15 pages, 1 notarization, scan back, $65 or $70.
It is a home owner agreement with a real estate company. RE company, offering $750 to $1000, cash for acceptance of a purchase contract for 40 years (yes 40 years) with 6% commission!
Here are some facts:
1.There is no illgality involved. 2. No fraud involved. 3.The real state agency is currently being sued in several states by homeowners ( mostly vulnerable persons). 4. Plaintiffs claim they did not know the terms (which are clearly stated in the contract), 5. Plaintiffs claim a notary just showed up at their door without confirmation, 6.The signing company does not allow notary to contact signer (Notary to contact the real estate agent who gives permit to proceed!) 6. The notary is not allowed to discuss terms of the contract (which is given, as no notary should), 7.If homeowner or their surviving children at some years later sell the property not through this real estate company, by law they have to pay 6% of sales as for the breach of contract to this real estate company. 8. Notary is also part of the law suit!
Knowing these facts, would you do this signing? (You might already have done one!)
15 pages, 1 notarization, scan back, $65 or $70.
Search here - MV Realty has been discussed previously
Personally? I, personally, would never sign this agreement. They lien the property - and collect a percentage of the sale price if you list with anyone else. Nope…no thanks.
Oops - let me answer your question - no, as a notary I would not notarize one of these…especially considering all the things you’ve listed yourself? You have your answer in your own question. I’m taking it you were, also, a “no thank you”.
I heard about that from another notary on here. Feel bad for the signers. Yikes.
Correct! I would not:)
I personally don’t get involved in regulating or interpreting anyone else’s transactions outside of what is exactly and specifically required and requested of me as a Notary, for the simple facts I did not request the transaction, nor draft it. I focus on what I’m hired to do only.
As for #3, Why are they being sued?
As for #4, Did they get the opportunity to read the contract, and still just don’t understand, or didn’t read it at all?
As for #5, without confirmation does not mean without knowledge that you were coming.
As for #6, Not being allowed to contact the borrower to confirm is weird in itself.
As for #7, Sounds like a simple contract T&C clause.
As for #8, Notary is part of the lawsuit (very vague) as we are always liable in every transaction we do.
Based on #3 thru #8, how did you come to the conclusion #1 and #2 was the case?
The facts are vague at minimum.
Valid points you make. I would recommend googling MV Realty Lawsuit Best.
You may also check out www.bbb.org MV Realty PBC, LLC, for letters from affected homeowners.
Thanks for the feedback. On a side note on BBB, it is a “pay to play” organization just like any other. They are not a regulatory entity. It’s just another place for people to leave reviews just to get a “letter grade.” Why someone would pay for this, I have no idea, especially if they operate a “shady” business!
You are welcome. Hard times economically for some folks.
I have done one and was so confused by the whole process. It came through SnapDocs and everything you stated is exactly the steps to doing this. The only thing you left out, is how many times the realtor calls or texts while there confirming your there & “did they sign, did they sign?” The realtor was very rude, would not let me call the person I was going to be having sign the docs, only allowed to speak to them. The one I did the guy was getting $1500. I asked a lender friend of mine about this unique signing and she told me not do anymore of them because the company is breaking some real estate codes doing these types of deals. I didn’t feel comfortable doing them either. I won’t do another one. When I see a signing with 12-18 pages for $70 - I know now exactly what it is. I’m not going to participate in this type of transaction again. BEWARE!!!
Thank you for sharing your experience. I actually never did sign for them. I accepted one, out of curiosity, downloaded, read their homeowner agreement, found it unethical, declined to proceed! Best.
As an impartial Public Official performing our duty. I would verify that the signer is fully aware and understand what they are signing. That the signer is not being pressured into signing the document and doing so on their own free will. That the signer is of sound mind and not under the influence of any alcohol or drugs. After taking all those steps, there are no reason for us not to perform the notarization. Of course, we do not have to accept the company’s loan signing orders.
Hello to all you fellow Notaries, you need to understand, when you were sigining up they have specific instructions for the notary. Just follow the instructions and you will be fine. Moreover you can get The Notary sigining agents Loan Documents sourcebook it explains everything you need to know.
All you have to do is follow the simple steps and you will be fine. I am a notary for the last 28 years, belive me follow instructions and it becomes easy. Take whatever you get its money you get with minimum investment.
Well said. Thank you. The real estate agency in question here , by offering cash to vulnerable homeowners, for signing an exclusive sales contract for 40 years and 6% commission, places a lien on their property which in most cases not clearly explained to them. The company is being sued. The agency’s method is not illegal only unethical. If the homeowner, under no duress, reads and understands the stipulations in the contract and still proceeds with signing it, then, as they say, they made their bed and will have to sleep it.
Wow, I am glad I read this. I was scheduled 2 times by them. The first one the client canceled me at the door (thank God, now that I know this!). The second one MV Realty canceled my appointment. So I was “saved” 2 times. It came throug Snapdocs I think, so I took them as legitimate.
No, I will not be taking this kind of signing.
Thanks for the warnings!
It appears that what this company is doing is not illegal. It is not uncommon a real estate agent offers cash in advance with the hope he/she would be the one selling the property. No wise real estate agent will accept to sell someone’s property without a sales contract typically for 6 months. And no prudent homeowner should ever enter into such agreement for longer than that. However, this company will have a homeowner to sign a 40 year contract (which is insane!) and once cash offer accepted, a lien is placed on the property!! It looks like some vulnerable homeowners have been financially harmed and the ageny is currently being sued. Best.
I accepted one and felt so seedy going through all the steps you mentioned. A lady came out with the man and asked him if he was sure he knew what he was signing and he called a friend. The lady mentioned “this is our home”. The guy didn’t even seem like he knew I was coming at that moment. The agent told me I could tell them nothing is official until they cash the check. Nope nope and nope. Wasn’t going to do that. Signers did NOT sign. I was happy for them but didn’t do a heel kick in the air to keep it professional. Now that I know what they are l, I’ve not taken another.
Thank you for sharing your experience. Every step seems to be strictly controlled with this agency. From not allowing notary to contact the signer, to not informing homeowner of the notary coming, to last minute surprise of " nothing is official until the check is cashed, " and carefully monitoring every move of the notary in the process. " If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck." Best!
This is the exact reason I don’t offer notary services for this type of signing appointment. The risk and liability is too great for my business.
And its a personal conflict of interest in my personal opinion. I choose not to do these. And blocked the SS from sending me these.