Out-of-Office All Cash Buyer

I have a signing tonight that is an Out-of-Office All Cash Buyer and I’m not sure what to expect. Should I be expecting the signer to have a check for the total purchase price? My signings are primarily refinance closings. Some of the docs are new to me. In addition, the signer is a POA and signing for his brother, i.e. “John T. Smith by Bill A Smith, POA”
Can anyone help clarify??

You should get instructions from your hiring party - you may be picking up a cashier’s check or they may have already wired the funds to title. Not sure what state you’re in but some states do not allow notaries to handle closing funds so make sure you’re authorized to do this.

As for the POA portion, expect to spend a bit more time at the table because signing all that is going to take longer. In addition, you may have to collect the original POA for recording. Depending on your state, your certs will either read “personally appeared Bill A Smith” or “personally appeared Bill A Smith as Attorney-in-Fact for John T. Smith”. (the second one is prohibited in CA). Also, at least here in Florida, an attorney-in-fact cannot swear to anything or take an oath for the principal - so all certs are acknowledgements.

Clarify with your hiring party any specific questions you have but follow your notary laws on how to notarize an AIF’s signature.

Good Luck.

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Hi Linda. Thanks for responding. I am in CA and signer is the buyer. The whole doc is only 22 pages total and there are no notarization certificates. Since the loan amount is $193k I’m pretty sure funds will be wired to seller but I will definitely confirm this with the signing company.

Thanks again for the help! I’ve been a signing agent for almost a year, but like I said most of my signings are refi loans or HELOCs. Ive got those down, but I still feel like there is so much I dont know. Like I have a 'witness closing" tonight as well and I have no idea what that is either. Thank God for google and forums like this. Again, thanks for the help
Hope you are safe and healthy

A witness closing is the same thing -notary goes out to get package signed…

I have a question - if there’s a loan here, how is the whole package only 22 pages? and No Notarizations? Also, clarify scanbacks because this is usually immediate funding.

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Yes, I confirmed with Title that no notarizations required . Kinda weird, right? It’s a mobile home purchase from what I can gather from the docs. Easy money for me! lol

Thanks again for the advice. have a great weekend

So you are doing a buyer’s package that is also a POA and no notarization required? Sounds like a problem waiting to happen? Just be careful!

That’s exactly what it was. What do you mean be careful? I I double checked everything. Signatures written exactly as listed, confirmed with the hiring company. Now You’ve got me nervous!

Who is hiring you to do this? You are not a lawyer, a lender, a title company, or a real estate agent! I presume you are a Notary Signing Agent? So what is your role there? If that was me, I would not touch it with a 10 foot pole. But that’s just me.

No loan is involved - your title is “Out of office all cash buyer”. That is a buyer paying cash for the home.

Strange. Usually you would notarize an acknowledgement for the Deed of Trust, at least.

Witness closing is wording some companies - i.e. Coast 2 Coast, etc. - use, not sure why. IME, they are simply a regular signing. Check your docs carefully when they arrive, to make sure.

Sorry, something doesn’t add up to me. You were asked to have someone sign a buyer’s package and also that person is to sign as an Attorney in Fact/POA which is a huge responsibility for that person and you but yet you are not required to notarize anything? :scream::thinking:

Old republic title Co.

Good luck???

Something is way off here…$193k loan with no security? Mobile home purchase? No notarizations?

It’s either all cash or there’s a loan - which is it? Was the purchase done via cash followed up by an equity loan (stupid but possible I suppose). I just don’t get it.

I’m so confused.

Me too! It’s done and over. Thank god!

I would suggest you write out a detailed narrative of this assignment for your future reference. From the information you’ve presented here, along with the fact that you were a bit confused about it to begin with, I’m concerned something is going to crop up at a later date. I don’t understand how there is a $193 purchase loan without any notarizations. In addition, since there were no notarizations, you have no journal record of this transaction so a detailed narrative with copies of all communication with the hiring party is critical.

For your own safety, make sure you have all this documented in writing from hiring party along with your own narrative - almost sounds to me like they just wanted you to obtain signatures and they’ll tend to the notarizations when the package is returned - which is illegal as heck.

The only other thing I can think of…and this just occurred to me - is this the initial application for the loan? A RESPA signing? Where you get all docs signed, gather supporting documents and return to title/lender?? These packages do not require any notarizations. Perhaps that was it.

I’m really seriously curious. Thanks for any response…

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Thanks for the feedback Linda! I sent the docs in last week and haven’t heard anything back yet so, I guess were good. I will definitely make notes and remember this one for sure.

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Did you sign any of the paperwork as a witness?

Hi Elizabeth…this wasn’t my loan; this was bmolino’s signing - or maybe that’s who you were addressing? I’m sorry, not clear, so if you didn’t mean me I apologize for the misunderstanding.

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My bad! i did mean bmolino! :blush:

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