You may find it convenient to have someone come to your home with notary stamp in hand and a pile of papers for you to sign. What you might not realize is:
- You may be charged a significant settlement fee – sometimes costing you several hundred dollars. While the fee is allowable in Pennsylvania under certain circumstances, the borrower must be informed of the cost in advance.
- The “closer” may only be authorized to witness your signatures and not be able to describe or explain any of the documents.
- The notary might not have sufficient liability insurance coverage – leaving you out in the cold if they make a mistake.
- This person might not have any knowledge or experience in real estate closings – possibly causing errors or not noticing errors that may cause your appointment to be rescheduled.
While a number of individuals may identify themselves as “notary signing agents” or “certified signing agents” don’t be fooled – these are self-awarded titles and are not certified or recognized by any regulatory body.
Avoid the additional cost and increased risks of an at home closing by choosing a settlement service provider with local offices who offers closings using licensed title insurance agents.