Notaries play an important role in real estate transactions. Many people believe that the lone role of notary services is to witness the signing, but there is more to it than that. For example, a title transfer can’t be official until the documents have a notary seal.
What is the role of a notary in real estate transactions? This post will cover some of the functions of a notary in real estate.
Tennessee Real Estate Market Watch
The median time it took homes in Tennessee to sell during June of 2023 was 46 days. However, real estate trends can change quickly. If you need title services when buying or selling real estate in Tennessee, click here to contact our team.
The primary function of a notary public is to serve as a witness. Notaries have the authority from the state to witness the official signing of various documents. Along with being impartial witnesses, their seal holds more weight than another party who may witness a signing.
Beyond just being at a location to see people sign documents, notaries are vital in preventing fraud. One way they do this is by verifying the identities of all parties to the transaction. The parties will need to present government IDs to the notary. The notary will also inspect the ID and compare its details to the person at the signing.
Another thing notaries do is ensure the parties understand the type of contract and its obligations. They will review contracts and ask the parties if the details are correct and if they agree with the terms. Notaries will also ensure all parties are willing participants. Beyond identity, they want to ensure there is no undue coercion on one of the signers.
A notary is also a layer of protection against real estate fraud. Verifying identities is only one way they do that. When reviewing the contract, they will also ensure all the terms are correct. They will also look for various red flags and ask questions.
A real estate notary will know the laws and regulations governing real estate transactions. They can ensure the documents and the signings meet all legal requirements. Notary services can also help you avoid disputes and legal issues. Beyond that, their seal is a sign of legal authority for the documents.
Do you need notary services for a real estate transaction? Click here to contact the Title Group of Tennessee. We are local experts offering an array of title services. Reach out now to see how we can help.
Thanks for visiting!