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wponsot
New York
8 Posts |
 Posted - 10/16/2015 : 2:15:51 PM
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Some 2 1/2 years ago I was sued by a title company.
The background: back in 2006, some 2 months after getting my commission and only a month into doing loan closings, I conducted a closing for a Georgia Property. I did not get witness signatures on the Deed of Trust, yet it passed muster at the Title Company and was duly recorded at the Clerks office in the Georgia County.
Almost seven years later the borrower defaulted, the Title Company stood to lose $32,000, and decided now was the time to hold me accountable for not getting witnesses on the Deed, so filed suit suit for the $32,000.
The short of this story is that statute of limitations had passed and the Title Company lost. The attorney at the NYS Dept. of State wasn't done with me though. He referred me to a piece of Notary Law buried in the Real Estate Law section outlining the proper Acknowledgement for use with Deeds being signed in New York for out of state properties. He cautioed me strongly that moving forward I should heed this law (Legal Memo L103, Section 309-a) moving forward. He said too if he were so inclined he could censure me, or worse, revoke my commission.
Since that time I have dutifully used the mandated Acknowledgement of Conveyance, however have had to explain its use in lieu of the provided Ack ever since, so much so I now include a letter of explanation for the edification of those processing the paperwork. I get a lot of flak from title companies, particularly in California who claim they cant get the Deed recorded! Some even get another NY Notary who is willing to notarize the original Ack.
wponsot |
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TGS1985
California
208 Posts |
Posted - 03/17/2013 : 6:01:17 PM
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No I haven't. Only thing I've heard about was a class action lawsuit in CA where notaries were getting sued for charging more than $10.00 for notarizations. It was thrown out however because they WEREN'T charging more than $10.00. They where charging $10.00 PLUS travel and time fees as they were mobile notaries and which is aloud in California. I Heard what ultimately saved them was their state journals which they correctly indicated they charged only $10.00 for the notarizations.
But in regards to your story, this is very concerning because it's my understanding that most Notary E&O's won't even cover mistakes made on non-notarized loan documents.
- Tyler Soares -
Notary Public & Loan Signing Agent
www.mobilestocktonnotary.com
www.saccitynotary.com
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jbelmont
California
3106 Posts |
Posted - 01/20/2013 : 11:58:13 PM
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I just heard that there is a very unfortunate and negative phenominon going on these days. It is recent, and never happened before to our knowledge. Notaries are being SUED for making mistakes on loan documents. Additionally, notaries with large E&O packages are the most likely targets, and signing companies are going after the E&O insurance for damages.
OMG. I have heard that there have been several such cases recently. I hope this doesn't continue. Have you guys heard anything about this?
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Notaries being sued?
