Glossary
Glossary of Notary Terminology
The notary has a lot of terminology that may get confusing, lets see if we can clear the air...
A written declaration made before a notary public, stating that the signer is who they claim to be and that they have signed a document willingly and without coercion. (Relevant to notary industry: Notaries perform acknowledgments as part of their duties.)
A written statement made under oath, sworn to be true and correct. (Relevant to notary industry: Notaries may witness and authenticate affidavits.)
A trade association that provides guidelines and standards for the title insurance industry. (Relevant to notary industry: Notaries may work with ALTA-endorsed title companies and follow ALTA guidelines.)
The process of gradually reducing a debt through regular payments.
An estimate of the value of a property.
A certification issued by a government agency, verifying the authenticity of a document for use in foreign countries. (Relevant to notary industry: Notaries may be apostille agents, and apostilles are often used in international transactions.)
A person or company authorized to obtain and issue apostilles on behalf of a government agency. (Relevant to notary industry: Notaries may work as apostille agents.)
A type of mortgage with an interest rate that can change over time.
A large payment due at the end of a loan term. (
A document verifying the authenticity of a copy of an original document.
A record of ownership and transfers of a property.
A notary public who is authorized to perform notarizations in a civil law jurisdiction.
A document provided to borrowers, detailing the terms of a mortgage loan.
A report detailing an individual's or business's credit history. (Relevant to notary industry: Notaries may verify and authenticate documents related to credit reports.)
A legal document transferring ownership of a property. (Relevant to notary industry: Notaries may witness and authenticate deeds.)
An official who assists a clerk of court in performing duties. (Relevant to notary industry: Notaries may act in place of clerks on certain court papers.)
The process of creating and preparing legal documents. (Relevant to notary industry: In some states notaries may prepare and notarize documents.)
A lien or restriction on a property.
A device used to create an impression or seal on a document. (Relevant to notary industry: Notaries may use embossers to create notarial seals.)
Insurance coverage for notaries and other professionals against errors and omissions. (Relevant to notary industry: Notaries may purchase E&O insurance to protect themselves against liability.)
A holding account for funds or documents until a specific condition is met. (Relevant to notary industry: Notaries may work with escrow agents and officers.)
A person or company responsible for managing an escrow account.
A type of mortgage with a fixed interest rate for the life of the loan. (Relevant to notary industry: Notaries may witness and authenticate documents related to fixed-rate mortgages.)
The process of taking possession of a property due to non-payment of a mortgage. (Relevant to notary industry: Notaries may witness and authenticate documents related to foreclosures.)
A professional organization for paralegals or document preparers in Florida. (Relevant to notary industry: Notaries may work with or as paralegals and FALDP members.)
An international treaty governing the authentication of documents.
(Home Equity Line of Credit)- A type of loan that allows homeowners to borrow against the equity in their property.
A written declaration made before a notary public, stating that the signer has sworn to the truth of a statement. (Relevant to notary industry: Notaries perform jurats as part of their duties.)
A legal claim against a property.
Loan Estimate (LE)
A document provided to borrowers, detailing the terms of a mortgage loan.
A person responsible for originating and processing mortgage loans. (Relevant to notary industry: Notaries may work with loan officers.)
A person who witnesses and authenticates loan documents. (Relevant to notary industry: Notaries may work as loan signing agents.)
The process of performing a marriage ceremony. (Relevant to notary industry: Notaries may perform marriage solemnizations in some states.)
A notary public who travels to signers to perform notarizations. (Relevant to notary industry: Notaries may work as mobile notaries.)
A person or company that facilitates the process of obtaining a mortgage loan. (Relevant to notary industry: Notaries may work with mortgage brokers.)
A legal document transferring ownership of a property as collateral for a loan. (Relevant to notary industry: Notaries may witness and authenticate mortgages and deeds of trust.)
Companies that contracts and dispatches independent notaries public. (Relevant to notary industry: Notaries may contract with notary agencies.)
