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The notary is designated in the purchase offer. Generally he is selected by the buyer. However if the vendor is financing the buyer, traditionally the notary is selected by the vendor.
The notary will examine the titles of the property, prepare all documents and guaranties regarding the buyer's mortgage and publish it at the registry office. The notary will also prepare the deed of sale in view of the closing of the sale.
The buyer will have two appointments with the notary. The first meeting the mortgage will be created. After registration of the mortgage and all of the required reports to the lending institution the notary will be able to ask for the disbursement of the loan necessary for the sale. The second meeting is for the closing of the sale.
The notary will ask all parties to be present being the vendor, the buyer and all real estate agents involved in the transaction. Another notary or a solicitor may represent the parties.
At the closing, the notary will read the deed of sale, answer all questions and will receive the signature of the vendor and the buyer. The notary will also prepare the adjustment memorandum as well as a disbursement schedule for the buyer and the vendor.
A certified check is required from the buyer at closing. It will be made to the name of the notary in trust. The notary will issue a receipt of what is paid directly by the buyer and the mortgage disbursement that the notary has received from the lending institution.
The notary will proceed to the registration of the deed of sale at the registry Office. The notary will disburse the product of the sale when he is able to confirm the quality of Registration and that nothing has been registered that could affect the title given to the buyer. It takes usually around 2 to 3 days.
If a mortgage is due by your vendor the notary will pay out the mortgage and obtain a total discharge.
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