Starting July 1, 2020, SEA 340 will go into place requiring a witness be present to witness the signing of recorded documents at the real estate closing. Here is a copy of the new law
CLICK HERE FOR A COPY OF SEA No. 340
Members of professional associations around Indiana that are stake holders in the closing process indicate the law seems to have come into place by mere accident. The Indiana Notary Association, Indiana Land Title Association, National Notary Association did not lobbied for this change according to sources in each organization.
CLICK HERE TO DOWNLOAD WITNESS CERTIFICATE
Apparently the word “OR” was accidently marked out and the word “AND” was put in its place in the new law according to sources.
NOTE: Current law requires only that you have either a notarized acknowledgment of the grantor’s signature OR a notarized proof signed by a disinterested third party.
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Several professional associations are currently seeking ways to properly repeal this part of the law with either potentially enjoining the enactment or even getting an injunction.
So, just who is responsible to supply the witness?
As the Notary Signing Agent it is recommended that you ask the hiring party to provide a witness. The witness would be someone who must:
– Be 18+ years of age with a valid ID
– Not have an “economic interest” in the transaction
– Not be a close relative of any of the parties in the transaction (it is our understanding that it can be a relative of the notary in the transaction as long as the person meets the previous two criteria but check with your attorney for confirmation)
There has been some discussion on compensation of the witness if the Notary Signing Agent is supplying this portion of the transaction. Signing companies, as a way of keeping their cost down, have been contacting Notary Signing Agents in their network stating that witnesses are not be compensated for their services. After reviewing the statues and the Indiana Notary Guide some agents have found evidence that this is not completely accurate.
Keeping in mind that several professional mobile Notary Signing Agents drive all across Indiana during the day conducting real estate closings it doesn’t seem to be reasonable to not compensate a witness offering this service. It is, however, recommended that each Notary Signing Agent contact their attorney for options when supplying a witness for a transaction.
For more information on Notary Supplies and Professional Notary Online Courses go to lewistraining.online.
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