when I was talking to you before
earlier today about real estate signings and having experience
let me tell you a little bit about forms okay
so that you understand exactly what you need to do
okay you
you are representing ESCROW and Title and the Lender
you are going to have to go through every page and explain the majority of them
they need to have some idea as to what they are signing
when you’re looking at the Alta statement
the Alta statement a L t a
explains the breakdown of charges
it’s also the amount of money that their loan is going to be
for example their loan could be $527,000
uh which is the value of the house
and any expenses or charges that are
that are related to processing the loan
and then you’re going to need to know how much
if any they are that
that they’re going to receive or the proceeds of this loan
you are going to need to explain all of the items
and then they have to sign it another thing is you you
you’re gonna need to know uh
what a 1099 is
okay and so that 1099 is basically
the lender has to report the earnings of this real estate transaction to the IRS
and they need to sign it and they need to put their Social Security
for each of the borrowers
they have to put their Social Security number and they have to sign it
you also have to look at um
whether it is going to have
well
it will have a deed of trust
the deed of trust is basically gonna be recorded with um
the county
okay
and so you’re gonna be checking for the property address
you’re gonna be checking to make sure that their names are spelled correctly
and that the property description
the property description is going to be
it must be there
it is going to tell
what the lot is
the lot number the book
the page and the description
is it a condominium is it going to be a single
single housing or whatever it’s going to be
it needs to be stated
you’re also going to need to explain to them just a little bit about that
as also gonna have the lender
who is
who has
a lean on the property so that’s all gonna be in the data trust
all of those need to be there
you really need to pay attention to initials
initials may be in the documents okay
if not just make sure that you
that you are making sure that they are going to sign
there could be a condominium rider
there could be a planned development rider
and they’re gonna all require signatures for that
and you’re also gonna need to uh
show them the page of the money that they’re going to owe it should give
if it’s a 30 year fixed mortgage
it’s going to have the amount of money that they’re
they’re paying every single month for the next 30 years
you need to give them that copy
okay
the Social Security
this is like permission for the lender to run your Social Security
they are they have 90 days
90 days to verify your the Social Security of the borrower
you gotta make sure that they sign that form correctly
okay
and then um
there are some things like verification of identity
so for example
they may pull the credit report and it says these different names
explain it to them that this is the name that came up from the lender
lender is this you
do you have also these different names
if it shows up on the report
they are going to need to have that notarized
and if there’s a power of returning that is giving the lender permission to
act on their behalf to close the documents that is going to need to be notarized
you’re going to need to also handle their banking for them
let them know they have options
whatever the lender says
is it going to be a check that they want disperse to them
or if they want the money to go EFT
electronic funds transfer
or if they’re going to pick it up
now that’s always uh
not the case there are other cases in which you will collect a check
if there you do not collect a check
you must walk out of the deal
because the lender requires a check to be collected
they don’t want any cash they want a check from the um borrowers
if you do not follow these things
it will be detrimental to families and to your reputation
you need to check for instructions
to see if it’s a black pen or if it’s a blue pen
and if it doesn’t have anything stated
you are safe to use whatever you need for the um
the signing except you have to use black or blue ink
you cannot use anything you can’t use purple
green or red
and that’s pretty much it
there’s so many documents
I cannot tell you how much you need to know these
okay and I hope that you will learn um
to get uh
an idea of how to do these real estate documents so that you can be an asset
as a notary signing agent to the um
lender
escrow and title so that they can call you back again
and the families who may need you for other notary services
your number one goal in doing a notary signing is to give them a perfect signing
and nothing else and if you mess up
you gotta be willing to go back and do not charge them anything
to go back and correct your mistake