The role of the notary public in real estate transactions

The visit to the notary's office completes the process of selling a property. The notary notarizes the sale or purchase of real estate and takes care of the necessary registrations at the land registry. Without the notarization, the contract of sale would not be valid.

When the parties to the real estate transaction have agreed on the most important modalities, such as the purchase price, the time of transfer and the scope of the object of sale, the notary makes the agreements official with the help of the notarial contract. An experienced real estate agent often provides practical support in advance - not only in the agreement process, but also in answering open organizational or legal questions.

The notary, usually commissioned by the buyer or the real estate agent, first discusses the ideas of both parties and advises them on the implementation. This includes checking the land register for possible encumbrances. For example, the assumption of a usufructuary right by the buyer must be clarified in advance. Possible rights of way for neighbors or so-called pipeline rights for utilities are also important for purchasers. As a rule, these must be taken over and cannot be deleted from the land register.

The notary draws up a draft contract that reflects the rights and obligations of both parties. The notarization of the purchase usually takes place in the presence of all parties. After the contract is read out, the contracting parties sign the contract.

After signing the purchase agreement, the notary initiates the necessary steps to complete the transaction. This includes, among other things, the priority notice of transfer of ownership in the land register, declarations of waiver of pre-emptive rights or cancellation documents for the bank and, finally, the notice of maturity to the buyer. Only after the purchase price and the land transfer tax have been paid to the tax office can the new owner be entered in the land register and the change of ownership completed.

(Photo: © Brett Hondow, Pixabay).