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I was under the impression that I should send the seller and the TB to my closing agent / attorney to finalize the paperwork on each deal. I like this idea because then any documents that have to be notarized gets taken care of at the same time. I asked Michael about this, and he told me that he does not use an attorney for this.

Therefore, if the kitchen table signing is the way to go, can someone please tell me how to handle the notarizing of some of the documents, like the memorandum of option? Do you ask the seller to go and notarize it and then you pick up the next day? Or do you drive down to the UPS together, or what? All of those options seem messy and cumbersome.

 

Thanks for your support.

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Marius, I don't typically have documents notarized. No need to when doing a lease, or option, or assignment. A Memo of Option does require notarization, however, in which case I would meet the seller at the notary, (bank, usually), and get it done. So for me, this has never morphed into a cumbersome or time consuming part of this business.

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Michael,

 

Thanks for your response.

 

Do you ask him to go with you to the notary straight after signing the paperwork in his home or when?. I am assuming that this is not a step that one wants to delay and give the seller too much time to reconsider. Without the memorandum the deal doesn't have great legs, right?

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The sooner you can record the Memorandum, the better obviously. However, even without recording the Memo, the deal is still legally binding. The Memo serves more as a cloud on the title, rather than giving the deal more legal standing.

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Hello, Lynn! No, I haven't used one. Pros and cons? They come to you is a plus, but you'll pay for the convenience.

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It appears to me that there are only 4 ways to do this:

 

1)Drive down to a notary with the seller - Maybe

2)Ask the seller to get it signed and pick it up later.- Risky, as too much opportunity to change mind

3)Ask the seller to go to my attorney's office to sign all docs including the notarizing the notice. - Best, but risky because seller might not want to drive all the way to wherever the attorney office is.

4)Send a notary - Nice, but costs money, especially if Seller does not keep appointment.

 

Not sure which one to choose. however I am leaning towards the attorney if I can find out how to further cement my deals by having the seller sign and place closing docs into my attorney's escrow.

 

However, Its down the road for me at this time so I am not going to let it hold me up at this stage.

 

Thanks to all for responding. Much appreciated.

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With an out of state seller my attorney sent everyone the memorandum with each having their own signature page to notarize and mail back. When returned the attorney put everything together and recorded. So now, I leave it with the seller and have them mail back then record.

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MJ, each deal and scenario is different. What will be a good fit for one deal and the seller may not be for another. Play it by ear and don't let the "what ifs" bog you down.

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