The role of a notary public has been an integral part of legal and business transactions for centuries. Notaries serve as impartial witnesses to the signing of important documents, ensuring that all parties involved are who they say they are and understand the contents of what they’re signing. Given the responsibilities and the potential for additional income, many people wonder if becoming a notary is worth the effort. So you’re considering becoming a notary? Good news—it’s a great way to earn some extra income! But is it worth your time and effort? Let’s take a look at the pros and cons of being a notary so you can make an informed decision. This article will explore the pros and cons of being a notary, provide insights into the steps required to become one in California, and help you evaluate if it aligns with your career goals.
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Understanding the Role of a Notary
A notary public is a state-appointed official who acts as an impartial witness in the signing of various legal documents. Their primary responsibilities include verifying the identities of the signers, ensuring that all parties are signing willingly and under no duress, and administering oaths when necessary. Common tasks for notaries include notarizing affidavits, powers of attorney, mortgage documents, and contracts. Notarization adds a layer of trust and authenticity to the documents, which is crucial in both legal and business contexts.
In California, the role of a notary public is particularly significant due to the state’s stringent legal requirements and the high volume of transactions requiring notarization. California notaries are responsible for ensuring that the documents they notarize are properly executed and legally binding. This role requires a thorough understanding of California notary laws and regulations, as well as a commitment to maintaining high ethical standards.
Benefits of Being a Notary
Financial Benefits and Income Potential: Becoming a notary public can be financially beneficial. Notaries can charge for their services, which means that they can earn some extra money. In some cases, notaries (especially if the notary is also a successful notary signing agent) can even make a full-time living by providing their services to businesses and individuals.
One of the main attractions of becoming a notary is the potential for additional income. In California, notaries can charge up to $15 per signature for most notarizations, and additional fees for travel if they offer mobile notary services. Specializing in loan signings can be particularly lucrative, with notaries earning between $75 to $200 per signing appointment. Notaries who establish themselves as trusted professionals can build a steady stream of clients, contributing to a reliable income source.
Many notaries earn extra cash as a side gig working few hours as part-time jobs outside of working hours at their regular place of employment.
Flexibility and Part-Time Opportunities: Another benefit of being a notary public is that you can set your own flexible hours. If you only want to work part-time or on weekends, that’s up to you. And since most notarizations only take a few minutes to complete, you can easily fit them into your schedule, no matter how busy you are. Being a notary is a great choice if you want a flexible work schedule. Being a notary offers a high degree of flexibility.
Many notaries work part-time or as needed, allowing them to balance this role with other professional or personal commitments. This makes it an ideal side hustle for those looking to earn extra income without committing to a full-time schedule. Mobile notary services, where notaries travel to clients’ locations, offer even greater flexibility and convenience for both the notary and the clients. This flexibility is especially beneficial for individuals with unpredictable schedules or those looking to supplement their income in retirement.
You can work from home: You can also choose to work from home, allowing clients to visit you at your home office. This can help you save on childcare or transportation costs.
Enhanced Professional Credibility: Holding a notary commission can enhance your credibility and trustworthiness, especially if you work in fields like real estate, law, or finance. It shows that you are a trusted professional capable of handling sensitive and important documents. For professionals in these fields, being a notary can add value to their services and set them apart from their peers. For instance, real estate agents who are also notaries can offer seamless service to their clients by handling document notarization on-site.
Additional Business Opportunities: A commissioned notary has the opportunity to meet new people from all walks of life. This is a great way to grow your professional network. You never know when one of those connections will come in handy in the future. Becoming a notary can open doors to other business opportunities. For instance, notaries often expand their services to include document preparation, legal courier services, or even become signing agents for real estate transactions. In California, there is a high demand for notaries who can handle loan signings and other real estate-related documents, providing ample opportunities for business growth and diversification. Notaries with entrepreneurial spirits can leverage their skills to start their own notary businesses, offering a range of services to meet the needs of their community.
You get to help people in your community: As a commissioned notary, you have the opportunity to help people in your community. One example is by witnessing their signing of a last will and testament. This is an important task that needs to be done carefully. Making sure everything goes according to plan after someone dies is very important.
There are many resources available to help you succeed as a notary: These include online courses, books, and state-specific notary public handbooks.
