What's the difference between a purchase signing and a refinance

I have done hundreds of refinance signing, but lately I have been asked to do a purchase signing. Is there a big difference? Should I be paid more? Does it take more time?

Purchase signings normally are the same package volume as a refi - the main difference is it’s usually immediate funding if property is in a table-funding state as opposed to escrow state. Hence, scanbacks of the package immediately after signing is usually required. And, of course, no rescission period/Right to Cancel.

I did one right after I started doing refinances… they trusted me and now I’m grateful because it was an opportunity to see and handle the difference between both, refinance and full purchase. The volume of paper is higher, they asked me for full scanbak, lots of signings and more notarizations. It was on a Friday late afternoon and they put lot of pressure for me to send back immediately. The only thing missing was the 3 day cancelation notice, as @LindaH-FL mentioned.
That was my experience, and I believe it should be paid more fairly, not like a refinance… again, that’s my perception after I scan-backed over 200 pages.

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I would think for a purchase signing - assuming at least 150 pages - and all of these need to be scanned/emailed back and the buyer/purchaser needs to read documents that she/he isn’t comfortable with signing (so there’s the time element) - the price should be at least $150.00? Do you agree? Am I in the ballpark? That’s a lot of work.

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I would ask for $200, as you mentioned is a lot of work, but when you’re new they try to low ball you, like they did with me :unamused:

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Hi,

Aside from the number of pages, the amount of time it takes and the scan backs, are there any other documents that are really different and may be confusing about the actual documents than a refi?
I really appreciate your responses. Thank you. Karen

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As a real estate agent for 36 years, the biggest differences are: more docs involved in the sale like the warranty deed, IRS forms regarding principal residence, and several others that may be required by the state where the property is located. Also, no right to rescind. Look over the docs. If you don’t understand, look it up or call the title co. I have done about 6 sales in different states and I’m a newbie to the signing service world.

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these are included in a Seller’s package - a purchase signing won’t have these docs; although they may have some affidavits for buyers to sign for various issues.

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Thank you so much for the information. Now purchase signing is not such a mystery, and
one (if I ask enough $$$) is one which I’m not hesitant to ask for more money and have
no trepidations about the navigation process. I really appreciate your input. Karen

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No, don’t feel hesitant asking for more money, is lot of work involved… as I mentioned before, minimum $200

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They are much less work but you should get paid the same i am getting some of these companys trying to pay 75 i will not do and you should do it for such small amounts of money i dont know how they are getting away with it after we pay for paper and ink there is no money left

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To all new Notary Signing Agents. Please, please do not accept the low-ball fees because you want to get experience. What is happening is that now the Signing Agency’s know they can get away with paying low ball fees like $65.00 for 200 + page closing so, they will keep going with the new Notaries that say they want experience.

For example: If you got hired on with a company for let say $30.00 an hour would you tell them they only have to pay you minimum wage while you’re in training? No, you wouldn’t so why are you doing that with the Signing Agency’s? Know your worth. You’re hurting yourself too in the long run. Once you have gotten the experience and think to start charging a higher fee you will not get it because the signing agency’s will go with the next new Notary that accepts low ball fees to get their experience. The Signing Agency’s know you’ve accepted them before their low-ball fees so they’re not going to negotiate with you they’ll just move on to another new Notary that thinks they should be paid less for their experience and unfortunately there are many of you out there.

Eventually these Notary Signing Agents accepting the low-ball fees will figure out they cannot make a living working for such low pay and go back to their 9 to 5 jobs where they are paid their worth. Well, I’m happy they figure it out and are now actually making money, but now they have left all the seasoned Notaries that were making a decent living before they came along with nothing but low-ball offers and they too can no longer make a living.

Just something to think about!

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Thanks. I absolutely agree with you. Kren

So well said! I am so frustrated by this influx of folks trying to make a quick six figures as a signing agent! ARGH!

I get it about low fees, but if I counter, I never get the signing. If I accept and then tell them after I find out how big the package is, sometimes they increase it a bit, sometimes they stick to their guns and offer to re-assign it. There is always a cheaper ho on the block. (I was told that in real estate!)
Sometimes it is a matter of 1/2 of something as opposed to 1/2 of nothing.
Sadly, I don’t think there is any way to change the ss’s.

Hello, I guess what you were told in Real Estate
(Sometimes it is a matter of 1/2 of something as opposed to 1/2 of nothing.) would apply to Notary Signing Agents too if after 6 months or so of accepting 1/2 price signing you discover that not only are you not making any money after you pay for your supplies and gas/wear an tear on your vehicle that you can’t even pay your household bills so you quit. Now you leave all the other Realtors accepting 1/2 of nothing so they have to quit too.