A notary public is an official appointed by the government to serve as an impartial witness to the signing of important documents. Their main function is to prevent fraud by verifying the identity of the signer and ensuring that they are signing the document willingly and without coercion. Although the notary’s role may seem simple, the income that a notary makes can vary significantly based on a variety of factors.
What Does a Notary Do?
Before diving into the specifics of how much a notary makes, it’s essential to understand the full scope of a notary’s duties. While the primary job of a notary is to witness the signing of documents and verify the identity of signers, their responsibilities can extend beyond just witnessing signatures. Some of the duties a notary might be asked to perform include:
Administering Oaths: Notaries may administer oaths for affidavits, sworn statements, and other legal documents.
Certifying Copies of Documents: In some states, notaries are allowed to certify copies of important documents, which can be an additional service they offer.
Taking Acknowledgments: A notary may be tasked with confirming that the signer understands the document they are signing.
Taking Depositions: In some cases, notaries assist with legal proceedings by taking depositions under oath.
Marriages: In some regions, notaries have the ability to perform marriage ceremonies.
These tasks all come with different levels of compensation depending on the complexity and the demand for such services.
Factors That Influence a Notary’s Earnings
The amount a notary makes can vary due to several factors, which we’ll break down in more detail below.
1. Geographical Location
One of the most significant factors affecting a notary’s income is where they are located. Notaries in large metropolitan areas or regions with high demand for notary services often have the opportunity to charge more for their services.
State Laws and Regulations: Each state in the U.S. sets its own notary fees, and they vary widely. For example, in some states like California, notaries are allowed to charge up to $15 per notarial act, while other states may have a lower maximum fee, such as $5 or $10.
Cost of Living: In areas with a higher cost of living, notaries can often charge more for their services, as clients may be more willing to pay higher rates for convenience.
Urban vs. Rural Areas: Urban areas with more businesses, government agencies, and legal matters requiring notary services typically generate more opportunities for notaries to earn, compared to rural or remote areas.
2. Experience Level
Notaries with more experience are often able to charge higher fees or attract more clients, particularly if they have established a reputation for reliability and expertise. Some notaries specialize in areas that demand higher rates, such as loan signing agents or those who handle legal documents for corporations.
Entry-Level Notaries: New notaries, especially those working part-time, may earn a smaller income since they are still building their client base. They may charge lower rates or take on fewer clients to gain experience.
Experienced Notaries: Notaries with years of experience may be able to charge a premium for their services due to their expertise, especially if they have a specialization in fields such as legal, real estate, or loan signings.
3. Type of Notary Services Offered
The services a notary offers can greatly influence how much they earn. Basic notarial acts such as verifying signatures on documents may not bring in a significant amount of money, but specialized services like loan signing can be quite lucrative.
General Notary Work: General notarial acts, such as witnessing signatures or taking acknowledgments, typically earn a notary $5 to $15 per act.
Loan Signing Agents: Notaries who specialize in loan signings can earn significantly more. They may charge $75 to $200 or more per loan signing, depending on the complexity of the loan and the market demand.
Mobile Notary Services: Mobile notaries, who travel to meet clients at their homes or offices, can charge higher rates, as they often charge travel fees in addition to the standard notarial fees. This can increase their earnings significantly.
4. Additional Expenses and Costs
A notary’s income isn’t just determined by how much they charge for each notarial act. There are also expenses and costs involved in maintaining their notary business that can impact their net earnings.
Notary Bond and Insurance: Notaries in most states are required to carry a surety bond, which can cost between $50 to $100 annually. Additionally, notaries may choose to carry errors and omissions insurance to protect themselves from liability, which can add to their expenses.
Training and Certification: Notaries who want to become loan signing agents or work in other specialized areas often need to invest in training or certification. These additional costs can add up, but they may also lead to higher-paying opportunities.
How Much Does a Notary Make?
Now that we’ve explored the factors that affect a notary’s income, let’s look at the typical earnings for notaries.
1. Average Income of a Notary Public
According to the National Notary Association (NNA), the average income of a notary public in the United States is between $30.000 and $70.000 per year. This can vary widely depending on the state and the level of specialization.
Entry-Level Notaries: Notaries who work part-time or just starting out can expect to make between $10.000 and $20.000 per year, depending on the number of clients they serve and the fees they charge.
Full-Time Notaries: Full-time notaries with a solid client base can expect to earn anywhere from $30.000 to $50.000 annually. This can increase with experience or specialization.
Specialized Notaries: Notaries who specialize in high-demand areas such as loan signings, legal notarization, or real estate can earn upwards of $75.000 annually, especially if they work in larger cities or have an established client base.
2. Earning Potential with Loan Signing
One of the most lucrative notary services is loan signing. Loan signing agents can earn a significant income, particularly in real estate markets where home buying and selling are frequent.
Individual Loan Signings: For a standard loan signing, notaries can earn $75 to $200 per signing, depending on the complexity and location. This can increase if the notary works with high-volume clients or offers mobile notary services.
Notary Loan Signing Agents: These notaries can earn $100.000 or more per year, particularly if they specialize in loan signings and work in busy markets.
3. Mobile Notary Services
Mobile notaries, who travel to their clients’ locations, have the opportunity to increase their earnings by charging travel fees. Travel fees can range from $10 to $50 or more, depending on the distance. A mobile notary who works regularly with clients can earn a steady income and may even build a loyal customer base.
How to Increase Your Earnings as a Notary
If you are a notary looking to increase your income, there are several strategies you can pursue:
Specialize: Becoming a loan signing agent, legal notary, or mobile notary can significantly increase your income.
Offer Additional Services: Providing extra services, such as document preparation or certification of documents, can help you charge more and attract clients who need specialized services.
Market Your Services: Building a network, advertising online, and leveraging platforms like Google My Business can help you find more clients and raise your visibility.
Expand Your Service Area: If you are a mobile notary, expanding your service area to cover more locations can help you reach more clients and increase your earnings.