What is real estate notary? A real estate notary, also known as a notary public, is a public officer appointed under the authority of the provincial government. Their role is to administer oaths and affirmations, and to authenticate the signing of important real estate documents like deeds, mortgages and powers of attorney.
Key Responsibilities
The main responsibilities of a real estate notary include:
- Verifying the identity of the person signing a legal document. The notary will check government-issued ID to confirm names and signatures.
- Administering an oath or affirmation. The notary will have the signer swear or affirm that the information in the document is truthful.
- Acknowledging signatures. The notary witnesses the actual signing of the document and verifies that the person understands what they are signing.
- Affixing a notary seal. The notary’s seal is stamped onto the document along with the notary’s signature and commission expiry date. This helps establish the authenticity of the document.
Why Are Notaries Important?
Notarization adds an essential layer of legitimacy and security to important real estate
transactions. A notarized document is more readily accepted as authentic and legal.
Lenders, government agencies and other third parties can have confidence in a notarized document.
Without notarization, it would be much easier to dispute the validity or authority behind a signature. Notarization helps prevent fraud and ensures that documents involving property transfers, financing and contracts are legally enforceable. So when handling real estate matters, always use a licensed notary. Your future self will thank you!
When Do You Need a Real Estate Notary?
In Ontario, there are several instances during a real estate transaction where you’ll need the services of a notary public. First, when you’re buying or selling a property, the final paperwork – called a deed – must be notarized to legally transfer ownership.
Say you’re selling your home. Once you’ve accepted an offer and all conditions have been met, you and the buyer will sign the deed. A notary will verify your identities, ensure you understand and consent to the deed, then notarize it to make the sale official.
If you’re obtaining a mortgage, the bank will require you to sign a promissory note – a legally binding document promising to repay the loan. The notary will notarize your signature on the note authenticate it.
Refinancing or Renewing a Mortgage
When you renew or refinance an existing mortgage, a notary is needed to notarize new paperwork like the mortgage renewal agreement or refinancing agreement and any revised or updated promissory notes.
Power of Attorney
To grant someone power of attorney (POA) over your property, you’ll sign a POA document which must be notarized. The notary verifies your identity and ensures you fully understand the implications of the POA before notarizing it.
Wills and Estate Planning
Not surprisingly, a notary is also required when signing and finalizing legal documents like wills, codicils, and power of attorney for personal care. The notary authenticates these critical documents to ensure your final wishes are properly recorded and legally binding.
So in summary, anytime you buy, sell or refinance property, or sign important legal documents like wills or POAs related to your real estate, a notary public is needed to authenticate and officially notarize the transaction. Better be safe then sorry!
Conclusion
A real estate notary, or notary public, plays a crucial role in verifying and certifying the signing of significant real estate documents, ensuring their legality and authenticity.
Notary Network provides authorized and convenient notarization services in Ontario, with knowledgeable and professional Notaries appointed under the Notaries Act. You can easily schedule an appointment today.