Things that Cannot be Notarized
What is a Notary
Public?
A Notary Public
is an honest, moral, and responsible member of our society. They are appointed
by the office of the Secretary of State to witness by an official seal and
written acknowledgment, or jurat, the signing of documents as well as administer
oath. A responsible person appointed by state government to witness the signing
of important documents and administer oaths.
Why are documents
notarized ?
To deter fraud.
An impartial witness (the Notary) ensures that the signers of documents are who
they say they are and not impostors. The Notary makes sure that signers have
entered into agreements knowingly and willingly.
May any document be
notarized ?
For a document
to be notarized, it must contain: 1) text committing the signer in some way, 2)
an original signature (not a photocopy) of the document signer, 3) a notarial
"certificate" which may appear on the document itself or on an attachment. The
Notary fills in the certificate, signs it, then applies his or her seal to
complete the notarization.
How does a Notary
identify a signer ?
Generally, the Notary will
ask to see a current identification document that has a photograph, physical
description and a signature. A driver’s license, military ID or passport will
usually be acceptable.Each signer must either present current photo ID
such as drivers license, California ID, or passport issued within the last 5
years; or have two other persons present who will swear to the signer's
identity, each of whom has a good current photo ID.
Identification
Required For Any Notarization:
Each signer must either
present current photo ID such as drivers license, California ID, or passport
issued within the last 5 years; or have two other persons present who will swear
to the signer's identity, each of whom has a good current photo ID. You will
also need to bring document the needs to be notarized. Make sure there are no
blanks in your document (except for the notary working).
No. Notaries are not responsible for the accuracy or legality of documents they notarize. Notaries only certify the identity of signers. The signers are responsible for the content of the documents.
Affidavit is a written statement sworn to before an officer authorized to administer an oath. A person "makes" an affidavit by going before a notary or other officer and swearing to the contents of a written document. A notary "takes" an affidavit by administering an oath and completing the certificate.
Affiant is the person making a statement under oath.
Acknowledged means the signer confirmed or admitted to the notary to having signed a document.
Before me means that the act was conducted in the presence of the notary.
Credible witness is a third person who personally knows the document signer, and verifies the signer’s identity.
Execute means making or completing a signature.
Instrument means "document."
Jurat is the notary’s certificate on an affidavit.
Personal knowledge means having an acquaintance, derived from association with the individual, which establishes the individual’s identity with at least a reasonable certainty.
Satisfactory evidence is valid I.D. card or papers, or use of a credible witness.
Subscribed means "signature" or "signed."
Amortization:
The number of years it takes to repay the entire amount of the mortgage.
Appraised Value: An estimate of a property's market value, used by
lenders in determining the amount of the mortgage.
Appreciation: The increase in a property's value over time.
Assessed Value: The value of a property, set by the local municipality,
for the purposes of calculating property tax.
Blended Mortgage Payments: Equal or regular mortgage payments, consisting
of both a principal and an interest component.
Broker: A real estate professional licensed by British Columbia to
facilitate the sale, lease of exchange of property.
Buy-down: When the seller reduces the interest rate on a mortgage by
paying the difference between the reduced rate and the market rate directly to
the lender or to the purchaser.
Closing: The real estate transaction's completion, when the parties
involved agree that all legal and financial obligations have been met and the
deed to the property is transferred from the seller to the buyer.
Closing Costs: Expenses in addition to the purchase price for buying and
selling a property.
Condominium Common Property, or Common Elements: The portions of a
condominium development owned in common (shared) by the unit owners, e.g.: pool
exercise room, lobby, etc. A strata fee is charged to every unit owner for the
use of the common property.
Condominium Ownership: Shared ownership in a strata-titled property.
Owners have title (ownership) to individual units and a proportionate share in
the common property.
Conventional Mortgage: A first mortgage issued for up to 75 per cent of
the property's appraised value or purchase price, whichever is lower.
Conveyance: The term used to describe the process of transferring the
vendor's title to the purchaser and indicates all the necessary steps to
complete the transfer. A conveyancing lawyer is a lawyer (or notary) responsible
for the conveyance process (this is normally the purchaser's lawyer).
Counter offer: An offer made by the vendor (seller) back to the purchaser
altering one or several terms and/or conditions of the offer as originally
written.
Debt Service Ratio: The percentage of a borrower's income that can be
used for housing costs. Gross Debt Service (GDS) Ratio is the amount that
a lender will permit a borrower to use from his/her gross income in order to
qualify for a loan for housing costs, including mortgage payment and taxes (and
condominium fees, when applicable). Total Debt Service (TDS) Ratio is the
maximum percentage of a borrower's income that a lender will consider for all
debt repayment (other loans and credit cards, etc.) including a mortgage.
