Closing Agent Agreement
In the box below are the terms and conditions of contract with Speedy Closing Services. Please Note that if you do not read and agree to these terms we will be unable to use you for closings.
That for and in consideration of these presents and other good and valuable consideration, the receipt of which a sufficiency of which is hereby acknowledged, Speedy Closing Inc. and the Independent Notary/Closer agree as follows: 1. NOTARY/CLOSER IS AN INDEPENDENT CONTRACTOR. 2. EACH BORROWER MUST SIGN AND DATE IN HIS/HER OWN HAND. The Notary/Closer is not to date or sign for the borrower. The date must be in the borrower's own handwriting. The only exception to this rule is if one borrower is signing for another via a Power Of Attorney. In that case, the appointed person is to sign for the absent borrower as follows "Mary Smith, by John Doe as her attorney in fact." The Notary/Closer is to obtain the ORIGINAL Power of Attorney before proceeding with the signing and return it with the closing package to Door to Door Signing Services Inc. THE ORIGINAL POWER OF ATTORNEY MUST BE DELIVERED WITH THE SIGNED LOAN DOCUMENTS. 3. DATE MUST BE CONSISTENT THROUGHOUT THE LOAN PACKAGE. The Notary/Closer is to assure that THE DATE as written by the borrower is the same throughout the loan package. The same ink is to be used and the way the date is written must remain the same. For example, Borrower dates the first document as "01-01-02", Variations in how the date is written such as January 1, 2002 or 1/1/02 will not be accepted. 4. BLUE OR BLACK INK ONLY. Notary/Closer is to assure that each borrower signs in blue or black ink only. The Notary/Closer will supply the proper pen to each borrower and instruct that the ink color must remain consistent throughout the package. 5. SPECIAL CARE IS EXPECTED ON SECTION 32 LOANS. On Section 32 loans, the Notary/Closer will exercise special care when instructing the borrower to sign and date the documents entitled: (a) DISCLOSURE REQUIRED BY THE FEDERAL TRUTH-IN-LENDING ACT AND THE FEDERAL RESERVE REGULATION Z FOR SECTION 226.32 MORTGAGES -or- TRUTH-IN-LENDING DISCLOSURE (FOR SECTION 32 MORTGAGES), and (b) FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT -or- TRUTH-IN-LENDING DISCLOSURE (REAL ESTATE). -DO NOT ALLOW THE BORROWER TO MAKE ANY CHANGES OR CORRECTIONS TO THESE DOCUMENTS -ASSURE THAT THE BORROWER, BY HIS/HER OWN HAND, SIGNS AND DATES EACH DOCUMENT. -THE SPECIAL INSTRUCTIONS OUTLINED IN PARAGRAPHS 2, 3 & 4 MUST BE FOLLOWED EXACTLY WITH NO EXCEPTIONS. FAILURE TO ABIDE BY THE TERMS OF THIS PARAGRAPH REQUIRES THE NOTARY/CLOSER TO IMMEDIATLEY RECLOSE THE LOAN AT HIS/HER EXPENSE. 6. FILL OUT ALL NOTARY SECTIONS COMPLETELY AND LEGIBLY. This includes the notary seal. If a stamp is utilized, it must be clear. The stamp cannot be smeared or transposed upon existing type. Failure to completely fill out a notary section or to do so incorrectly will require a return of the document (s) to the notary for correction. The Notary/Closer will be assessed the corresponding over-night charge of $25.00 which will be deducted from his/her fee. 7. THE NOTARY/CLOSER MUST HAVE FACSIMILE (FAX) CAPACITY. This means that the fax machine uses plain paper and can accommodate both letter and legal sized documents. It does not include thermal paper or the reduction of legal sized documents to letter format. 8. PROVIDING A COPY OF THE LOAN DOCUMENTS TO THE BORROWER (S). A borrower's copy should be enclosed in the package received. If one is not provided, the Notary/Closer will make a copy for the borrower or notify Allied National Closing Services as soon as possible so that the copy can be faxed to the Notary/Closer. FAILURE TO SUPPLY THE BORROWER WITH A COPY OF THE LOAN DOCUMENTS IS UNACCEPTABLE AND WILL RESULT IN NON-PAYMENT OF THE CLOSING FEE. 9. VERIFY THAT ALL DOCUMENTS ARE PRESENT BEFORE THE CLOSING. Each package will contain a document checklist. The Notary/Closer is responsible to review the checklist and verify that the documents are present. Should a document be missing, the Notary/Closer will IMMEDIATELY contact Speedy Closing Inc. at 1-908 725 7026 so the missing document can be faxed to the Notary/Closer without delay. 