LandInvestors.com Forums **Ask A Question** Using a buyer/seller's bank notary instead of mobile notary

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    Matt Rogers
    Participant
    Post count: 59

    I used a mobile notary to close my first few deals on both buy and sell sides, which went fine, though the prices that were charged varied greatly.

    In my last few deals, I have used both buyer and seller’s notary at their local bank to notarize their ends (either as grantor or affiant), saving notary costs (most banks offer free notary services to their clients), and have had the buyers/sellers all tell me they felt very comfortable doing the transaction at their local bank. Gives an extra sense of security.

    When buying:
    1. Include the new deed for the seller to sign over to you, the cashiers check for the seller, and a self addressed paid envelope for the bank notary to mail you back the new deed.
    2. Instruct the bank notary to have the seller sign the new deed over to you & they then notarize before handing over the cashier’s check.
    3. Notary mails you back the new deed.
    4. You record new deed with county. You now own the property.

    When selling:
    1. Get new deed signed over to the new buyer & get notarized on your end.
    2. Mail new signed & notarized deed to buyer’s bank notary.
    3. If buyer needs to sign as affiant on the new deed (varies by state & county), notary has them sign & notarize.
    4. Buyer wires the money to your account on the spot at the bank.
    5. After wire goes through, bank notary hands over the new deed to the buyer for them to get recorded with the county. They now own the property.

    Just a heads up if you’re looking to close smaller deals yourself and want to save on notary costs. Doesn’t require any additional effort.

Viewing 11 replies - 1 through 11 (of 11 total)
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  • Marcus
    Participant
    Post count: 169
    Pro

    Awesome idea, thanks!

    Joe Snustad
    Participant
    Post count: 38
    Pro

    Nicely laid out @mattrogers… I think this is what I’ll propose to my next buyer when I find one. Seems like this would put a buyer at ease going through their local bank. Thanks for sharing!

    Allan Baker
    Participant
    Post count: 67
    Pro

    Matt, before you send the docs, are you contacting the sellers bank notary yourself or is the seller,? or are you just sending the docs and check to the sellers bank with instructions to contact the seller?

    Matt Rogers
    Participant
    Post count: 59
    ProAdvanced

    Allan, I call the bank notary myself & explain exactly what is going on with the transaction, and when they can expect the deed and/or a cashiers check to arrive to the bank. Since I use tracking for everything, the moment I get notified the envelope has arrived at the bank, I text my buyer/seller to alert them. All of the bank notaries I have dealt with so far have been just as responsive and good as any hired mobile notary. My buyers/sellers have told me after the fact how smooth everything went. Nobody minds showing up to their local bank to complete the deal. Even better since the notary services are usually free.

    Mike Ferreira
    Participant
    Post count: 31
    Pro

    I’ll share what I do. I know it will sound unbelievable to some, but it works.

    About two years ago I stopped using mobile notaries altogether. Here is my process:

    1) Receive signed Purchase Agreement from seller (from my offer letter).
    2) I prepare the deed and EMAIL it to the seller with the following instructions. (copied and pasted from one of my actual emails. I “x”ed out personal info):
    _____________________________________________________
    Dear XXXXXX,

    I have attached the paperwork needed for the sale of your lot on xxxxxxxxx.

    The following is the standard procedure to complete this transaction:

    Please print the attached deed. (If you do not have a printer or are unable to print these, please let me know and I can mail hard copies via Priority Mail.)

    Then, please find a notary. Usually there is one at your bank that can notarize the deed for free. Otherwise, there should be one at your nearest UPS store or other “pack and ship” type store.

    The deed will need to be signed in the presence of a notary and another witness. The witness can be anyone as long as they do not have the same last name as you.
    You will see that there are spaces for the signature and printed names of TWO witnesses. The notary can serve as the second witness. I know it doesn’t make much sense, but that’s Florida law.
    The notary will have to sign and fill out their section as well and apply their notary stamp to the deeds.

    Once the deed is signed, witnessed, and notarized, please send it to:

    Michael F
    xxxxxxxxxx LLC
    xxxxxxx Rd
    xxxxxxx, FL xxxxxx

    I recommend sending the documents by either Priority Mail or Overnight. For your protection, make sure there is tracking.

    The day, or at the latest, the business day after the documents are received, I will record the deed at the xxxxxxxxx County Clerk of the Courts Office.

    As soon as that is done, I will send your check in the amount of $1484.15 via Priority Mail with Tracking.

    If you have any questions at all, please reply to this email or call me on my cell phone at xxxxxxxxxx

    Best Regards,
    _______________________________________________________

    3) When the deed arrives, I scan it and record it with the county online using Simplifile.

    4) Once it shows as recorded, I send the seller a BUSINESS CHECK (never a cashiers check) for the agreed amount.

    Now, you may be thinking… nobody is just going to print and sign a deed to their property, mail it across the country and wait for a check. Let me tell you that they 100% absolutely will. On occasion, someone will balk and express their concern. I counter that by encouraging them to search my company name on this county or that county Property Appraisers website and see all the properties I own. I also let them know I have an A Rating with the Better Business Bureau with no complaints. I use logic with them explaining how I wouldn’t stay in business very long if I stole peoples properties, etc, etc.

    I think the main thing though is that when they are told that this is the “standard procedure” they just assume it is. And, it is.. for me.

    I have done at least 200 deals this way now… probably at an average purchase price of $2500 or so. Some lower and some quite a bit higher. Do the math on how much I have saved by avoiding mobile notaries and cashiers check fees, not to mention time saved running to the bank. Also, it speeds up the acquisition process tremendously.

    Give it a try, I think you will be pleasantly surprised.

    Mike Ferreira
    Lotvestors LLC
    www.Lotvestors.com

    Matt Rogers
    Participant
    Post count: 59
    ProAdvanced

    That’s a good process Mike. Funny how when you clearly state that “this is how we always do it” to the seller, they know you mean business. Thanks for sharing your method.

    Darald (@AggieLand)
    Participant
    Post count: 175
    Pro

    @mike & @mattrogers thank you both for sharing.

    Kevin Farrell
    Moderator
    Post count: 1126
    ProAdvanced

    Thanks to everyone on this post. Mike F, I really appreciate the detail instructions. Excellent way to do business. In a weird way, I think it engages the seller in the process more and makes it more “real” for them.

    Allan Baker
    Participant
    Post count: 67
    Pro

    Thanks Matt,I appreciate you sharing the details.

    I have closed the last 8 properties I have purchased by sending the deed and the check directly to the seller,
    I only do this after I talk with the seller for a bit and get a gage on their trustworthiness. I Admit that this approach has a much higher Risk of getting burned but so far all of the sellers have bent over backwards to get the deeds noterzed and sent back to me. That being said for higher dollar deals I I like your approach much better.

    Allan Baker
    Participant
    Post count: 67
    Pro

    Mike I really like your process thank you for sharing.
    I love reading how everyone does business.

    Blake Jones
    Participant
    Post count: 66
    Pro

    Great idea

Viewing 11 replies - 1 through 11 (of 11 total)

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