You have in hand an accepted offer to purchase. The inspection revealed nothing major and your mortgage financing was approved. Next step: go to the notary to sign the deed of sale!
Condos, houses and lands for sale in Montreal, Laval,North Shore, Longueuil, South Shore and around (all over Quebec). The notary will complete and will have you sign the contract of sale / purchase of property. The expenses related to the purchase of a condo. Notary fees can range from approximately $ 900 to $ 1,800 before taxes, depending on the type of transaction and other criteria.
It is also necessary to add the publication costs to be paid to the BPD plus other fees. We can guide you in the different steps of buying a house. After the role of the broker, the mortgage, the before-purchase inspection and the cancellation of an offer, here is what you need to know about the role of the notary.
Why go to a notary?
The role of the notary is very important in the context of a real estate transaction. He will have to complete several tasks that will finally make you the new owner of the coveted home or condo. Even if it is not obligatory (for the deed of sale), most home sales are still concluded at a notary. Thus, the deed of sale is a “notarial deed”, that is to say that the declarations it contains, such as the date or the selling, or price for example, are the proof between the seller and the buyer and it is opposed against any third parties.
The notary has several tasks and verification to perform before you become the proud owner of your new home or condo. These secure both the buyer and the seller, hence the choice to use a notary for the deed of sale. Here are some of the many tasks of the notary.
The examination of titles
The notary does what is called a securities review. This review helps ensure that the property does indeed belong to the seller and that he can sell it to you. The notary then checks all the old deeds by which the property has been transferred from one person to another over time.
Publication of the deeds
The notary ensures that the deed of sale and the deed of mortgage are published in the Land Office. This publication helps to make your acquisition enforceable against everyone, that is, to prove to others that you are the new owner of the house.
The notary must also manage the money of the transaction
The money passes through the ”In Trust” account of the notary, often called “trust account”. This is an account used solely to manage the money of its customers. He must ensure that the money given by the buyer is available to make the purchase. For this reason, there are certain deadlines to be respected, known as the “compensation period”. If the seller has a mortgages on his house, the money will first be used to pay his mortgage creditors. Once they are paid, the notary erase the mortgages that were registered on the property (house or condo). He then returns the balance of the sale price to the seller.
The obligation to inform the parties
Throughout his work, the notary must inform both the buyer and the seller in a neutral manner. If you are not sure what you are about to sign, do not hesitate to ask questions!
Consult us, the notary is able to answer all your questions. Our advice will help you make a decision.
Contact us now!