When undertaking a real estate transaction, whether buying or selling, using a notary is a crucial step.
The notary plays an essential role in securing and legalizing the transaction, ensuring the protection of the rights of the parties involved.
Notary fees in our area amount to 7 to 8% for old properties and 2.5% for new ones.
These fees will be announced at the time of the sales agreement and paid by the buyer at the time of signing the deed of sale.
This article explores the role of the notary in a real estate transaction and highlights its importance:
1. Legal Advice and Assistance
The notary acts as a neutral and impartial advisor to the involved parties. He provides legal and tax advice, ensuring that all parties fully understand the implications of the transaction. His role is to ensure that the terms of the agreement comply with the law and protect the interests of all parties. It is common for the buyer and seller to already have a designated notary, and these two notaries handle the case. Although two notaries are in charge of the transaction, the cost remains the same for the buyer.
2. Verification of Property Titles
Before concluding the transaction, the notary conducts thorough research to ensure that the seller indeed holds the property title of the real estate in question. This step is crucial to avoid any subsequent disputes over the legitimacy of the sale.
3. Management of Transaction Funds
The notary is also responsible for managing the funds related to the transaction. He ensures that payment is made in accordance with the agreed terms and that all charges and taxes related to the transaction are correctly paid. He is also in charge of disbursing the price to the sellers, which generally occurs within 3 to 4 days following the authentic signature. He also takes care of paying the capital gains tax to the tax authorities if the seller is subject to this tax.
4. Registration of the Transaction
Once the transaction is concluded, the notary is responsible for registering the documents with the competent authorities, in this case, the land registry.
5. Security of the Parties
The notary acts as a trusted third party. His presence during the signing of the documents guarantees the authenticity of the transaction and reduces the risk of fraud. He is also tasked with ensuring that all parties fully understand the obligations they are undertaking by signing the documents.
In conclusion, the role of the notary in a real estate transaction is multifaceted and essential. It ensures the legal security of the transaction, protects the interests of the parties, and contributes to the stability of the real estate market. By using a notary, the parties ensure that their transaction is carried out in compliance with current laws, which is a valuable guarantee for all parties involved.
ACM Immobilier accompanies you from A to Z, from the sales agreement to the authentic signing at the notary.
Don't have a notary? No problem, our real estate agency has been working for several years with a responsive and competent notary. We would be delighted to introduce him to you to accompany you throughout the process.
