Notary

Once the inspector has checked the property, and the buyer receives the official confirmation from the bank about the mortgage approval, the real estate property will be considered sold and removed from the general database.

The transfer of the property into the new ownership is handled by a notary. Typically, the buyer chooses a notary who will handle the transfer.

Notary services generally cost between $1600 and $2000 for the buyer, depending on the complexity of the file and the financial institution providing the loan.

The buyer will have two meetings with the notary:

•   First Meeting: Mortgage documents will be signed during this meeting held approximately a week before the official transfer of the house/apartment. The financial institution takes the property as collateral, and the notary explains the details of the loan to the buyer, as well as reconciles all documents and calculations.
•   Second Meeting: This is the actual transfer transaction where the buyer and seller meet. During this meeting, the notary reads out the purchase/sale agreement. Subsequently, the parties sign the contract, and the buyer becomes the new owner of the property. In most cases, the buyer receives the keys to the new home not immediately after the official signing of all documents, but typically within 5-7 days. In some cases, buyers may receive keys on the same day, but these conditions are always specified in preliminary documents during initial negotiations. In any case, the buyer is informed of all details in advance.

During the meeting between the seller and the buyer, the notary is considered a representative of the bank. They explain all the details and register the signed documents in the appropriate registries.

The notary plays a crucial role in the real estate purchasing process. I have been collaborating with a trusted notary for many years and recommend them to my clients.