been reading this board for the past couple of months, read all the “how-to” articles 3 times. It has been very helpful.
I’m in the process of establishing a marketing budget, get an idea of expenses, etc. and would like to know where do you close your deals. Since you need to have documents notarized for subject 2’s, can this be a “kitchen table closing?” I’ve been looking at “virtual offices” that also have a notary in order to close deals. This gives a professional address and an hourly office rental fee whenever I need to close a deal.
Any input would be fantastic!
Have a great day!
Angie (IN)
you might try… - Posted by Russ Sims
Posted by Russ Sims on March 09, 2002 at 13:09:50:
I’ve closed a few of my deals at the title company I always use. They give me an extra room and will even notarize for me. We do quite a lot of work with them so I think this is just a favor they grant. It wouldn’t hurt to check around your area…
I don’t like to abuse the favor so I try not to close there too often. Since kitchen table closings are always a pain due to the notary factor, I am paying for a friend to become a notary. She’s a stay at home mom so she has a flexible schedule and should be able to meet us at the seller’s house when we need her. It costs about $100 to get set up as a notary in my state (WA) with no training or certification required. Perhaps you know someone with a flexible schedule who could do this for you. I am paying my friend $50 a pop, which seems high given many notary services are free or very low cost. But it’s well worth the cost because otherwise you have to drag the sellers (with kids in tow, usually) down to the nearest bank or notary service. You are stuck doing this during business hours, and it’s often late afternoon during rush hour. It’s just a pain for all involved.And then different notaries have different policies. The last notary actually READ all of my contracts before she would stamp her seal. This made for an uncomfortable 20 minutes in a busy bank. Some notaries make you raise your right hand and swear an oath…Having a traveling notary with a flexible schedule solves a lot of problems.
Russ
Re: Where do you close your deals? - Posted by Mike Daly
Posted by Mike Daly on March 09, 2002 at 11:57:21:
For subject to deals, you need to carry the documents with you and be ready to close the deal at the seller’s house, or you could lose the deal. Find taxi drivers who are notaries that can come to you as needed to close a deal.
Re: Where do you close your deals? - Posted by Angie
Posted by Angie on March 09, 2002 at 13:27:59:
Thanks for the suggestions.
I particularly like your idea, Russ. Maybe I’ll find a “traveling notary” or get someone trained to be a notary for me.
Angie (IN)
Re: Where to Find a Notary for Subject Tos Deals? - Posted by CLAIR_MO
Posted by CLAIR_MO on March 09, 2002 at 13:52:10:
Find out what it takes to become a notary in your state and become a notary yourself.
Re: Where to Find a Notary for Subject Tos Deals? - Posted by Joe
Posted by Joe on March 09, 2002 at 16:07:22:
Clair, you can’t notarize your own documents.
Re: Where to Find a Notary for Subject Tos Deals? - Posted by JoeKaiser
Posted by JoeKaiser on March 09, 2002 at 18:40:16:
You’d think you couldn’t notarize your own deals, wouldn’t you? Seems natural to me, and at least in Washington, absolutely wrong.
Turns out the only signature I can’t notarize is my own. RCW 42.44.10.
But, there’s a couple problems notarizing your own deals. Title companies hate it, and it goes against my philosophy of letting someone else do the paperwork. I never carried a typewriter in my back seat, ala Wade, but I did have a laptop and portable printer back there for awhile.
The problem, of course, is you’re sitting there across from a hot to go seller and he’s ready to sign whatever you put in front of him, including a deed you haven’t even filled out yet.
The solution . . . fill it out, have him sign it, notarize that sucker right there on the spot and then say, “ya know, the title companies hate deeds notarized by a participant in the transaction . . . I may have to have my attorney draw up another and mail it out to you so you can get it notarized yourself down at the bank.”
And then I head over to the attorney’s office to have him do the actual deed.
Worst case scenario, I’ve got a valid deed that’s legal and recordable. I may not be able to get title insurance with it, but it’s still a legal deal. My intent, though, is to get a clean deed from my attorney signed and notarized and back to me asap.
Ideally, this never has to happen. Ideally, the seller comes in and signs on paperwork generated by someone who generates paperwork for a living and knows what he’s doing, and is notarized by someone equally competent. My escrow company will do all the above for $65.00.
Joe
P.S. In Washington, a notary doesn’t even have to be present. “Satisfactoy evidence” is all that’s required by statute, meaning I can get a seller to sign, get a copy of his driver’s license, and then have a buddy back at the office notarize the thing without the seller present. Again, frowned upon, but in a pinch, doable. Check your own statutes to be sure.
Re: Where to Find a Notary for Subject Tos Deals? - Posted by CLAIR_MO
Posted by CLAIR_MO on March 09, 2002 at 17:03:54:
Joe, Thanks for your comment but I have seen a relative who was a notary and has notorized documents for me.
Re: Where to Find a Notary for Subject Tos Deals? - Posted by TC
Posted by TC on March 09, 2002 at 21:14:52:
Joe,I know that you are not an attorney but what would you say if your wife was a notary.Would she be able to notorize deals without a conflict of interest?
Thanks!
TC
Re: Where to Find a Notary for Subject Tos Deals? - Posted by Dan
Posted by Dan on March 10, 2002 at 11:49:02:
If you are buying properties through your corp or llc,there is no conflict of interest in you notorizing your own docs.Why not ask the wiz at legalwiz.com?
Re: Where to Find a Notary for Subject Tos Deals? - Posted by JoeKaiser
Posted by JoeKaiser on March 09, 2002 at 23:39:51:
Did you read the post?
Whether or not there’s a conflict can only be answered by your title company. Their’s is the only opinion that matters.
I recently received a deed where the recorder’s office sent it back, recorded, but with a note saying it was defective. They wanted it fixed and rerecorded. Title company says it’s just fine. I think I’ll go with the title company’s opinion.
Joe