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Now you know why!

Notaries Beware:

Please review this price list I found from a title company offering closing services. They have listed a notary fee of $150 without a notary's concurrence. I have a big problem with outside agencies establishing my fees for my business.

No other professions allow third parties to establish their fees like notaries. In California if a signing require 6 documents in the package to be notarized by 2 parties and your minimum travel charge is $50, the total cost would be $170. $20 may not sound like much but multiply it by the number of signings you performed last year.

However, this company has set a fee below your minimum fee. Attorneys, accountants, plumbers, real estate agents, loan officers and no other group of professionals, who approve of another party setting the fee they charge.

Why do notaries bite the bullet? I hope this is a wake-up call for notaries to see how they are being victimized and refuse to accept assignments in the dark without regards for the profitability of the assignment.

If a company don't control its own pricing, it can't control it profits. I would hope this real example point out what we at www.needAnotary.net have been preaching for over 5 years. To operate a mobile notary business, you need to price your services and not have fees dictated to you by others.

I know individual notaries will do as they damm well please, but I hope they understand the consequences of their actions and how it effect the market rate for fees and the impact of their decision on the industry as a whole.

For many years, accountants and attorneys were prohibited from advertising fees Jacoby & Meyers broke the mold and started advertising fees. Since then fees for all (except the high-end) lawyers have decreased. Most states have mandates on notary fees and many notaries are charging fees well below the state's mandate and not being profitable.

Buyer Closing Rates

Closing Fee	$250.00
Examination Fee	$145.00
Plat Drawing (estimate)	$55.00
Name Search	$25.00
Document Retention Fee	$20.00
Package Handling / Courier Fee (per package)	$25.00
Recording Service (per document)	$25.00
Title Search	*$165.00
Assessment Search	*$35.00
* Typically Paid for by Seller

Seller Closing Rates

Closing Fee

$275.00

Refinance Closing Rates

Closing Fee	$195.00
Examination Fee	$145.00
Abstract / Title Search	$165.00
Name Search	$25.00
Assessment Search	$35.00
Document Retention Fee	$20.00
Package Handling / Courier Fee (per package)	$25.00
Recording Service (per document)	$25.00
Plat Drawing (estimate)	**$55.00
** If Applicable

Mobile Closing

Mobile Closing Fee	$150.00
(Avalible for Purchase / Refinance) Outside the Metro Area?

Government Fees

Recording Fee (per document)	$46.00
Mortgage Registration Tax (Buyer/Refinance only)	$2.30/1,000
State Deed Tax (Seller only)	$3.30/1,000
Conservation Fee	$5.00

Posted by Find a Notary Public | needAnotary on 06/17/2008 04:09 AM

Comments (7)

notary public, needanotary, find a notary

Originally posted at: need A notary: Now you know why!

Post is included in group: Realtor Notaries
Post is included in group: "The Closers" Notary Signing Agents
Post is included in group: eNotary
Post is included in group: The Closing Table RE Professional Network
Post is included in group: Mobile Notary Public

7 Comments on Now you know why!

JUN

2008

I understand your concern, but I disagree with you as fees are set by third parties in many industries. My insurance company sets the fee my doctor can charge me for a checkup, the relo company sets the fees I can charge for a listing, the bank sets the fees I can list a REO for. I do agree with you that it may not be right, but many of the deals I do the fee is set for me by a third party. It is then up to me whether or not I want the deal. I can tell you that if I don't take it, someone else will. It seems to be the way things are going nowadays, unfortunately.

Dennis is right. And don't forget the grandaddy of all fees set by third parties, the real estate listing co-op.

BTW, there is no notary fee in the price list above. Further, most attorneys and closing companies that quote notary fees are themselves the notary. Most brick and morter closing entities don't import notaries.

Seems to me that if a notary wishes to protect their fee, they need to establish it and promote it. If the fee offered (not set) by a closing entity is not sufficient, then just don't take the job.

There are many influences on fees that we cannot control. I understand that you dont want them to be set but I dont see how you can avoid it.

There is one mistake above. The insurance co does not set the fee the Doctor can charge you. They set the fee they will pay. You may owe a balance.

Thanks for the conversation. The premise is that many notaries are working for fees that are destined not to make them profitable.

Weichert, you're right. The insurance company say this is what we will pay and allow doctors to charge the difference if the patience wants the services.

Dennis, I have to say someone will and that is unfortunately as it serves to hurt the entire industry. I'm not suggesting price fixing or anything of the sort. I am suggesting pricing work based on the nature of the work to be performed.

I am tired of reading forums where notaries are complaining of being exploited and in many cases not paid of delayed payment for 30, 60 or even 90 days. That is no way to operate a business.

Lenn, here is the notary fee for your reference.

Mobile Closing Fee $150.00

What has happened is that lenders, title companies in some cases choose not to contract directly with notaries and will in fact contract with signing services who in turn will contract directly with the notary. If there is no profit in the transaction when it is initially rendered, there will be none after acceptance be the notary.

Here is a caveat that many don't know. Signing services agree to a bulk price that often includes no payments for loans that don't close to be the sole source of assignments. This means that the signing service receives no compensation for loans that fail to close irrespective of the reason.

Consequently, they share a smaller share of their already reduced fee with the notary to make up of the partial payments they will often pay the notary. On average signing services will share anywhere from 30% to 60% in very rare cases with the notary.

In the above example legally the notary fee would be $170 just for notary. We now have a notary witnessing 12 signatures (which should amount to $120) and traveling to meet the customer for a fee ranging from $45 to $90 in very extreme cases. On average a notary will earn about $65 for an assignment that should be valued at $170.

This in my opinion is exploitation in the 9th degree. Again thanks for all the contributions

JUN

2008

Food for Thought,

Notaries, you should know the value of your role in the closing process and price your fees accordingly. The bottom line, still falls with the power of the Notary seal, the transaction can not be done without it. If you do not respect what you do, no one else will.

Pam - Spoken like a true professional. You must realize your value to the transaction and not be bullied into accepting any fee for your service.

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