Neighborly Notary's Frequently Asked Questions

What is notarization?

Well, our plain English answer is as follows:

The verification of a person's identity based upon his/her current photo identification (state or country) and
witnessing either an acknowledgment by signature or accepting an oath or affirmation by signature.

Notaries can also perform a few other tasks such as witnessing the opening of safe deposit boxes; certifying
depositions (certifying that the spoken words of another, as taken under oath, were accurately documented);
accepting proofs of execution (accepting a sworn statement by a witness who saw the signer at issue execute a
document); and protests evidencing presentment and dishonor (notary personally visits the principal place of
business of the payer of a negotiable instrument and demands payment. Payer's failure to pay is the dishonor of
his/her draft which is then duly documented by the notary public.

What type of identification is acceptable?

Your identification must be current (not expired);
Photo identification (state issued driver license or passport);
US Military Identification; or
Resident Alien Identification issued by the U.S. Government

What must I bring to have my document notarized?

Simply bring your current photo identification along with the document requiring notarization.

I am applying for an adoption and need a notary to visit with my physician, employer and accountant. Can this
be done and how can this be accomplished?

After you have your form or letter completed and ready for signature, you may contact a visiting notary service such
as Neighborly Notary, Inc. to provide the physician's or employer's name, address and contact number along with
your contact information for billing and returning documents. You do not have to attend this meeting which
typically lasts about fifteen (15) minutes or less. Neighborly Notary schedules the appointment, makes the visit
and sends the original back to you by U.S. Priority Mail (for an additional $5 reimbursement). We can also procure
the authentication and apostille for an additional fee (plus reimbursement of court costs).

What if I am disabled or unable to sign?

Please notify your notary, in advance, so that the proper procedure for “signature by mark” will be implemented.

What if I already signed the document?

Do not use correction fluid.
Please leave your document the way it is and
be prepared to sign it once more in front of a notary.

What if I am unable to travel to a notary?

There are visiting/mobile/traveling notaries available in every state who, like Neighborly Notary (member of the
Better Business Bureau), will visit you for a fee. The best source of locating a visiting/mobile/traveling notary is the
internet.

What do the “State of” and “County of” sections signify?

This is part of the notary’s acknowledgment (or jurat) and should be completed by a notary.

This section is called the venue and will be filled in with the name of the county and state WHERE THE SIGNING
TOOK PLACE. This is a common misconception with inexperienced notaries who think that their county of
residence belongs here. It does not. Please refer to the New York Notary Law Primer by the National Notary
Association.

What does the “ss:” mean?

Although we typically see “ss” as the abbreviation for social security, here, the “ss” in a venue and jurat of the
notary’s section simply is the abbreviation for the latin word, “scilicet” meaning “in particular” or “namely.” Please
do not insert your social security number here.

Can a notary place a stamp on a photocopy of my document to make it a certified copy?

No. A Notary does not have the authority to certify copies of documents. If it’s a vital record (birth, death or
marriage certificate), please contact your local muncipality's vital records department such as, NYC’s Vital
Records at 212 788-4520. If it’s a passport or other document, you can use an affidavit - to swear before the
notary that the attached copy is a true and accurate copy of the original. It works like a charm. Neighborly Notary
has this form that you can complete during your signing experience with us.

Real Estate Closing Glossary

Amortization schedule is the fixed monthly payment schedule of principal and interest from the first payment
month through and including the last payment month.

Anti-coercion Statute and Disclosure notifies the borrower that he/she may procure homeowners insurance
from any insurance company provided that such insurance company has the financial wherewithal to back its
claims. Typically, a lender will provide a written disclosure to borrower at closing of the lender's insurance
requirements. Most lenders require that borrower's insurance company holds at least a B+ rating from Best's
Insurance Guide.

APR means annual percentage rate and rarely mirrors the contracted interest rate that appears on the
promissory note - unless the lender is not charging borrower any closing costs. Closing costs financed by a
borrower will drive up the APR to a rate that exceeds the interest rate. This is typically a cause for alarm when a
borrower reviews the truth-in-lending disclosure, but be assured that your contracted rate is the rate found on
your promissory note.

Cushion is a term used in a borrower's tax and insurance escrow disclosure. IT represents an amount collected
by lender, annually, after rounding up each monthly escrow payment collected. A cushion is a percentage
calculated by the lender's underwriter to mitigate the risk of tax reassessments and an increase in the insurance
premium over the life of the loan.

Deed of Trust / Mortgage is the agreement between the lender and the property owner(s) to allow a lien on the
property for the entire amount of the loan (or revolving line of credit). It should be noted that a HELOC (home
equity line of credit) is secured by the entire line amount - whether or not the borrower draws from the line or not.
For the life of the loan, your lender will hold a lien on the entire line amount - even if you never draw the full
amount. Subsequent liens on the property or transfers in interest may be considered a condition of default by
your lender.

