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Acknowledgment - Notarial act in which a Notary certifies having positively identified a document signer who appeared before the Notary and acknowledged having signed the document.
Affiant - Signer of an affidavit; taker of an oath or affirmation.
Affirmation - Spoken, solemn promise on one’s personal honor, with no reference to a Supreme Being, that is made before a Notary, in relation to a jurat or as a notarial act in its own right.
Aggregate Analysis - How the lender calculates monthly escrow and the initial deposit you will be required to make at closing into the impound account. The monthly impound payment is determined by estimating your annual tax and insurance expenses and dividing this by twelve. To figure the required initial deposit, your lender will estimate what the balance will be in your account at the end of each month for one year. This begins with the month of your first payment. They then will collect from you, at the time of closing, the amount of money necessary to ensure your account is not in the negative, including a cushion permitted by federal and state law.
Allonge - Generally an attachment to a legal document that can be used to insert language or signatures when the original document does not have enough space for the additional material. The allonge must be attached so as to become a part of the instrument. (al·long·es [uh-luhn-jiz])
Amortization - Payment to reduce the principal of a debt in regular installments.
Apostille - Certificate of authentication required by the Hague Convention on Authentication (1961) and replacing traditional “chain” of authenticating certificates. It is common for notarized documents which will be sent to other countries to also require an Apostille.
Attorney in Fact - A person who is given authority to sign or act on behalf of another individual through a document called a Power of Attorney.
Authentication - Process of proving the validity of the signature and seal of a Notary or other official, usually through attachment of a certificate of authentication.
Certificate, Notarial - Wording completed, signed and sealed by a Notary that states the particulars of a notarization and appears at the end of signed document or on a paper attached to it.
Certificate of Authentication - Paper issued by the Secretary of State or a county clerk certifying that the signature and seal on an attached document belong to a duly commissioned Notary or other official.
Certified Copy - Photocopy or transcript verified as an accurate reproduction of an original document.
Closing - The process during which the property transaction is consummated.
Closing Costs - Money paid by the borrower to bring about the closing of a mortgage loan. For instance: the appraisal, attorney fees, survey, escrow payments, etc.
Conventional Loan - A loan secured by a mortgage or deed of trust in which the loan-to-value ratio is in an acceptable range for a particular lender.
Conventional Mortgage - A mortgage that is not insured or guaranteed by the government.
Conveyance - The transfer of the title to a property from one person to another.
Copy Certification by Document Custodian - Alternative to a certified copy. The custodian of a document signs a declaration that a copy of that document is identical to the original. The Notary performs a jurat, which is done under oath or affirmation, then notarizes the custodian’s signature. For more detail on this subject please see Questions & Answers.
Credible Identifying Witness - Individual who personally knows a document signer, swears to or affirms the identity of that signer, signs in the Notary’s journal, and presents the Notary with a state-approved ID. If one credible witness is used to identify a signer for an acknowledgment or jurat, the Notary must personally know the credible witness. If two credible witnesses are used the Notary does not need to know either one of them.
Daily Interest Charge
Picture this. You are signing your loan documents on the 15th of May and your first house payment is due July 1st. For the sake of giving an example let’s say that is 45 days exactly.
So, if your loan funds/closes on the 15th day of May you owe 15 days interest to cover the rest of the month. June is taken care of with the July 1 payment. If it closes on the 2nd of May you owe 28 days worth. There, that was easier than you thought. Also, keep in mind this is figured from when your loan funds or closes. This may not be the actually day you sign the papers. You’ll have to cover that with your Loan Officer.
Deed - A document through which a conveyance of property is effected.
Earnest Money - A deposit of funds by the purchaser of a piece of real property as evidence of good faith toward the purchase.
Escrow - A method of closing a real estate transaction in which all required documents and funds are placed with a third party for processing and disbursement. Escrow is usually referring to your property taxes and homeowners insurance.
Estoppel Affidavit - The term is related to the verb "estop" which comes from the Old French term estopper, meaning "stop up, impede.” Estoppel by Deed - Where rules of evidence prevent a litigant from denying the truth of what was said or done.
Grant Deed - The document that legally transfers title to real property to a new owner.
Grantee - The person to whom a grant or conveyance is made.
Grantor - The person from whom a grant is made or a trust is set up.
HUD - Department of Housing and Urban Development.
Jurat - Notarial act in which a Notary certifies that the signer personally appeared before the Notary, and the Notary watched the signing of a document. The Notary positively identified the signer and administered an oath or affirmation in which the signer declares the document to be true and accurate.
Lien - When a creditor or bank has the right to sell the mortgaged or collateral property of those who fail to meet the obligations of a loan contract. Once the debt is paid in full however, the property title is conveyed from the lien holder to you free and clear.
Living Will - Also known as a “medical directive” or “advance directive”. A written document that states a person’s wishes regarding life support or other medical treatment under certain circumstances, usually when death is imminent.
Loan Signing Agent - A Loan Signing Agent is a Notary Public who has been specifically trained with the knowledge and skills needed in presenting legally binding documents used in real estate loan transactions.
Loose Certificate - Notary certificate wording on a separate sheet of paper that is attached to a document when no notarial wording or incorrect notarial wording is present.
Oath - Spoken, solemn promise to a Supreme Being that is made before a Notary in relation to a jurat or as a notarial act in its own right. I personally do not administer Oaths, only Affirmations.
Mortgage - Is a mortgage what you get to buy a home? Actually a mortgage is what you ‘give’ to get the money you need to buy or refinance real property. You are in reality giving a mortgage to the lender as part of the transaction for real property by making the property security(collateral) for the repayment of the debt. You are allowing a lien to be put on the property. You sign a promissory Note promising to pay the debt and sign a Mortgage or Deed of Trust to secure the debt with the property. In other words, you are pledging the property to the lender as security for the payment of the debt.
Mortgagee - The holder of a mortgage. The party to whom a mortgage is made, usually the lender.
Mortgagor - A person who mortgages property; the property owner.
Notary Public - A Notary Public is someone commissioned by the state whose primary duties include certifying that:
That if the document required the signer to swear/affirm to the truthfulness of the statements within the document, that the signer did so in front of the notary.
Note - Promissory Note. A promise to pay a sum of money with a specific interest rate to a lender. You sign this Note during the signing of your loan documents.
Right of Rescission - The right to cancel a contract that uses the home of a person as collateral, as with a refinance. This is part of the federal Truth in Lending Act. The cancellation must take place within three business days.
Satisfactory Evidence - Reliable state-approved identification documents or the sworn or affirmed word of one or two credible identifying witnesses that an individual has the identity claimed.
Second Mortgage - A mortgage that has a lien position subordinate to (ranked below) the first mortgage.
Signature by Mark - An “X” or other symbol made in place of a signature by a person unable to write. This is witnessed by two other persons in order for the mark to be notarized.
Subscribing Witness - An individual who swears to or affirms having viewed the signing or heard the acknowledgment of the signing of a document by a person who does not appear before the Notary. The subscribing witness must be identified by a credible witness who personally knows the subscribing witness, is personally known to the Notary and presents the Notary with acceptable identification.
Transferee - buyer.
Transferor - the seller.
Venue - State and county where a notarization takes place, as indicated at the top a notarial certificate.
Being a Mobile Notary means I am on the road a lot. Have you ever seen a politically correct low bridge warning? Most towns would write something like “Low Bridge Ahead” and state the height limits. Sounds like whoever wrote this didn’t want to offend the bridge.