After buying a property (condo, house), many will see the notary after everything. However, his work, even if you don’t know, is an essential part of a real estate transaction. To clarify the whole thing, here’s a list of all the tasks that a notary does after signing a promise to purchase.
- Receipt and analysis of documents : Whether it is the offer of purchase, deeds of sale, certificate of location or lease, the notary receives the papers and analyze them to see if everything is compliant.
- Review of property titles : This task is all about checking the history of the mortgages, background of the land and all other acts of sale.
- Correction of irregularities : If there are issues, a breach in the municipal rules or a transaction problem, the notary will take care of it.
- Communication with the bank: The notary contacts the financial institution of the purchaser to assess the balance of the loan and to ensure that the sale price can cover the reimbursement and everything related.
- Adjustment of taxes : Including both municipal and school taxes, the notary makes adjustments so that the buyer and the seller reimburse the expenses that they would have paid or that they would pay too much.
- Preparation of contracts : When it comes to a promise to purchase, many contracts can be involved: loan, sale and receipt. The notary’s job is to have the mortgage guarantees signed to the buyers. He will read the instructions to them and more to write the deeds of loan and sale. In addition, the notary prepares the receipt for the reimbursement of the seller’s mortgage.
- Getting the money bet : Depending on the instructions of the mortgage, the notary prepares the required investment. To do so, the purchaser must make a bank transfer via Assyst Paiement. On the other hand, it can also make a bank line within 48 to 72 working hours before the deed of sale. The transfer is used to make sure that the funds are in the buyer’s account for the transaction day.
- Preparation of the loan act: First of all, the loan act is read with the buyer to make him aware of obligations towards the bank. Then, the act is published in the land register.
- Signature of the sale deed : Buyers, sellers and real estate brokers are all present and all conditions are presented. The documents are signed and the buyer becomes owner! Of course, after the signature, the deed will be published in the land register so that it is official as much for the buyers as the sellers.
These tasks made by the notary are the top of the water. He is in charge of all the things that relate to the transaction: check the location certificate, adjust the taxes, get cash down and make cheques and send them. In the end, don’t neglect the importance of the notary. It’s more than important when you want to buy a property!Contact us now!