One of the required steps in the process of buying or selling property is going to a notary. At this stage, all the documents are reviewed and the final ownership transfer document is prepared and published. Because of the importance and of course the legal details of this step, be sure to use the help of your real estate consultant in this field.
The notary plays an important role in the real estate transaction process and of course the mortgage contract. After signing the home purchase contract, the notary performs a series of additional steps to transfer ownership from the seller to the buyer.
The steps taken by the notary in property purchase:
Identity verification
The notary selected for the property transaction will contact you and verify your identity and check your personal information. The actual costs are usually borne by the buyer.
The documents you must present to the witness:
- Identification documents
- (in some cases) copy of marriage or divorce certificate
- Proof of home insurance. This insurance policy must be valid at least until the date you, as a buyer, take delivery of that property.
Home ownership check
One of the most important tasks of the notary is to check the ownership status of the desired property. After confirming that the property belongs to the seller, steps are taken to transfer ownership from him to the buyer.
Things that the notary examines:
That the seller is the current owner of the property.
That the seller has the legal right to sell. The seller’s share of the property is also checked.
Which other people’s consent is necessary to sell the house?
certificate of location
What is proof of position?
A title deed is an official document that provides detailed information about a property. Some of the main points included in this document are:
- Land and building size
- Compliance of the property with municipal regulations
- Position of windows
Preparing and issuing the final property transaction document
After reviewing the documents, the notary prepares a draft of the final contract document. This contract is prepared based on the initial agreements made between the buyer and the customer. After that, this document is signed by the parties and officially registered.
Preparation of the financial transaction document
Finally, the notary prepares a document called “statement of distributions and adjustments”. This document includes information such as the purchase price, the amount of the advance payment and the amount to be paid later, and of course the items that have been paid in advance such as municipal or school taxes. The notary provides this final document to the buyer to know the amount of money to be paid on the day of finalizing the contract.