A college degree isn’t required: Some loan signing agents have college degrees, but a college degree is not required. Loan Signing Agents can earn as much or more money as those with four-year undergraduate degrees and many work only part-time because they would rather be their own boss in the evenings after being on call all day on weekdays!
Types of Notaries Public
There are three main types of notaries:
Notary Public
A notary public is a public officer who is authorized to perform certain legal functions. These functions include witnessing the signing of important documents and verifying the identity of the person who is signing them. Notaries are also responsible for taking oaths and affidavits. They help to prevent identity theft by verifying the signer’s identity.
This is what you become when your state approves your application to become a notary. You will be able to notarize documents for people who need them notarized.
All notaries fit inside this category. This includes the notaries you see at mailbox stores that provide basic notary service as well as the most seasoned mobile notaries who travel to their customers and loan signing agents who notarize loan documents.
Mobile Notary
A mobile notary is a notary public that provides services to clients at the client’s convenience, such as at home or in the workplace. You could meet your clients at their homes or business, or you could meet them at a coffee shop. Mobile notaries are prepared to handle the unique challenges that come with providing notary services in different environments.
Mobile notaries also typically can charge for travel expenses or fees for other services, depending on state law. Because of this, mobile notaries typically earn more notary income than notaries public who work in offices (e.g., mailbox stores or banks) where being a notary isn’t the primary job.
Notary Signing Agent (Loan Signing Agent)
Notary Signing Agents, also called Loan Signing Agents are experts with additional training in mortgages and the different types of loan documents involved in a mortgage. They work with borrowers to help them sign all the necessary loan documents, put their initials in the right places, and complete any other required information. They ensure that the documents in real estate closings are properly signed.
Many Notary Signing Agents are mobile notaries who travel to their clients, but some work from offices.
Becoming a Notary Signing Agent provides notaries public with the most income potential and many of them make great money running a full-time notary business.
They usually get work from title companies, law firms, escrow officers, escrow offices, real estate agents, or signing services.
Challenges and Downsides
Initial Costs and Ongoing Expenses: Becoming a notary in California involves certain initial costs, including application fees, notary education courses, and supplies like a notary seal and journal. The application fee is $40, and the required notary education course can cost between $50 to $200. Additionally, there are ongoing expenses for renewing your commission every four years, which includes a $40 renewal fee and continuing education courses. Notaries must also invest in supplies such as a seal, journal, and bond, which can add to the overall cost. Furthermore, some notaries opt to carry errors and omissions insurance, which provides additional protection against potential legal claims.
And there are additional courses required if you want to advance your notary career by becoming a Loan Signing Agent.
However, this investment is typically much less than other self-employment opportunities.
Legal Liabilities and Responsibilities: As a notary, you are responsible for ensuring the accuracy and legality of the notarizations you perform. Mistakes or negligence can lead to legal issues, including lawsuits. In California, notaries are required to maintain a surety bond of $15,000 to protect the public against damages resulting from the notary’s misconduct. Staying informed about state laws and regulations is crucial to avoid potential liabilities and ensure that your notarizations are legally compliant. Notaries must also adhere to record-keeping requirements, including maintaining a detailed journal of all notarizations performed.
Time Commitment and Effort Required: Becoming a notary requires time and effort, from completing the necessary education to passing the required exams. Furthermore, the role can demand significant time, especially if you offer mobile services or work in high-demand areas. In California, notaries must complete a six-hour education course and pass a state-administered exam. The process can be time-consuming, particularly for those balancing other professional or personal commitments. Once commissioned, notaries must stay updated on changes in notary laws and continue their education to maintain their commission.
Market Saturation and Competition: In some areas of California, the market for notary services can be saturated, leading to increased competition. This can make it challenging to establish a steady stream of clients, particularly for new notaries. Building a successful notary business requires effective marketing, networking, and providing exceptional customer service to stand out in a competitive market. Notaries must also be proactive in seeking out opportunities and staying visible within their community.
Possible Stress: Notaries sometimes have to witness or attest to time-sensitive documents with high stakes attached. This means that something could go wrong, causing stress.
You may have to travel to meet with clients: Mobile notaries and Loan Signing Agents travel to their clients. This involves driving to different locations. This might be a con for you if you do not enjoy driving and want to work from home or in an office. Many states, including California, do not have any limits on charges for travel fees, but some states limit the amount that can be charged or do not allow travel fees at all.
