A real estate project is something that a lot of people are interested in. Whether it’s a purchase project, a real estate (plot, house …) sale or a renting out, the owner of the project wants to achieve it well. Successful completion of a property purchase project, for example, implies acquiring the property while managing any difficulties (litigation cases) without major complications. Any real estate transaction actually includes administrative, financial and legal procedures. This work is not simple enough for an amateur to do, even if it is the promoter himself. And that’s where the notary comes in. His role is indeed as important as reassuring in a real estate transaction. What does he concretely do?
The main job of the notary is to ensure the security of your real estate transaction. He is responsible for collecting the necessary documents (purchase and sale), verifying their authenticity and keeping them in a safe place. That said, you really do not have to worry about the validity of the deeds of sale thanks to the notary.
It should be noted that the parties must consider two essential elements for a successful real estate transaction.
The sales agreement:
As a matter of fact, before going to a notary, the two parties may first establish a sales agreement. But the signing of this document is subject to two conditions:
-the seller must have the legal capacity to sell the property and the buyer to acquire it
-the property and the price must be mentioned
If it is signed (by the buyer and the seller), it is definitive. It commits the two signatories or their representatives to conclude the sale at a fixed price. Given the delicacy of such a document, it is possible to include suspensive clauses to protect themselves. For example, it may mention that the acquisition will only be made by the buyer if he obtains a bank loan for this purpose. The notary will then be responsible for ensuring compliance with the clauses
The signing of the deed of sale:
This formality is usually performed before the notary. Let’s recall here that the buyer and the seller can operate the transaction with a common notary just as any of them can use his specific notary.
The notary of the buyer:
As mentioned above, you have to take the sales agreement very seriously. The buyer is better off that there is no ambiguity about it. It is his notary who is responsible for this task. He may for example suggest changes to the acts proposed by the notary of the seller in order to protect his client.
The notary of the seller:
Like the buyer’s, the seller’s notary is there to defend his client. Although this is not a war, yet he must make sure that the seller does not lose. He will advise him on different aspects of the compromise and guide him in his important decision-making.
In addition, notary expenses are fully covered by the buyer. There is no reason to panic: you do not pay more for notary fees by involving two different notaries. They share the commission after having paid the various taxes.
When each of the parties decides to have his notary, it is the one of the seller who formalizes the transaction. The involvement of two notaries in a real estate transaction may have its advantages, but it is not always necessary.
A single notary for the transaction:
If both parties decide to deal with a common notary, the latter must act as an arbitrator. He ensures that each party fulfills its obligations vis-à-vis the other. For example, he checks whether the seller has actually given the buyer all the required documents and whether the buyer has complied with all the conditions. These checks enable him to detect any irregularities and to correct them. It is also up to the notary to ensure that the contracts are registered to prevent, for instance, the seller from selling the same property to two or more people.
To summarize, what the notary does in a real estate transaction is “to secure it”.
Faliratou OROU DAMA
