For most people, the purchase or sale of a property is the single biggest financial transaction of their life. Buyers are investing a significant amount of their hard-earned savings, and in addition, they have to take out a large loan. And for the sellers, too, the property they are selling is often their largest asset.
It is the notary’s job to properly advise buyers and sellers in such an important transaction and to avoid risks. The notary ensures a legally balanced structure and helps to avoid risks; he or she procures the documents required in order to execute the transaction and oversees the transfer of title to the buyer in the land register.

For example, it is crucial to prevent situations where the buyer pays the purchase price without receiving the property or where the seller gives up the property without receiving the purchase price. The notary meets with the parties to discuss their objectives and informs them about their options in terms of structuring the transaction. Then he or she draws up an appropriate, well-balanced purchase agreement on that basis.

Real estate purchase contracts can relate to the acquisition of a building site, a single-family home, a multifamily building, a condo, or a leasehold property. The particulars of the property have an impact on how the contract is drafted. This is even more true for a so-called developer contract in which the buyer purchases a plot of land or a portion of a plot in combination with a building – house or apartment – that is yet to be built, and the seller acts as the builder of said property.
In every real property purchase agreement, your notary will look after the following aspects:

•     protecting the buyer and the seller;
•     cancellation or continuation of encumbrances;
•     warranty for defects;
•     transfer of title, use, and charges;
•     distribution of the development costs; and
•     the requirement of a survey (purchase of a partial plot).

The financing should be placed ahead of the notarial recording. If the buyer uses a bank loan, he or she should discuss the loan disbursement date with the bank. The notary will then align the due date of the purchase price with the disbursement date. If the details of the purchase price financing have already been finalized prior to the closing of the purchase, the lien (land charge or mortgage) created on the property to secure the loan can be notarized right after the purchase agreement.

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