You may have to work evenings and weekends: Notaries are often called upon to notarize documents outside of normal business hours. This means you may have to work in the evenings or on weekends. Some people see this as a con because it can interfere with their personal plans. Others view it as a pro because it gives them the flexibility to choose when they work.
You may have to deal with difficult clients: Like any job, being a notary public comes with its fair share of difficult clients. While most people you meet will be nice, there will always be a few who are angry, rude, or just plain difficult to deal with. This is something you’ll have to learn to deal with if you want to be successful in this business.
You may have to witness unpleasant situations: As a notary public, you may be asked to witness the signing of a will, which can be an emotionally charged situation. You may also be asked to notarize documents for people who are going through a divorce or other difficult life events. This can be tough to deal with if you’re not prepared for it.
You are responsible for keeping up with changes in the law: Notaries are required to keep up with changes in the law. This means staying current on the latest notary news. Failure to do so could result in you losing your commission.
You may be on call 24/7: As a notary public that works for yourself, you may choose to be on call 24 hours a day, 7 days a week to increase your income potential and make a lucrative income.
This means that people may need your services anytime, day or night. While this can be inconvenient, it’s also one of the great things about being a notary public. You can choose to work when it’s convenient for you
Steps to Becoming a Notary
Eligibility and Requirements: To become a notary in California, you must meet specific eligibility requirements. You must be at least 18 years old, a legal resident of California, and have no felony convictions. Additionally, you must complete a state-approved notary education course, pass a written exam, and pass a background check. Understanding these requirements and ensuring you meet them is the first step in the process.
Application Process and Training: The application process for becoming a notary in California involves several steps. First, you must complete a six-hour state-approved notary education course. Next, you need to pass the California Notary Public Exam, which is administered by the Secretary of State. After passing the exam, you must submit a completed application, along with a $40 application fee, to the Secretary of State. Once your application is approved, you must undergo a background check and submit your fingerprints to the Department of Justice. The entire process can take several weeks to complete, so planning ahead is essential.
Costs Involved in Becoming a Notary: The costs associated with becoming a notary in California include the education course fees ($50 to $200), application fee ($40), exam fee ($20), background check fee ($32), and fingerprinting fee (varies). Additionally, you will need to purchase a notary seal, journal, and a $15,000 surety bond, which can cost between $50 to $100. The total cost of becoming a notary in California can range from $200 to $500. Understanding these costs and budgeting accordingly will help you prepare for the financial investment required.
Evaluating If It’s Worth It for You
Self-Assessment: Skills and Interests: Consider whether you have the skills and interests that align with being a notary. Important qualities include attention to detail, integrity, and a willingness to learn and adhere to legal requirements. Assess your ability to handle the responsibilities of a notary, including verifying identities, maintaining accurate records, and following state laws. A self-assessment can help you determine if this role is a good fit for you.
Financial Considerations and ROI: Assess the financial investment required and the potential return on investment. Calculate the costs of becoming a notary against the potential income you could earn from providing notary services. In California, notaries can charge up to $15 per signature and earn additional income through mobile services and loan signings. Evaluate whether the potential income justifies the initial and ongoing costs. Consider also the time commitment and effort required to build a successful notary business.
Long-Term Career Goals and Plans: Think about how becoming a notary fits into your long-term career goals. If you work in or aspire to enter fields like real estate, law, or finance, having a notary commission can be a valuable addition to your professional credentials. Consider how being a notary can enhance your career prospects and provide additional opportunities for growth and advancement. If you plan to start your own business, being a notary can be a stepping stone to offering a wider range of professional services.
Conclusion
In conclusion, becoming a notary public can offer numerous benefits, including additional income, flexibility, and enhanced professional credibility. However, it also comes with challenges such as initial costs, legal responsibilities, and competition. By carefully evaluating your skills, interests, and long-term goals, you can determine if pursuing a notary commission is the right choice for you. If you decide to proceed, the steps outlined in this article will guide you through the process of becoming a notary public in California. Good luck!
So, is it worth it to be a notary?
Overall, being a notary is worth it! The pros far outweigh the cons, and as long as you are prepared for the minor downsides, you will enjoy the many benefits that come with the job!