The services of a notary are vital when buying a property. A notary will do much more than sign documents. Their role is to guarantee the legal and financial security of the buyer during a real estate transaction. In this article, Melchers Notariat explores in detail the various tasks performed by a notary during the property purchase process.
1. Advise and inform about the deed of sale
First and foremost, a notary acts as a real estate law advisor for all parties involved in the property transaction. They clarify the legal implications of the property purchase for the buyer, provide information on the various mortgage financing options available and verify that all parties understand the terms of the contract.
Their role is all the more important in complex situations, such as joint ownership or co-ownership. A notary relies on extensive expertise to prevent mistakes that could have serious long-term consequences.
2. Do a title search and other legal verification
A key service provided by the notary is to examine the title deeds. By referring to the necessary documents, a notary will verify and confirm that the seller:
- Is the rightful owner of the property
- Has paid all taxes and condo fees
- Has the right to sell their property.
The title search will also reveal whether there are any servitudes or mortgages that could affect the property. Depending on what they uncover, the notary can identify any risks and advise the buyer on how best to manage them.
3. Draft and notarize deeds
The notary is responsible for drawing up a bill of sale, the official document that seals the agreement between buyer and seller. This deed must contain precise details concerning the conditions of the contract, the sale price, the description of the property and the respective obligations of the parties.
If applicable, a mortgage deed is also drawn up by the notary. Documents created by a notary are legally binding and their contents are very difficult to contest in court.
4. Financial management and closing of the sale
Once the deeds have been drawn up, the notary will take care of the financial aspects of the transaction. They collect the funds from the buyer, settle any loans or mortgages on the property, and make sure that all necessary payments, such as real estate broker’s fees, are made before handing over the balance to the seller.
Paying the notary when you purchase a property
When selling a property, it is commonly assumed that associated notary fees will be the responsibility of the buyer. In reality, however, they are shared between buyer and seller, as the notary is working for both parties.
The buyer does bear most of the costs, including registering the deeds in the land register, preparing and signing the documents, and various administrative expenses.
The seller, on the other hand, may have to pay fees for breaking their mortgage contract (if applicable) and obtaining tax statements, and for other specific steps required for the transaction.
5. Register and store documents
Finally, the notary will register the deeds in the Quebec land register, making the sale official and public. The notary will also keep a copy of all notarized documents related to the transaction. This is done so that the transaction is traceable and to protect the rights of both buyer and seller in the long term.If you’d like to find out more about the property purchasing process, take a look at this infographic produced by the Chambre des Notaires du Québec.
Buying or selling a property? Melchers Notariat can help!
The role of a notary for buying property is extensive and indispensable. They will establish the legality of the transaction, protect the interests and legal rights of the various parties and ensure that the entire process is completed smoothly. Without a real estate notary, the buyer could be exposed to numerous legal and financial risks.In short, a good real estate notary guarantees peace of mind and security during your property purchase! Contact Melchers Notariat for a worry-free real estate transaction.