Billions of documents are signed in the United Kingdom every year. These range from power of attorney to land documents, business contracts, and government documents. Because there are serious implications if you use documents that are not properly signed or those signed by a person that doesn’t have the power to do so, they need to be notarised because they become binding once signed. Notaries are responsible for attesting to the authenticity of signed documents by witnessing their signing of these documents, and they can do this in person or electronically.
Table of Contents
Why Hire a Notary
Aside from witnessing and authenticating documents, the main reason for hiring a notary is to save time. If a business or individual prepares documents only to be turned down by the recipient because they need to be notarised, they could waste a lot of time completing steps they have already completed. It can also be a waste of time having to find the other party again to ensure they are available for the signing so a notary can witness the process and ensure the documents are authentic.
Notarising documents can also lead to higher closed transactions. For transactions that cannot be completed without notarised documents, the seller can turn them away so they can have a notary help them with the process. Every customer who gets sent away is one who will potentially not return, which means the business ends up at risk of losing sales.
Businesses can have an in-house notary public or can hire the services of a notary who they can go to or who can visit their premises to provide the service. Public notaries like Cheltenham Notary can witness and authenticate documents for businesses and organisations in different locations, whether on- or off-site.
Understanding the importance of notaries, which industries require their services the most?
Financial Services
Insurance agencies, banks, lenders and other businesses in the financial services sector deal with numerous types of documents that they need notarised. Notarising is so important to them because the documents they deal with have consequences and must be signed by people with the authority to do so. Think of transactions like the transfer of assets, getting a new insurance policy or submitting an insurance claim where companies must ensure all details are authentic before proceeding.
Some companies provide notary services to the public to allow them to have their documents authenticated before they present them to a financial institution. These services are meant to benefit the customer, but many people still expect a notary to be readily available when they need to complete a transaction requiring notarised documents. Note that banks can hire notaries to ensure smoother and better customer experiences but cannot act as notaries themselves.
Real Estate
Real estate is another industry where every party has to know who the other party is and ensure they are doing business with the right people. Notarising a document or multiple documents in real estate is very common when closing a mortgage as different documents must be notarised before any sales are completed.
Notarising documents in such transactions is vital because more than five people could be involved in one sale or purchase. These include the real estate agent, the title agent, the lender, the seller, the buyer and the notary. Your real estate agent or company can recommend a notary, but they cannot act as notaries, just like banks cannot.
Notaries also play a part in land or property transactions abroad. In this role, they typically authenticate a power of attorney because countries outside the UK have different notarising procedures and who can notarise a document.
Law Firms
Depending on the size, type and scope of work a law firm handles, they may need to notarise numerous types of documents daily. Some law firms hire a notary public to carry out the duties of a notary, but they can also hire people qualified to be both lawyers and solicitors. The reason is that such people will perform multiple roles and save a law firm money as it doesn’t have to hire someone else for either role.
Construction Companies
Every construction company has to juggle between different contracts including those between them and the owner, developers, subcontractors, and suppliers. They also sometimes have to deal with lenders, especially if they have a massive project coming up. For this reason, they are subject to various notarising requirements which apply when dealing with these parties or even selling properties if they handle that too.
Notaries provide an essential service by ensuring the authenticity of documents presented by individuals and businesses. If you need a notary for you or your business, you can find one that charges reasonable notary public fees and who can handle different matters for you. Also, ensure you hire one who makes the process as straightforward as possible and has seals registered with the relevant bodies.
