Where did you guys learn how to do full purchases?

Looking For Advice
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I was told that purchases are similar to refis. That is only true for the paperwork.
I learned that there is a whole other world to purchases including: dealing with real estate agents, dispersing checks, wiring instructions, waiting for confirmation before dispersing checks and PACKAGING. Where did you guys learn how to do full purchases? It was not really included in the training program that I bought.

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I’m doing a purchase right now and I don’t need to do any of the things you mentioned, nor have I ever. Sounds like escrow’s responsibilities to me. I could be wrong (but I seldom am :flushed:)

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You’re probably doing a partial purchase seller side not a full purchase.
It’s totally different

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I agree with @Bobby-CA . Sounds like they are making you do more than what a typical LSA would do. We are there to sign and return docs.

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Have you done a full purchase with buyer, seller, and real estate agents? Are you in the state of Michigan? Did you have to disperse copies to them?

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Who is it that you ‘learned’ this from? A hiring party? If yes, they’re going to be your “go to” source for answers of this specific question.

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@jennjoneis, what you’re describing is generally known as fulfillment of the role of a Title Company Closer (usually an employee, not an Independent Contractor [IC]), which is outside the normal scope of certified notary signing agent responsibilities [CNSA] and purview.

Your best bet in this instance would be for you to reach out to the staff at the organization where you’ve purchased your training for additional insight.

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That’s interesting. I showed up to the title office
and they acted like it was normal for me
to do all of that. Of course I will not work for them again.

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Agree with all of the above; “normal” notaries and signing agents doing signings do not get involved with all of what you posted - not our job. Now, if this title company expects you to do all these duties - “dealing with real estate agents, dispersing checks, wiring instructions, waiting for confirmation before dispersing checks and PACKAGING.” - you are acting more as a closing agent rather than JUST a notary and signing agent; they should be covering you under their liability policy for all of these duties - your standard E&O will not cover any errors made here. You are not a closing agent (at least I don’t think you are) - you’re a Notary Signing Agent.

I would not dump them - I’d have a nice chat with them - let them know you’re willing to do these for them but they will need to (a) train you to do them properly; (b) provide liability coverage to you under their umbrella policy or whatever; AND (c) pay you accordingly.

Also of major importance here - where are you located? For example, MN notary signing agents MUST be licensed by the state as a closer before they can conduct real estate closings; several states are attorney-only; Louisiana notaries are more like attorneys than the rest of us. Your location is key to determining whether you can or cannot do this.

Good Luck

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Wow, ok that makes sense. Thanks for the information! I guess I can chat with them about it even though my last experience with them was so emotionally devastating that I don’t want to even drive near that building. (big sigh)

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I understand that
again, where are you located?

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I am in Michigan Metro detroit area

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ah
okay - so my conversation ends here. :smiley:

As for your last conversation - don’t let it get to you; I’d face them with a mea culpa and just let them know they took you by surprise, but you’re willing to adjust in order to serve them better “Providing” they clarify the above points I made. If nothing else maybe you can get a temporary part-time position in the title office where you’ll get the best education you could ever ask for - and get paid for it!!

Best of luck to you.

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Thanks Linda. I really appreciate the help :smiley:

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Yeah, like she said. Great advice Linda.

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I’d like to add that the company sounds like they could use your help. If you want to expand your horizons and get the full scope and experience, I would say go for it. Of course, after you recuperate from your initial contact with this company. :upside_down_face:

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Hi Jennioneis! After several years in business, the bulk of my business is now purchase closings. In my opinion, you are correct in that there is much more than signing paperwork to a purchase closing.

First, there is the possibility of all parties being present, as well as their respective agents & the lender. That would look something like 7 people at the closing table as well as yourself. If you are doing both sides of the transaction, you will be handling the seller/s paperwork (which could include wiring instructions). Clearly, with a large group such as this, the more emphasis there is on you understanding the docs and being able to explain/guide signers as well as understanding the types of ownership/tenancies (plus understanding how to not cross the line between explaining and advising). With covid, there has been more and more of sellers not being present at closing, but I am starting to see it get back to everyone attending.

Another point that has become more and more common is ‘lender approval’. Meaning scans and what I believe you are referring to as ‘confirmation before dispersing’. That is a lender dependent situation. And, of course, once all is done, yes you will disburse checks (assuming everyone is not receiving wires. It has also become more common for everyone, including agents to receive funds via wire). In terms of packaging, I do not offer this with my closing services. I leave that to the title agent/closing department.

Having said all of this, the best way to gain experience is to work with someone who is experienced in this area. There are no real ‘online trainings’ for purchase closings because, the truth is, every closing is different. They are processes in place, but you just never know what you might encounter in a closing, so there is a lot of personal experience and decision making that comes into play. And, of course, a strong knowledge of the notary laws in your state due to the number of critical recorded documents included in a real estate closing.

For my team, I insist on having completed at least 50 refi closings before I begin to train a teammate on purchase closings. The upside to the additional work and responsibility is more money and clients. Purchase closings bill at the highest rates and there are less notaries doing the volume of this work. It still remains more in the realm of title/escrow officers due to the complexities. But, if you can find the right person to align yourself with and gain the knowledge, it can be very prosperous and rewarding work.

I wish you well in your endeavors and look forward to hearing about your progress. Please feel free to reach out to me personally anytime.

Best wishes,

Dawn McCloud
The Mobile Notary Team

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Thanks. I’ll definately plan to do that.

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Wow, so much insight! Thank you Dawn! I really appreciate this. I now feel hopeful about the prospect of purchases for the future.

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I have done 1000+ closings (sellers, buyers, refi, cash-outs) and have never had to do anything except, notarized and get signatures.

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What state are you in?