An expert in real estate law, the notary can advise you on many aspects of a transaction, for example:
• The different methods of financing for the purchase;
• The clauses to be included in the purchase offer;
• The agreements to be made when the purchase is made by two or more people;
• The tax implications of the contract;
• Checks to be carried out before purchasing a condominium;
The implications related to co-ownership from its creation. This professional will also inform you about:
• The importance of checking the location certificate to avoid unpleasant surprises;
• Solutions to resolve possible irregularities following the examination of titles;
• Precautions to take to avoid legal construction mortgages linked to the purchase of a new house;
• The drafting and signing of various documents, in particular the deed of sale and the mortgage deed.
First meeting
Beyond establishing a quote, it is during the first meeting with saudi-arabia business email list his client that the notary will be able to take stock of the situation and needs, in order to best serve the interests of all parties to the transaction.
This first contact will allow the notary to review the marital and financial situation of the buyers (down payment, type of loan, etc.), and the type of transaction planned.
The notary also acts as an intermediary between the client, their lender, the sellers, their own lender, as well as other persons concerned by the property and the transaction.
Information gathering
Depending on the answers received during the first meeting, the notary will follow up with the different parties and request all the supporting documents necessary for the transaction. He is responsible for validating the identity of all parties to the transaction, because even if cases of fraud are rare, this verification is essential.
Analysis and verification
The notary will also have to analyze the purchase offer and, if applicable, its annexes and the location certificate issued by the land surveyor. This certificate is the document that describes the current state of the property. It contains the plan of the property as well as the land surveyor's report.
The property has its own history and has most likely undergone changes over time: division of the land, construction, sale, mortgage, rights of way, inheritance, etc. Consequently, the notary will have to do rigorous work to validate the different chains of transactions related to the property over the years. He will also have to ensure that all taxes due are paid and see to the distribution of taxes and condo fees for the current year between the seller and the buyer.
If the sellers have taken out a mortgage to purchase the property and there is a balance to be paid, the notary will also ensure that it is repaid in full.