Deed: A legal document that conveys (transfers) ownership of a property
to a buyer.
Easement: A legal right to use or cross (right-of-way) another person's
land for limited purposes. A common example is a utility company's right to run
wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property. Common examples
are a neighbour's fence, storage shed, or overhanging roof line that partially
(or even fully) intrudes onto your property.
Equity: The difference between the price for which a property can be sold
and the mortgage(s) on the property. Equity is the owner's stake in the
property.
Foreclosure: A legal process by which the lender takes possession and
ownership of pa property when the borrower doesn't meet the mortgage
obligations.
High-ratio Mortgage: A mortgage that exceeds 75 per cent of the
loan-to-value ratio; must be insured by either the Canada Mortgage and Housing
Corporation (CMHC) or a private insurer like the Mortgage Insurance Company of
Canada (MICC) to protect the lender against default by the borrower who has less
equity invested in the property.
Land Transfer Tax: Payment to the provincial government for transferring
property from the seller to the buyer. See Property Transfer Tax.
Lien: Any legal claim against a property, filed to ensure payment of a
debt.
Mortgage: A contract between a borrower and a lender. The borrower
pledges a property as security to guarantee repayment of the mortgage debt.
Mortgagee: The lender.
Mortgagor: The borrower.
Mortgage Insurance: Government-backed or private-backed insurance
protecting the lender against the borrower's default on high-ratio (and other
types of) mortgages.
Mortgage Life Insurance: Is a fee paid by the borrower to the lender in
exchange for being permitted to break a contract (a mortgage agreement); usually
three months' interest, but it can be a higher or it can be the equivalent of
the loss of interest to the lender.
Multiple Listing Service® (MLS): A current and comprehensive listing
system for relaying property information to the Fraser Valley Real estate
Board's more than 3,200 REALTORS. This service offers the widest exposure to
properties listed for sale.
Open Mortgage: A mortgage that can be prepaid or renegotiated at any time
and in any amount, without penalty.
Principal: The mortgage amount initially borrowed or the portion still
owning on the mortgage. Interest is calculated on the principal amount.
Property Condition Disclosure Statement: This form enables vendors to
disclose down defects. If the vendor decides not to complete the form and does
not disclose known defects, he or she is still held liable. The form also serves
as a checklist for buyers enabling them to address concerns about the property's
condition on the spot. this form was developed by the British Columbia Real
Estate Association.
Property Taxes: This levy is affected by location and is determined by
local property tax assessment practice. Tax assessments are conducted by local
government. They are paid on an annual basis.
Property Transfer Tax: Payment to the provincial government for
transferring property from the seller to the purchaser. In the 1994 provincial
government's budget, the PTT was eliminated for first-time buyers under certain
circumstances.
REALTORS: Real estate professionals who are members of the Fraser Valley
Real Estate Board and the British
Columbia and Canadian Real Estate
Associations. Only these professionals can call themselves REALTORS.
Rights of Way: Are indicated on title at the Land Title Office; often for
use of utilities or city or municipality in order to make repairs to pipes,
etc.; no permanent structure may be built on a right of way.
Statements of Adjustments: Closing statements in a real estate
transaction which set out the sources of funds which make up the purchase price,
adjustments to and from the purchase price, the final amount required from the
purchase and the amount due to the vendor. Lawyers will prepare a statement for
the vendor and the purchaser.
State of Title Certificate: A copy of the title which lists charges
against the property, e.g.: liens, mortgages, rights of way, etc.
"Subject-to" Clause: A statement of a condition to be fulfilled before
the contract will become firm and binding; must include a specific deadline for
removal.
Title: The legal evidence of ownership in a property.
Title Search: A detailed examination of the ownership documents to ensure
there are no liens or other encumbrances on the property, and no questions
regarding the seller's ownership claim.
Utility Taxes: Examples may include water, sewer and garbage (may include
recycling levies).
Variable-rate Mortgage: A mortgage for which payments are fixed, but
whose interest rate changes in relationship to fluctuating market interest
rates. If mortgage rates go up, a larger portion of the payment goes to
interest. If rates go down, a larger portion of the payment is applied to the
principal.
Vendor Take-Back Mortgage: When sellers use their equity in a property to
provide some or all of the mortgage financing in order to sell the property.
Zoning Regulations: Strict guidelines set and enforced by municipal
governments regulating how a property may or may not be used.
· Real Estate Papers
· Loan Papers
· Legal Papers
· Oaths and Affirmations
· Depositions
· Letters
· and more
· Wills
· Birth Certificates
· Photographs
· Faxed or copied signatures
· Incomplete documents
· Copies of documents (except powers of attorney)
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