10. VERIFY NUMBER OF PAGES OF FAXED LOAN DOCUMENTS. In the event a loan package is faxed, the Notary/Closer will verify that he/she has received the same number of pages as indicated on the cover sheet. In addition, the Notary/Closer WILL MAKE A COPY of the loan package for the borrower. 11. ARRIVE TO EACH CLOSING ON TIME AND DRESSED IN PROFESSIONAL - BUSINESS ATTIRE-NO T-SHIRTS OR SHORTS. 12. REQUIRE EACH BORROWER TO PRESENT HIS/HER GOVERNMENT ISSUED IDENTIFICATION AND INCLUDE PHOTOCOPIES OF SUCH IDENTIFICATION TO RETURN WITH CLOSING PACKAGE. 13. YOU MUST SUPERVISE SIGNING AND DATING OF EACH DOCUMENT. The Notary/Closer is to present each document to the borrower for signature and dating and is to remain by the borrower's side to witness each signature and assure each document is signed and dated properly. 14. RETURN SIGNED DOCUMENTS WITHIN 24 HOURS. Notary/Closer must overnight signed loan documents to the Title Company specified within 24 hours of the closing. A return label and envelope will be provided in each closing package except when a package is delivered via fax. In the case of a faxed or emailed package, the instructions will include the Title Company's address and over-night account number. In any event, it is mandatory that the package be placed in over-night courier within 24 hours* of closing. 15. ABIDE BY Speedy Closing Inc. STATUS CALL POLICY. Notary/Closers are required to call and/or fax immediately after each closing appointment and relay the closing worksheet along with the tracking number. The Notary/Closer acknowledges that time is of the essence and that all signed loan documents must be over-nighted to the Title Company within 24 hours of the closing. In addition, it is Mandatory to alert Speedy Closing Inc. in the event of a POSTPONEMENT or CANCELLATION. The Notary/Closer will immediately call and inform Speedy Closing Inc. of any borrower who wants to reschedule or cancels a closing. 16. TERMS OF Speedy Closing Inc. or its successor will pay the Notary/Closer who executes this document and abides by its terms as follows: 1. The agreed upon closing fee. 2. Payment will be made 30 days after the end of the month following the closing. NOTE: The Notary/Closer is responsible to reimburse Speedy Closing Inc. any over night fees it incurs because the Notary/Closer failed to follow the instructions above and/or failed to properly execute his/her notary duties. 17. FAILURE OF NOTARY/CLOSER TO ABIDE BY TERMS ABOVE. Failure of a Notary/Closer to abide by all the terms contained herein may result in nonpayment of the Notary/Closer fee and removal of the Notary/Closer from Speedy Closing Inc. Approved Notary/Closer Database. In addition the Notary, at NO COST to Speedy Closing Inc., will immediately carry out any corrections regarding the signing and dating of loan documents. TIME IS OF THE ESSENCE. 18. TERMINATION Each party hereto reserves the right, and each party grants the other the right to immediately terminate this agreement. 19. ASSIGNMENT This Agreement may be assigned by Speedy Closing Inc. without the written consent of the Independent Contractor and this agreement shall continue in full force and effect and shall be binding upon the parties hereto and made a part hereof, unless otherwise terminated as indicated in paragraph 19. 20. FORBEARANCE NOT A WAIVER The failure of Speedy Closing Inc. to enforce strictly the performance by Notary/Closer of any provisions of this Agreement, or to exercise any right or remedy following Notary/Closer's breach of any condition or obligation hereof, or acceptance by Speedy Closing Inc. of any partial performance from Notary/Closer, shall not be a waiver by Speedy Closing Inc. of it's rights under this Agreement as written and shall not be construed as an amendment or modification of this Agreement was written and shall not relieve the Notary/Closer to fully and completely perform under this Agreement.
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