Under federal law, some — but not all — mortgages include a right of rescission, which gives the borrower 3 business days following the signing of a loan document package to review the terms of the transaction and cancel the transaction. The rescission period starts the first business day following the date of signing and ends at midnight on the third business day. Sundays and federal holidays do not count toward the rescission period.
Read MoreThe surety bond most states require Notaries to buy is designed to protect consumers, not the Notary. If someone files a claim against you, and a loss is paid out of your bond, your bond company will come after you to repay the amount of the loss and any legal costs. If you had a full loss on a $15,000 bond, for example, your total tab could run $20,000 or more.
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