A document verifying the authenticity of a notarization. (Relevant to notary industry: Notaries may issue notarial certificates.)
A government-issued license authorizing a person to perform notarizations. (Relevant to notary industry: Notaries must obtain a notarial commission to practice.)
A fee charged by a notary public for performing a notarization. (Relevant to notary industry: Notaries may charge notarization fees.)
A record of all notarizations performed by a notary public. (Relevant to notary industry: Notaries must maintain a notary journal in most states.)
A notary who assists in obtaining necessary permits and licenses. (Relevant to notary industry: Notaries may work as permit runners.)
A person authorized to perform notarizations. (Relevant to notary industry: Notaries are the professionals who perform notarizations.)
Notary Signing Agent
A person who witnesses and authenticates loan documents. (Relevant to notary industry: Notaries may work as notary signing agents.)
A solemn promise or declaration made before a notary public. (Relevant to notary industry: Notaries may witness and authenticate oaths.)
A person who assists lawyers and law firms with administrative tasks. (Relevant to notary industry: Notaries may work with or as paralegals.)
Payoff Statement
A document detailing the amount owed on a loan.
A legal document granting one person the authority to act on behalf of another. (Relevant to notary industry: Notaries may witness and authenticate POAs.)
Pre-Approval
A preliminary approval for a loan or credit.
Preliminary Title Report
A report detailing the ownership and liens on a property.
Principal
The original amount borrowed or the amount still owed on a loan. This could also refer to the primary signer as well.
Private Mortgage Insurance (PMI)
Insurance coverage for lenders in case of default.
Promissory Note
A legal document outlining the terms of a loan.
An official responsible for recording and maintaining court documents and records. Similar to a Clerk of Courts
A legal document transferring ownership of a property, often used in situations where the grantor is not aware of any liens or encumbrances on the property. (Relevant to notary industry: Notaries may witness and authenticate quitclaim deeds.)
Refinance
The process of replacing an existing loan with a new loan, often with better terms or a lower interest rate. (Relevant to notary industry: Notaries may witness and authenticate documents related to refinancing.)
The process of notarizing documents electronically, often using video conferencing software and digital signatures. (Relevant to notary industry: Notaries may perform RON notarizations.)
Right of Rescission
A legal right that allows a borrower to cancel a loan or contract within a certain period of time.
A device used to create an impression or authentication on a document, often used by notaries public. (Relevant to notary industry: Notaries use seals or stamps to authenticate documents.)
Settlement Statement
A document detailing the terms of a real estate transaction, including the sale price, closing costs, and other relevant information.
The act of witnessing a person's signature on a document.
Companies that provide notary and signing services for loan documents and other legal documents. (Relevant to notary industry: Notaries may work for signing services companies.)
Online platforms that facilitate the signing of documents, mainly by dispatching notifications of assignments to a database of notaries.
Survey
A detailed report or map of a property, often used to determine boundaries and ownership.
A type of insurance that guarantees the performance of a contract or obligation. (Relevant to notary industry: Notaries may require surety bonds to ensure compliance with notary laws and regulations.)
Title Abstract
A condensed version of a title report, often used to provide a summary of the ownership and liens on a property.
Title Insurance
Insurance coverage that protects lenders and homeowners from title defects and liens.
Title Search
A thorough examination of public records to determine the ownership and liens on a property.
Underwriting
The process of evaluating the risk of a loan or investment and determining whether to approve it.
Unauthorized Practice of Law
The act of practicing law without a valid license or authorization. (Relevant to notary industry: Notaries must not practice law or provide legal advice, as this is considered unauthorized practice of law.)
Official records of births, deaths, marriages, and other important life events.
A notary public who witnesses and authenticates documents.
A person authorized to perform marriage ceremonies. (Relevant to notary industry: Notaries may perform wedding ceremonies, in some states, but this is not their primary function.)
Click any of the linked terms for a further explanation of how it works and pertains to the notary industry!
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