While most transactions are legal, there is always the threat of fraud in real estate transactions. Signature fraud involves someone forging or falsifying the signature of another party, and it could lead to legal disputes or financial loss. However, notary services provide effective protection against this type of fraud.
This post will cover some ways notary services protect homebuyers from signature fraud.
Tennessee Real Estate Market Watch
As of July 2023, the average sale price of a home in Tennessee was $383,000. However, real estate trends can change quickly. If you need title services when buying or selling a home in Tennessee, click here to contact our team.
How Notary Services Protect Against Signature Fraud in Home Sales
A Legal Witness
Notaries are public officials that serve the role of witnessing document signings. A person must have proper training and state approval to serve as a notary. They must follow specific procedures and verify various facts. Instead of being just anyone witnessing an event, their attestation holds actual legal weight.
Verify Identities
Beyond witnessing the act of signing a document, they also take steps to verify the signers’ identities. Before moving on to the signing, they will ask all parties for government IDs. It could be a driver’s license, state ID card, passport, military ID, or resident alien ID. The notary will review the information and check to ensure it is legitimate.
Document Review
The notary will also review the documents before the signing. Part of this is to ensure the parties understand what they are signing. However, they will also look to account for all the lines on the documents. A forger could add extra lines to sign after the event. The notary can prevent this type of fraud by checking for extra lines.
The Notary Seal
Once the signing is complete, the notary will affix their seal to the documents. The seal makes the signing official and affirms the transaction as authentic. They also attest to the fact that they followed all the proper procedures. If the transaction was fraudulent in some way, the notary could hold legal liability, so they take their work and seal very seriously.
Digital and Mobile Services
It is not always possible for all parties to come to an office or meet all in one place. Many notaries help buyers and sellers by offering mobile or digital notary services. A mobile notary can come to your home, office, or other location for a signing. With digital notaries, you have professionals who offer remote online notarization.
Title Services in Tennessee
Do you need title services in Tennessee? Click here to contact the Title Group of Tennessee. We offer comprehensive title services for home closings. We cover everything from title examinations and notary services to escrow accounts and title insurance. Reach out now to learn how we make home closings easy and secure.
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