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Official documents for state use often require the signature of a notary public. The signature serves as an official method for others to verify the validity of the document since the information of the notary is included with the signature. Each state in the country has its own rules on compensation that notaries should follow.
State regulations
Notaries can not legally charge fees beyond the maximum limits set by the state in which they are licensed. The states set a maximum price to prevent notaries from increasing their price, which could make document verification an expensive process. For example, Connecticut law states that notaries can not charge more than US$ 5 for each signed document and US$ 0.35 per kilometre travelled. If you travelled 10 kilometres to see the client, the maximum charge would be US$ 8.50. Texas law states that notaries can charge no more than US$ 6 for confirmations, US $ 6 for oaths and US$ 0.50 for every 100 words of a declaration. If you charge your clients more than the amount allowed by the state, you could lose your notary license and possibly face fines.
Common services of a Notary
The most common services of a notary are recognitions and administer oaths. When the notaries give acknowledgements, they review the document that is signed, they verify the identity of the people involved with the document, they stamp their stamp and they sign the document. The state in which the notary develops its activity indicates the maximum amount that can be charged for the recognition service. Notaries administer oaths for statements and other special circumstances in which people are required by law to tell the truth.
Increase Revenue
Because notaries must comply with state laws on the maximum price they can charge for their services, the price is inflexible. The notary should rely on the increase of clients and build relationships with companies that need notaries in order to increase their revenue stream. For example, mortgage companies often need the signature of a notary to finalize mortgage loans. If you build a relationship with a mortgage company in your state, you will have a constant flow of customers. Like a business, a notary must advertise its services to attract more customers.
Considerations
Notaries may not “cover expenses” or earn a profit until they have a steady flow of clients due to the filing fees and insurance bonds needed to operate. Some states, such as Texas, require a bond of US $ 10,000 or more to protect the notary’s clients from consequences of misconduct. The bond may cost a monthly or annual fee that subtracts from your total income. For example, if the bond costs US$ 10 per month, you would have to sign at least two contracts per month in Connecticut to cover expenses.