By Lisa A. Tyler
National Escrow Administrator
An accounting clerk saved Lawyers Title Company in San Diego, a $339,049.44 loss! The transaction was a sale involving the payoff of an existing loan. The escrow closing was being conducted by an independent escrow company. Read "UPDATED payoff statement" for all the facts surrounding the heroic loss prevention.
Notaries are very important to a successful real estate closing. Title insurance companies count on them to properly identify the signer and ensure the documents are executed and notarized properly. Generally speaking, notaries identify signers in one of three ways: 1. By personal knowledge, meaning the notary personally knows the signer, 2. By the presentation of a government issued identification or, 3. By the oath of a credible witness or witnesses. The last option was cause for concern in this story from California. Read "IN–credible witnesses" for the details.
In last month's edition we revealed an alternative way for principals to have their signatures notarized on closing documents when they are abroad, not a member of the military and cannot visit a U.S. Embassy or Consulate office. The article last month addressed a transaction where the principal was located in a country that was a member of the Hague Convention Treaty and subscribed to the convention of 5 October 1961. This month's edition explains the signing and notarization procedure when the principal is located in a country that is not a member of the Hague Convention treaty or has not subscribed to the convention of 5 October 1961. Read "SIGNING in a non–Hague Convention treaty member country" to discover the solution to this conundrum.
Be sure to answer the monthly document execution question to make certain you understand the tips shared and to increase your "PROPER document execution for recording and insuring" knowledge.