Escrow for taxes and insurance is offered to a borrower of a loan. The lender collects an additional sum from
borrower each month in order to remit payments for the insurance premium and real estate taxes. Typically, a
lender will factor in a "cushion" in order to collect enough from the borrower to pay the entire bill when due - even
if a reassessment occurs. From year to year, the "cushion" does not disappear. In fact, I often remark at closings
that the lender does not have a pizza party with the unused cushion. Instead, this amount is rolled over each year
until the loan is paid in full. The west coast expression for escrow is "impound". Using the term "escrow" when
referring to a west coast borrower's impound account will certainly get his/her immediate attention.

Face of the Note/ Face of the Mortgage are lending industry expressions that refer to the first page of the
document.

Impound is the west coast way of expressing a tax and insurance escrow. It is a separate account held by the
lender who acts as escrow agent on behalf of borrower to collect additional payments only for the purpose of
paying real estate taxes and home owner's insurance premiums on time. An impound is an additional sum
beyond principal and interest payments. Using the term, "impound" when talking to an east coast borrower about
his escrow account is a sure way of getting his/her immediate attention.

Junk docs is another expression in the lending industry that refers to ancillary documents provided by the title
company. They are documents beyond the core loan documents and generally include disclosures, the privacy
policy, borrower's disbursement authorization and title related affidavits.

Life of the Loan means term of the loan or loan term.

Pay-off Letter is a letter from a lender that includes the amount due to pay the obligation off in full. A good payoff
letter includes per diem interest and an expiration date.

Pay Proceeds Letter or simply, pay proceeds is another industry expression that refers to the document signed
by the borrower that authorizes lender it its settlement agent to disburse according to written instruction (e.g., by
wire, certified check, overnight courier, etc).

Promissory Note is the borrower's promise to pay the lender back for the money she/he borrowed. The note is
the most important document in the entire loan file to review in your three-day right to cancel (right of rescission)
period because it sets forth a succinct summary of your agreement yo borrow. Your interest rate and repayment
terms are all set forth in your promissory note.

Revolving Line of Credit or "Revolver" is a loan product whereby the lender provides a borrower with a fixed sum
of money to draw upon (a line of credit). Each draw is considered a separate loan or borrowing under the line of
credit and it revolves whereby a borrower can "take and pay". Each time the borrower repays the loan, it frees up
more borrowing power up to the maximum line amount. Such a product is offered for a fixed term limiting the
draw period and repayment period.

Right to Cancel is a three-day period from document execution to allow only borrowers who offer "owner
occupied" property for collateral to cancel his/her loan obligation with the lender. This "right" is not extended to
those who are borrowing against a second home or an investment property.

Settlement Agent is the agent of lender who is responsible for disbursing loan proceeds or proceeds from the
loan. A settlement agent must act pursuant to written directive typically found on a settlement statement.

Settlement Statement sets forth the loan amount, any required pay-offs, closing costs paid by loan proceeds
and any other disbursements from loan dollars that are to be paid at the closing table.

Truth in Lending Disclosure & Itemization of Amount Financed sets forth quite succinctly the amount of interest
the borrower will pay lender over the life of the loan. The amounts disclosed are based upon the presumption
that the borrower will remit only the amounts indicated due on a monthly basis. This is the Neighborly Notary's
favorite document because it provides each borrower with a clear "reality check" of the amount he/she must pay
the lender in order to borrow. The Itemization of amount Financed is a document that assists the borrower in
understanding the amount plugged into the formula set forth on the Truth in Lending Disclosure. The "amount
financed" is not necessarily the entire loan amount if the borrower is financing certain closing costs. Said closing
costs that are impermissible inclusions in the formula grid at the top of the TIL disclosure are itemized on the
Itemization of Amount Financed form and extracted from the loan amount.

Frequently Asked Questions

This web site was exclusively designed by Roberta Arnone © 2007
Neighborly Notary is a registered service mark and all forms, materials, logos and branded images have been copyrighted.

Frequently
Asked Questions

New York:
New York City:
New York
County:
Manhattan,
Uptown, UES
10022, UWS
10023,
Midtown West
10036, Tudor
City 10017,
Midtown East
10016,
Downtown
10001, Union
Square 10003,
Flatiron
10010, NoHo,
SoHo,
Chelsea,
TriBeca,
NoLiTa,
Alphabet City,
Fashion 7
10018, Herald
Square,
Avenue of the
Americas,
Times Square,
Theatre
District, Meat
Packing
District 10014,
South Street
Seaport
New York:
Queens
County:
Astoria,
College Point,
Long Island
City, Flushing,
Jamaica,
Jamaica
Estates,
Rockaway.
New York:
Kings County:
Brooklyn. New
York: Bronx
County. New
York:
Richmond
County:
Staten Island.
New York:
Westchester
County:
Yonkers,
White Plains,
Briarcliff
Manor,
Tarrytown.