A client, at the last minute, asked me sit in on a refinance yesterday where her lender sent its own notary to execute the closing package, and I'm happy she asked me to assist.
In my experience with these types of closings where borrowers do not engage their own lawyer for the refinance and the lender sends a notary, the notary is not permitted to give legal advice, and the explanation of the closing documents is very cursory.
Making things worse, this particular notary insisted that my client execute two promissory notes. There is entirely unnecessary, and risky. An original promissory note is a negotiable instrument (as is a check) which can be enforced. Executing two originals potentially creates two enforceable obligations. After quite a bit of "discussion," the notary and lender accepted my refusal to permit my client to execute two notes.
Be wary. Consider hiring an attorney to assist you with the entire refinance and protect you for basically the same cost that the lender will charge to send the notary.
