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High Real Estate Prices and the Impact on Notary Work: Challenges and Adaptations

The real estate market is currently experiencing a period of remarkable growth and high real estate prices, with property prices soaring in many regions. While this trend can bring financial gains to homeowners and investors, it also has far-reaching effects on various sectors of the economy.

Notary work, which plays a crucial role in mortgage and real estate transactions, is no exception. The surge in real estate prices presents both challenges and opportunities for notaries as they navigate the evolving landscape.

Challenges Faced by Notaries in a High Real Estate Market:

  1. Increased Transaction Volume: High real estate prices often lead to increased transaction activity, as buyers and sellers rush to capitalize on market conditions. Notaries find themselves dealing with a higher volume of documents that require notarization, potentially leading to congestion in their schedules.
  2. Time Constraints and Pressure: The urgency to close deals in a competitive market can put immense pressure on notaries to complete the notarization process swiftly. This time constraint can compromise the thoroughness and accuracy that are essential to notarial duties.
  3. Fraud Prevention Challenges: In a booming real estate market, the risk of fraudulent activities, including identity theft and forged documents, tends to rise. Notaries must be extra vigilant in verifying the authenticity of signers and documents to prevent potential fraud.
  4. Competing Demand for Notary Services: Real estate transactions aren’t the only area where notaries are needed. Other industries also require notarial services, and high demand across sectors can strain the availability of notaries.
  5. Complex Transactions: As real estate deals become more intricate due to high prices, notaries may encounter more complex legal documents and contractual arrangements that require a thorough understanding of the law.
The Impact of High Real Estate Prices on Notary Work

Adaptations and Opportunities of High Real Estate Prices for Notaries

  1. Efficiency Through Technology: Embracing technology can help notaries streamline their processes and handle increased demand efficiently. Remote online notarization (RON) platforms offer a solution, allowing notaries to conduct transactions virtually, reducing the need for physical presence.
  2. Flexible Scheduling: Notaries can adapt to high demand by offering extended hours or weekend appointments to accommodate clients’ needs. Flexibility in scheduling can help alleviate the pressure caused by time constraints.
  3. Enhanced Training and Knowledge: To navigate complex transactions effectively, notaries should invest in continuous education and training. Staying updated on legal and procedural changes ensures that notaries can provide accurate and reliable services.
  4. Collaboration and Networking: In times of increased demand, notaries can collaborate with other professionals, such as real estate agents and attorneys, to ensure smoother transaction processes. Building a network can lead to referrals and shared resources.
  5. Fee Adjustments: Notaries may consider adjusting their fees to reflect the heightened demand for their services. However, any fee adjustments should be fair and transparent to maintain trust with clients.

The current high real estate prices are reshaping the landscape of notary work, presenting both challenges and opportunities. They’ve even led to the largest inventory of homes on the market this year.

Notaries must navigate increased transaction volumes, time pressures, and fraud prevention challenges while adapting their practices to meet client demands. Embracing technology, staying updated on legal knowledge, and fostering collaboration are key strategies that can help notaries thrive in this evolving environment.

As the real estate market continues to fluctuate, national signing services who are agile and proactive in their approach will stand out as valuable partners in the real estate transaction process.

If you are active in the market, use Sunshine to find a notary near you today.

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

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Or Call us at (727) 817-0000

In the News, Notary News and Advice

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Dekalb County Georgia Makes Changes to Notary Law

For those of you doing business in Dekalb County, Georgia, there are some updates to notary law coming soon. The new measures will be put into effect on January 1st, 2025.

It always seems to start with new notaries. They will now have to pass an educational training course to get their commission. It will now be part of the application process.

But, veterans, don’t fret, you aren’t left out. Among the provisions are required their notebook requirements. This is put in place to protect self-filers.

Here are some of the changes to the law.

Dekalb County Georgia Makes Changes to Notary Law

A notary public shall maintain a written or electronic journal for each notarial act performed at the request of a self-filer for real estate documents.

A notary public applicant is required to complete an educational training class prior to the applicant’s initial (new) appointment.

A notary public applicant is required to complete an educational training class prior to the applicant’s renewal of a current appointment A notary public applicant will be provided a certificate upon successful completion of the training course.

A notary public applicant must include the certificate of completion with the notary application to the Clerk of Superior Court

On Common Ground News

Here are a couple of links related to the subject.

Notary Training Course

New Notary Bill

Sunshine Signing Service

Your Nationwide Notary Signing Service

Increase your efficiency and bottom line with Sunshine’s Mobile Notary Services and Online Notary Services. Sunshine is always there when you need us.

GET STARTED

Or Call us at (727) 817-0000

New York Bill Aimed at Easing Unnecessary Legal Burdens for Notaries is Vetoed by Governor

It appears the bill passed through the New York legislature has hit a roadblock. Governor Kathy Hochul has vetoed a bill that would have relieved some burdens for notaries.

The bill dealt with how physical records are treated and stored.

We came across this bill a couple of months ago, and have been excited about its potential. Unfortunately, it did not make it across the finish line.

New York State Flag

The COVID epidemic introduces new challenges and new laws for notaries. Among them were bookkeeping and record-keeping changes that were onerous for notaries. This caused many New York attorneys to stop being notaries, as a ten year minimum on records was deemed too big a liability.

Hence, New York Bar stepped in and introduced a bill to remedy the situation.

Here is a statement by Domenick Napoletano, president of the New York State Bar Association.

“For more than a century, New Yorkers commissioned as notaries public have been able to effectively implement their responsibilities – simply noting their name and notary identification number when doing so. When the legislature adopted new statutes enabling notarizations to occur electronically, there was an understanding that new standards should be imposed to protect consumers who were availing themselves of technological advancements, but there was no record to justify changing the standards imposed on in-person notarizations. Yet, when adopting the new rules, the state implemented rules establishing onerous record keeping requirements burdening attorneys practicing in New York State. The disclosure aspect of the superfluous rules also encroach on attorney-client privilege, as lawyers often notarize documents by clients that contain privileged information. Although it is understandable why those offering electronic notarization should be held to a higher standard to prevent fraudulent acts, I am disappointed in the governor’s veto of a bill that would have removed onerous and useless record keeping requirements burdening attorneys who perform in-person notarial acts. We will continue to advocate for a fix to these rules that make the practice of law less efficient and puts clients at risk.”

While the statement applies to lawyers, it would affect all notaries positively. Unfortunately, after the veto it appears dead in the water.

Louisiana Notary Exam Goes Digital

2025 will see notary accreditation head online. In spring, it will have sprung on all aspiring notaries.

The test may only be done at one location. It will be held at the Louisiana State University campus in Baton Rouge. It will be held multiple times each month and will replace the paper exam.

Notaries will be given additional time for each exam question. The exams will also be available more times each month than they are currently.

“We are very excited by this development. The new format will provide more opportunities to pass the examination, significantly shorten the wait-time for re-taking it, and allow for scores to be released faster. It is our hope that eventually we can make the examination available at other testing sites around the state,” Secretary Landry said.

Louisiana Notary Exam Goes Digital

Other testing sites would be a welcome addition for notaries. We’d imagine it is difficult for some to make the trip to Baton Rouge.

The final paper exam will be towards the end of January 2025. The 2025 edition of the notary study guide will be available in January on the Secretary of State’s website.

To find more information about the change please visit this page.